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Essex & Capital and ICMG are bought by Bear Stearns

The mortgage boom has created three new millionaires with the sale of packager ICMG and its sister brokerage Essex & Capital Mortgage to US investment bank Bear Stearns.

The deal is thought to net the three founders Raymond Bohringer, George Carroll and Chris Gardner more than 20m alth-ough Essex & Capital would not comment.

Essex & Capital will single-tie with Bear Stearns’ subsidiary Rooftop Mortgages. Bear Stearns expects Essex & Capital to increase its business through Rooftop from 300m to 1.2bn a year. It already has a relationship with the Bear Stearns’ subsidiary.

Essex & Capital is an independent mortgage broker specialising in sub-prime. The deal with Bear Stearns will see the firm process loans and aggregate them for placement with lenders.

Essex & Capital will be rebranded as National & Capital Mortgage Corporation while ICMG will trade as ICMG Direct.

Gardner says: “At the outset, our primary focus will be on building both the business to business and business to consumer packages with Bear Stearns while constantly exploring additional avenues of growth.”

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