Rockland Trust today announced it provided a $20 million revolving line of credit with cash management to Newport-based Embrace Home Loans, named one of the fastest growing companies in America in 2012 by Inc. Magazine. This $20 million line of credit will serve as a working capital facility for Embrace and is the latest transaction in a five-year relationship between Rockland Trust and Embrace. The mortgage lender was recognized by Fortune Magazine as one of the best medium-sized companies to work for in 2012. "During the past 30 years, we at Embrace have been serviced by a wide variety of large and small commercial banks, but never enjoyed what I consider to be a true commercial banking relationship. Now, we have established such a relationship with Rockland Trust," said Dennis Hardiman, Owner of Embrace Home Loans. "Since we began working with Rockland Trust in 2008, we have looked to them for a variety of business needs and look forward to continuing this relationship for years to come. Rockland took the time and made the effort to get to know us, our company and our industry in ways we had not previously experienced. It's a pleasure to work with a company that is as dedicated to its customers as we are to ours."
Embrace Home Loans, which has 14 offices nationwide, began its relationship with Rockland Trust in 2008 at the height of the financial crisis. At that time, Rockland Trust provided Embrace with commercial real estate mortgage refinancing for its office in Middletown and for the acquisition of the building where its affiliate, Equity National, operates in East Providence. These loans now total approximately $6 million.
"At Rockland Trust, we understand the importance of helping homeowners get their finances in order and meeting their financial and personal goals, which is why it's always a pleasure to work with Dennis Hardiman and his team of mortgage industry executives," said Jonathan C. Neuner, First Vice President of Commercial Lending at Rockland Trust. "As Embrace grows and continues to help current and prospective homeowners here in Rhode Island and nationwide, they have proven to be an exceptional group of managers with a long, proven history of success. Rockland Trust is both pleased and proud of the way the relationship with Embrace has grown during the last five years."
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