Chrisman Commentary: Lower/Thrive M&A Deal

… Out of Texas and Ohio comes news that Thrive Mortgage, LLC and Lower, LLC have plans to merge the two brands, Thrive Mortgage and Lower.com. Thrive CEO Selene Kellam and production head for Thrive Mortgage, Randell Gillespie, will join the combined executive team with Lower under the leadership of Lower CEO and Co-Founder Dan Snyder, expected in the first quarter of 2024. The STRATMOR Group acted as transaction advisor to Lower.

Lower CEO Dan Snyder stated “we’re building a better approach to mortgage with Lower’s streamlined tech powering multiple channels. Thrive is an award-winning, national lender with the same belief and we’re excited to bring them onto our platform.”

“The commitment of Thrive to our team and our customers has always been to deliver the best mortgage experience with the highest quality resources” said Thrive Mortgage Chairman Roy Jones. “This has driven us to focus on having the best people with the most forward-thinking technology in the industry, all of which is propelled forward with this partnership with Lower.”

Thrive CEO Selene Kellam added, “last year, we acquired AMSCo, a storied Midwest company that added incredible talent to our model. We are now excited to share another amazing opportunity that has presented itself to join Lower.com.” Thrive, licensed in 42 states, was the first company in Texas to close a fully electronic note with a remote notary.

Leadership at Thrive were specifically attracted to Lower’s future-forward path, including five key pillars of differentiation: progressive leadership and vision, cutting-edge marketing strategy, a standout private-label platform, unified technology stack, and the venture capital funding to pioneer new paths.

Lower, LLC is a multi-channel, digital lender ranking as the 30th largest home lender in the country. Backed by top VC firm Accel, Lower operates an online consumer-direct channel, offline retail channel, and third-party origination platform servicing both brokers and other fintechs like Opendoor …

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