loanDepot and Smith Douglas Homes Announce New Joint Venture called Ridgeland Mortgage
New venture connects award-winning approach to new home construction with industry-leading lending platform to exceed customer expectations
loanDepot, Inc. (NYSE: "LDI"), a leading provider of products and services that power the homeownership journey, and Smith Douglas Homes (NYSE:SDHC), the nation's 36th largest new home builderi with a strong presence in America's Southeast and Southern regions, today announced a new joint venture that will provide a smooth and streamlined financing option for new home buyers.
Called Ridgeland Mortgage, the venture expands loanDepot's footprint in the purchase mortgage market while supporting Smith Douglas Homes' continued growth and success. It will benefit from Smith Douglas Homes' focus on building high quality homes at attractive prices in growing markets while capitalizing on loanDepot's lending industry expertise and best-in-class platform. As Ridgeland Mortgage grows, the company plans to operate in the following markets:
- Atlanta and Central GA
- Houston, TX
- Birmingham and Huntsville, AL
- Charlotte and Raleigh, NC
- Chattanooga and Nashville, TN
"Smith Douglas Homes' approach to the new construction market is perfectly aligned with loanDepot's commitment to serving the needs of first-time homebuyers," said Dan Peña, executive vice president of national joint ventures for loanDepot. "Our new joint venture helps both companies make the American dream of home ownership possible for more families while providing Smith Douglas Homes with access to an unparalleled lending platform that will deliver an exceptional customer experience."
Greg Bennett, chief executive officer of Smith Douglas Homes, agreed. "Our partnership with loanDepot allows us to focus on what we do best—delivering incredible value to our customers with high quality homes at an affordable price point—while leveraging loanDepot's mortgage lending expertise to provide a smooth and seamless home loan process. Our new joint venture will draw on the core strengths of both companies—including a shared commitment to operational excellence, quality, and innovation—so we can continue to meet the expectations of our customers."
About loanDepot
At loanDepot (NYSE:LDI), we know home means everything. That's why we are on a mission to support homeowners with a suite of products and services that fuel the American Dream. Our portfolio of digital-first home purchase, home refinance and home equity lending products make homeownership more accessible, achievable, and rewarding, especially for the increasingly diverse communities of first-time homebuyers we serve. Headquartered in Southern California with local market offices nationwide, loanDepot and its sister real estate and home services company, mellohome, are dedicated to helping customers put down roots and bring dreams to life – all while building stronger communities and a better tomorrow.
About Smith Douglas Homes
Headquartered in Woodstock, Georgia, Smith Douglas Homes completed its initial public offering in January 2024. Since its inception, Smith Douglas has been entrusted by over 15,000 families to fulfill their new home dreams. Ranked a top 50 builder nationally for several years and with 2,297 closings in 2023, Smith Douglas currently holds the #36 position on the Builder Magazine Top 100 list. The Smith Douglas communities are primarily targeted to entry-level and empty-nest homebuyers looking to purchase a new home priced below the Federal Housing Administration loan limit in the metro areas of Atlanta, Birmingham, Charlotte, Chattanooga, Houston, Huntsville, Nashville, and Raleigh. Smith Douglas offers its homebuyers a personalized, affordable luxury buying experience at attractive prices.
LDI-IR
_________________________
i https://www.builderonline.com/builder-100/builder-100-list/2024/
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104917700/en/
