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BIRMINGHAM, MI-Wells Fargo & Co. of San Francisco has completed the acquisition of the assets of Bloomfield Acceptance Company, L.L.C. and Bloomfield Servicing Co., L.L.C., from Bingham Financial Services Corp. No financial details were disclosed in the announcement by the two companies.

“Our acquisition of Bloomfield will provide our commercial mortgage customers access to expanded product choices,” says Tim Sloan, executive vice president and head of capital markets at Wells Fargo. “We also will be able to establish new distribution channels and substantially increase our servicing portfolio.”

“This is an exciting time for our Bloomfield employees,” says Dan Bober, president of Bloomfield Acceptance. “Now that we are part of the Wells Fargo family, we will be able to offer an even broader menu of commercial loan origination products to better serve our borrowers and investors. We also will be able to include construction, floating rate, GSE and CMBS products in our direct lending program.”

Bloomfield provides commercial real estate mortgage loan origination, brokerage and servicing and has been a leading national lender to manufactured housing community investors for more than 15 years. Bloomfield originated $514 million in loans last year, increasing its servicing portfolio principal balance to more than $1.2 billion.

Bingham Financial Services Corp. is a national financial services company and one of the leading lenders to the manufactured housing industry through its subsidiary, Origen Financial.

Wells Fargo & Company is a diversified financial services company with $280 billion in assets that provides banking, insurance wealth management and estate planning, investments, mortgage and consumer finance from more than 5,400 stores, an Internet banking site and other distribution channels across North America and elsewhere internationally.

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