Firm Sells Convertibles With Eye on Expansion
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The Hammond Co., a regional mortgage banking firm based in Newport Beach, said it has sold nearly $4.1 million worth of 10% convertible notes, with the proceeds earmarked for increasing Hammond’s lending activities and possibly expanding its business into new states.
“Our objective is to become a national mortgage company,” said Thomas T. Hammond, chairman, president and chief executive. The company now operates in California, Arizona, Hawaii and New Mexico.
The subordinated debentures are convertible after three years for stock at $9 a share.
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