Commonwealth Capital acquires Excel Financial and Frankel Financial – NMP
Commonwealth Capital and its affiliates today announced the acquisition of substantially all of the assets of Frankel Financial Corporation and Excel Financial Corporation. All three companies provide mortgage financing to East Coast businesses and individuals. Commonwealth Capital, a direct on-balance sheet lender, will see its assets increase by more than 20% with the closing of the acquisition and significantly strengthen its commercial presence.
Rich Frankel, owner and chairman of Frankel Financial and Excel Financial, will join Commonwealth as chief revenue officer and all staff will hold parallel positions within the combined company. The team will operate from Commonwealth’s current headquarters in Haverford, Pennsylvania. Along with the acquisition, Alex Benoit was promoted to President and Chief Loan Officer and Kevin Kane was promoted to Chief Risk Officer.
Chandler Hoopes, CEO of Commonwealth Capital, commented: “We have worked closely with Rich and his team for nearly a decade. It became clear that a combination would better enable both of us to accomplish our mission – giving our clients and referral sources the execution, creativity, and speed they need, and delivering best-in-class service along the way.Together, we are extremely excited for the next big stage of growth for this business. We are well prepared to be at the forefront as the private lending and mortgage industries continue to be disrupted every day.”
Frankel added: “We couldn’t be more excited to join the Commonwealth family. This is a tremendous growth opportunity for both groups and we look forward to implementing our shared vision.
Commonwealth Capital is a family business founded in 2010 by Jack Hoopes. His son Chandler Hoopes joined the business in 2013 and now runs day-to-day operations. In 2018, Commonwealth merged with Oak Leaf Financial.