The Graystone Company acquires Direct Capital

Florida-based financial services firm The Graystone Company has completed the acquisition of mortgage banker and broker Direct Capital Investment Group through a reverse merger transaction, the companies announced Monday. The financials of the deal were not disclosed. 

Direct Capital, through its subsidiary Direct Mortgage, offers residential, commercial and SBA loans, per its website. The company has 98 loan officers and six branches, according to the National Multistate Licensing System (NMLS). 

Direct Mortgage oversaw the funding of $119 million in 353 mortgage loans from January through August 2023, per Securities and Exchange Commission (SEC) filings. And, in a shrinking mortgage market, it registered $1.8 million in revenue and delivered a $20,583 loss from January to May. 

To compare, in 2022, the company’s total volume was $152 million through approximately 450 mortgage loans. Last year, the company reported $6.3 million in revenues but had a $1.7 million loss (unaudited), the SEC filings show. 

The deal with The Graystone Company resulted in a change in control of Direct Capital Investment from Anastasia Shishova to James Anderson. 

“Ms. Shishova will transfer 40,951,000 shares of the Class B Common Stock to the shareholders of Direct Capital Investment. Once the acquisition is complete, the shareholders of Direct Capital Investment will own approximately 80% of the voting power of the company and be the sole officers and directors of the Company.”

As part of the transaction, Shishova resigned as company CEO and sole director of Direct Capital. Anderson was appointed president and CEO. Seasoned mortgage professional Glen Gomez will also be a director. 

“As a result of the DCIG/DMI acquisition, the Company will focus exclusively on operating and expanding the mortgage lending business and will cease all its existing business operations,” a Graystone’s SEC filings state.