National Asset Direct, Inc. and the iServe Companies Raise Additional Capital For Strategic Growth

RYE BROOK, N.Y., Dec. 12, 2011 /PRNewswire/ -- National Asset Direct, Inc. ("NAD"),  the iServe Companies and xplair Technology LLC ("xplair") announced today that they have successfully raised approximately $10 million of capital to accelerate the growth and strategic alignment of their mortgage platform.

The iServe Companies consist of iServe Residential Lending, LLC ("iServe Residential Lending"), iServe Servicing, Inc. ("iServe Servicing") and iServe Real Estate Operations, Inc. ("iServe REO").

NAD and the iServe Companies provide a unique "one-stop shop" approach to the mortgage market consisting of a vertically integrated platform focused on loan purchase and disposition, mortgage origination, servicing, bank-owned property management ("REO") and a proprietary industry-leading asset management software.  The "one-stop shop" approach to all aspects of residential mortgage finance offers compelling efficiencies through cross-platform synergies, giving a competitive edge to NAD's investors and partners. 

NAD and the iServe Companies will deploy an initial $6.4 million of the funding to expand iServe Residential Lending's mortgage origination platform, enhance iServe Servicing and iServe REO's platforms and continue the development and marketing of xplair's asset management software. NAD and the iServe Companies will centralize operations in San Diego and New York as they forge stronger financial and geographic ties with key investment partners and clients. A seasoned team of industry executives will continue to execute these measures, which will further solidify NAD and the iServe Companies' leading position in the mortgage space.

"Securing additional capital in these turbulent financial times clearly demonstrates the faith that the investment community has in us and will enable us to increase our market share," said Ralph DellaCamera, Chairman of the Board. "While others have been forced out of the industry, we have supported the growth of our platforms, optimized capital preservation and demonstrated strong risk management skills."

Since being formed in 2006, NAD and its affiliates have successfully invested and monetized a significant portion of capital in the distressed residential mortgage arena. In addition, iServe Residential Lending is well positioned to capitalize on growth in mortgage originations in this low interest rate environment.

"As global financial institutions scramble to mend their balance sheets, we are actively raising capital to both acquire new pools of loans and drive whole loan originations in 2012. We look forward to sharing more positive developments in coming weeks," DellaCamera said.

About National Asset Direct, Inc.

National Asset Direct, Inc. ("NAD") was launched in October of 2006 as an advisor and portfolio manager to principal buyers, both affiliates and third parties, who buy a broad array of performing, sub-performing and non-performing residential mortgage loans and assets. NAD has established trusted relationships with a wide spectrum of financial institutions, investment banks, mortgage banks, and thrifts looking to manage liquidity, operational flow, and loss severity, and has built an outstanding team of experienced senior managers from the top mortgage originators and servicers in the industry.  For more information, please visit www.nationalassetdirect.com.

About iServe Residential Lending, LLC

iServe Residential Lending, LLC ("iServe Residential Lending"), a mortgage banker offering a full line of FHA, Agency and Jumbo loan programs, was acquired by affiliates of NAD in June of 2009.  iServe Residential Lending currently holds licenses to operate in 20 states.  For more information, please visit www.iservelending.com.

About iServe Servicing, Inc.

iServe Servicing, Inc. ("iServe Servicing") was established in April of 2007.  iServe Servicing (or an affiliate) is a national servicer and able to service loans in all states and the District of Columbia.  For more information, please visit www.iserveservicing.com.

About iServe Real Estate Operations, Inc.

iServe Real Estate Operations, Inc. ("iServe REO") was established in April of 2007.  iServe REO is a nationwide manager of assets for investors and money center banking clients.   iServe REO manages assets through boarding, pre-marketing, marketing, closing and post-closing. For more information, please visit www.iservereo.com.

About xplair Technology, LLC

Founded in April of 2009, xplair Technology, LLC ("xplair") provides innovative proprietary portfolio management software to a wide range of clients in the financial, capital markets, mortgage and REO space. For more information, please visit www.xplair.com.

SOURCE National Asset Direct, Inc.