Trimont, a non-bank lender backed by Värde Partners, has made a significant move in the commercial real estate (CRE) loan servicing industry by acquiring Wells Fargo’s non-agency third-party US commercial mortgage servicing (CMS) business. This acquisition, which is the largest of its kind in the US, solidifies Trimont’s position as the leading loan servicer in the country, managing a combined $640 billion in loans.
The acquisition of Wells Fargo’s CMS business, for an undisclosed sum, will enable Trimont to offer comprehensive servicing across all non-bank commercial real estate lending structures, including master servicing. This strategic move will further enhance Trimont’s capabilities and strengthen its market position in the increasingly sophisticated CRE lending market.
Värde Partners, the investment firm that has owned Trimont through its funds since 2015, will provide funding for the transaction. This demonstrates Värde Partners‘ confidence in Trimont’s growth potential and the strategic importance of this acquisition.
Upon completion of the deal, which is expected to be finalized in early 2025, Trimont will manage over $715 billion in US and international commercial real estate loans. This significant increase in assets under management highlights the scale and scope of Trimont’s operations and its ability to serve a wide range of clients in the CRE sector.
Bill Sexton, CEO of Trimont, expressed his excitement about the acquisition, stating that combining Trimont and Wells Fargo’s commercial mortgage servicing businesses will create a unique and comprehensive service offering for the market. This merger of expertise and resources will benefit clients and position Trimont as a key player in the industry.
Jim Dunbar, chair of Trimont and partner at Värde Partners, echoed Sexton’s sentiments, emphasizing the strategic importance of the transaction. He believes that the addition of Wells Fargo’s commercial mortgage servicing business will enhance Trimont’s market position and strengthen its capabilities for years to come.
Kara McShane, EVP and head of Wells Fargo’s commercial real estate business, highlighted the strategic alignment of the transaction with Wells Fargo’s focus on core businesses. While divesting the CMS business, Wells Fargo remains committed to its market-leading commercial real estate business and will continue to serve clients with a broad suite of lending, advisory, and capital markets capabilities.
In conclusion, Trimont’s acquisition of Wells Fargo’s non-agency third-party US commercial mortgage servicing business marks a significant milestone in the CRE loan servicing industry. With Värde Partners‘ support and a strong strategic vision, Trimont is poised to become a key player in the market, offering comprehensive services to a diverse range of clients in the US and internationally.