Corridor Capital and Nationwide Property & Appraisal Services complete the acquisition of Olde City Lending Solutions
February 12, 2020
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February 12, 2020
Voorhees, NJ and Los Angeles, CA – Nationwide Property & Appraisal Services LLC (“Nationwide”), a portfolio company of Corridor Capital, completed its acquisition of Olde City Lending Solutions LLC (“Olde City”), in partnership with founders, Joe Cudwadie and Bill Donahue.
Founded in 2008, Olde City is a leading appraisal management company, based in the Philadelphia suburb of Warminster, PA. The company has built a strong reputation and leading market position within the tri-state region, serving the region’s best banks and credit unions, as well as many leading retail and wholesale mortgage lenders. For over a decade, the company’s expertise has been providing excellent service, a strong panel of appraisers, and impressive compliance and quality control capabilities to its clients, with a deep knowledge of the Philadelphia market and greater region.
With the addition of Olde City, Nationwide further establishes its position as a leading national AMC and property services company, managing approximately 200,000 appraisals annually for a diverse base of wholesale and retail mortgage lenders, reginal and national banks, credit unions, GSEs, mortgage servicers and title insurers. This partnership provides Nationwide with an even stronger foothold in its backyard in the Northeast and an expanded ability to service customers from two offices in the region. Along with Nationwide’s recent acquisitions of Guideline Real Estate Services, OrderPro USA, and Elliott & Company Appraisers, the addition of Olde City further establishes Nationwide as a truly differentiated solution for AMC owner-operators, mortgage and property services clients, appraisers and other stakeholders in the U.S. property and mortgage services market. These partnerships and Nationwide’s commitment to continuous strategic investment, position the company as one of very few independent appraisal management and property services firms that can offer truly national scale; high touch, local service; an efficient and intuitive technology suite; and a platform for superior quality, compliance and service offerings.
“We are extremely excited to be able to partner with Joe, Bill and the entire Olde City team, who have established a remarkably strong reputation within the industry for quality and service, and built a true leader in the Philadelphia metro market and greater Northeast region. The regard that Olde City’s clients have for their level of service and commitment to compliance and quality has been astounding. We look forward to supporting them in their objective of offering unparalleled service to and growing with existing and new clients, while expanding the scope of their relationships to new markets and service offerings,” said Andrew Lazev, CEO of Nationwide.
“We believe the addition of Olde City to the Nationwide family will serve to augment our technical expertise, expand and deepen our lender relationships in the Northeast market, and offer valuable local knowledge. We are also excited to be able to offer Olde City’s customers a truly national footprint and an expanded service offering, including commercial narrative appraisals, alternative valuation tools and property surveys,” stated Craig Enenstein, Corridor CEO. “The Olde City team is a perfect fit for the growth and service-oriented culture that Nationwide, its clients and its vendor partners value so highly. We look forward to working with Olde City’s management team to continue building the combined company into the largest independent valuation management and property services firm in the U.S., while still serving clients and appraisers as a truly local partner.”
Comerica Bank continued to support Corridor and Nationwide in the company’s growth by increasing its senior credit facility in connection with this investment and our broader strategy of geographic, service line and market expansion.
Berkery Noyes served as exclusive financial advisor to Olde City.
SOURCE: Corridor Capital