New Century to Acquire Warehouse Lender

Access Lending an established organization
By MortgageDaily.com staff
12/22/2005

New Century Financial Corp. will acquire an independent Texas-based residential warehouse lender.

The Irvine, Calif.-based subprime behemoth will buy certain assets of Access Lending Corp. for $10 million, according to an announcement Thursday.

The deal, which is expected to close by March, calls for Sugar Land, Texas-based Access to receive additional future payments for the next two years.

The acquisition of Access, a specialty-finance company established in 1997, will enable the real estate investment trust to enter the warehouse lending market with an established business, New Century executive Kevin Cloyd said in the statement.

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