TAMMAC SECURES $60 MILLION IN NEW FINANCING TO JUMPSTART MANUFACTURED HOUSING LENDING BUSINESS
Capital used to develop comprehensive product line to support manufactured housing dealers
WILKES BARRE, PA – (January 28, 2019) – Tammac Holdings Corporation today announced its completion of a series of transactions with LL Funds under which Tammac secured $60 million in debt and equity financing from the investment firm.
The additional capital will enable Tammac, a financial services company that has provided specialized financing to the manufactured housing (MH) industry since 1976, to both enhance and expand its loan product offerings, to continue to develop an improved technology platform to streamline its loan application/origination process and to further invest in an already talented team that has long been committed to providing the “personal touch” and exceptional customer service to its clients.
“Tammac has a passion for delivering high quality products and service to the sector, has a first-class, experienced team and has built deep relationships with key stakeholders. We look forward to working closely with the Tammac team to create valuable financing solutions for MH dealers and, ultimately, home owners.”
“This is an exciting time in the manufactured housing industry, as consumers are increasingly interested in the ever-improving, high-quality product and in the affordability of MH ownership. Tammac is now well positioned to re-establish its long-standing relationships with dealers, manufacturers, banks and home borrowers to meet this increased demand,” said Jeff Poth, Tammac’s President. “Our strong balance sheet, comprehensive product lineup and deep-rooted experience in the sector will enable Tammac to continue to increase its standing as a valued partner.”
“We are delighted to make the investment in Tammac and the manufactured housing industry,” said Jim Morrissey, a partner at LL Funds and the Executive Chairman of Tammac’s Board. “Tammac has a passion for delivering high quality products and service to the sector, has a first-class, experienced team and has built deep relationships with key stakeholders. We look forward to working closely with the Tammac team to create valuable financing solutions for MH dealers and, ultimately, home owners.”
Founded in 1976, Tammac Holdings Corporation has been a leader in offering new and competitive financing options to the manufactured housing industry. Supported by cutting-edge technology, Tammac remains true to its long-held philosophy of personalized service. Tammac currently operates in 13 states in the Northeast and Midwest and has originated over $1 billion in manufactured housing loans since 1997, it was the first company to offer an industry-friendly land/home construction program.
About LL Funds
Founded in 2009, LL Funds is an independent investment firm located in Philadelphia. The team of 15 professionals manage over $1 billion in assets for a diverse client base of institutional and individual investors. The firm is focused on equity and debt investing in privately held specialty finance companies.