New Century to Purchase Primewest Funding
IRVINE — New Century Financial Corp. said Thursday it has agreed to acquire Primewest Funding Corp. of California for cash and stock. Financial terms weren’t disclosed.
New Century said it will make an initial cash and stock payment to Primewest, followed by a three-year payment based on the lender’s net earnings. New Century also said key Primewest executives will continue in their current positions under three-year employment agreements.
The transaction is scheduled to close in January.
Primewest originated more than $100 million in loans over the last 12 months. New Century originates, purchases, sells and services subprime mortgage loans.
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