NEW YORK–(BUSINESS WIRE)–Today, Dwight Capital LLC released the following open letter to the
Board of Directors of HomeStreet, Inc. (HMST):
June 4, 2019
Board of Directors
HomeStreet, Inc.
601 Union Street, Suite
2000
Seattle, WA 98101
Attention: Mark K. Mason
Dear Members of the Board:
Dwight Capital presents a preliminary offer of Sixty Million Dollars
($60,000,000.00) to acquire a subset of HomeStreet’s multifamily
mortgage lending business, which would consist of Fannie Mae DUS lending
operations, mortgage servicing rights, and related assets. This good
faith offer is being made subject to limited and confirmatory due
diligence, which will be necessary to make a final and binding offer.
Dwight is a private lender with a national footprint and with offices in
New York City, Cleveland, St. Petersburg, and Washington, D.C. Dwight
has consistently been a top-5 multifamily HUD lender by both
transactions and dollar amount. Dwight also maintains mortgage servicing
rights in excess of $3.5 billion.
Dwight is uniquely positioned with the infrastructure and employees
necessary to absorb HomeStreet’s multifamily mortgage lending business
and maximize its production. Conversely, in HomeStreet’s March 6, 2019
10-K, HomeStreet reported a decline in its “Multifamily DUS Loans Sold”
from $347,084,000 to $225,323,000, which represents a 35.08% decline in
HomeStreet’s production year-over-year.
We believe that our preliminary offer represents a unique opportunity to
create significant value for HomeStreet’s shareholders and employees. We
look forward to a prompt and favorable reply to engage in substantive
discussions.
Sincerely yours,
DWIGHT CAPITAL LLC
By: /s/ Adam Sasouness
Name: Adam
Sasouness
Title: Managing Principal
Address:
Dwight Capital
787 Eleventh Avenue (10th Floor)
New
York, NY 10019
Contacts
Dwight Capital
Lindsay Morrison
[email protected]
