Commonwealth Capital Acquires Excel Financial & Frankel Financial

Abstract

Commonwealth Capital and its affiliates today announced the acquisition of substantially all assets of Frankel Financial Corporation and Excel Financial Corporation. All three companies provide mortgage financing to businesses and individuals on the East Coast. A direct, balance sheet lender, will see its assets increase by over 20% with the closing of the acquisition and will significantly bolster its sales presence. Rich Frankel, owner & president of Frankel Financial and Excel Financial, will join Commonwealth as chief revenue officer and all staff will move to parallel positions within the combined company. The team will operate from Commonwealth's current headquarters in Haverford, Pennsylvania. In conjunction with the acquisition, Alex Benoit has been promoted to president & chief lending officer and Kevin Kane has been promoted to chief risk officer. His son Chandler Hoopes joined the company in 2013, and now runs day-to-day operations.