logo-2Alterra Home Loans, an independent mortgage bank that is 100% minority-owned and focuses on lending to Hispanics, announced this week that it secured an expansion capital and an equity investment commitment from Panorama Point Partners.

Alterra, which is headquartered in Nevada and has offices in 12 states, said that the investment from Panorama Point, an Omaha, Nebraska-based private equity partnership, will help the company grow and increase its investment in the Hispanic community.

According to Alterra, since 2010, Alterra’s retail outreach has been focused primarily at the Hispanic marketplace. During last three years, Alterra more than tripled its retail loan production, generating nearly $1 billion in mortgage loan closings in 2015.

And many of those loans have been to Hispanic borrowers.

“The results we’ve been able to achieve over the last few years have exceeded most industry metrics and has positioned Alterra as one of the largest independent mortgage banks devoted to the Hispanic borrower, ” said Jason Madiedo, CEO and co-founder of Alterra.

“Hispanics are the fastest and largest growing household market in the U.S.,” Madiedo added. “Last year, 67% of our loan production were Hispanic borrowers, and additionally 56% percent of all loans were first-time homebuyers.”

Stephen George, managing partner and founder of Panorama, said that the firm “was attracted to Mr. Madiedo and his management team, the company’s unique Hispanic focus in serving first-time homebuyers, and Alterra’s distinctive brand and company culture that is rare to find among young, emerging growth companies in general, and within the mortgage banking industry of today.”

George said that the firm was searching for a financial services company with “talented leaders that were focused on the Hispanic market” to invest in and found it in Alterra.

“On their own without the benefit of institutional capital, Alterra’s founders have built an exceptional and promising company on the foundation of a strong team-oriented culture, superb loan processing operations, and exceptional customer care,” George said. “Panorama looks forward to many years of helping Alterra achieve their aggressive growth goals and positive social mission of helping Hispanics and others create wealth through home ownership.”

Madiedo said that the company will use the money to expand its business.

“The capital and liquidity required to sustainably grow in the housing market today, combined with the growth dynamics of our targeted borrower convinced us to seek out compatible capital providers,” Madiedo said. “We believe we found the right partner in Panorama.”

Additionally, John Robbins, who was the founder of two major independent nationwide mortgage banking firms and the 2007 chairman of the Mortgage Bankers Association, will be joining the company as co-chairman.

Robbins will co-chair the company with Felix DeHerrera, the company’s co-founder and current chairman. DeHerrera is also a past president of the National Association of Hispanic Real Estate Professionals.

“We look forward to the new partnership with Panorama and the accelerated growth it will bring to our business,” DeHerrera said.