LendingTree Loans, a subsidiary of Charlotte-based Tree.com, has signed an agreement to acquire the assets of Louisville, Ky.-based SurePoint Lending.
The acquisitions is expected to close in the first quarter of 2011.
As part of the transaction, Tree.com will pay SurePoint shareholders an aggregate purchase price of $6 million in cash and contingent consideration up to an aggregate additional $17 million pursuant to earn out provisions over the next three years, a press release said.
Named the No. 1 refinance lender on the LendingTree network last year, SurePoint has been a LendingTree network lender for 11 years and has originated more than $10 billion in closed loans since its inception.
Doug Lebda, CEO of Tree.com, said the acquisition is a key component of the aggressive growth strategy for LendingTree Loans.