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Tidalwave Proposes Buyout of AFR Funding

FORT LAUDERDALE, FL-The locally based parent of First American Mortgage Securities expects to close on the proposed acquisition within 30 days. Fort Lauderdale is 26 miles north of Miami.

By David R. Corder | Updated on May 01, 2001

FORT LAUDERDALE, FL-Tidalwave Holdings Inc. expects to close on a deal within 30 days that could provide the publicly traded company with the tools to create a national wholesale mortgage banking operation.

The Fort Lauderdale-based parent of First American Mortgage Securities Inc. has signed a letter of intent to acquire AFR Funding, a Virginia-based wholesale subprime mortgage bank, according to a Tidalwave prepared statement.

Once the deal closes, Tidalwave officials expect the acquisition to complement the company’s recent joint venture with Clearwater, FL-based CFI Mortgage Inc. The venture created First American Capital Markets Group Inc. as a subsidiary of First American Mortgage Securities to manage secondary mortgage marketing operations for First United MortgageBanc Inc., a CFI subsidiary.

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