Mineola, N.Y.-based PW Funding Inc. has entered into an agreement with Bernardsville, N.J.-based Larson Financial Resources (LFR) to purchase all outstanding shares of LFR. Both are privately held companies. Under the deal's terms, LFR will become a wholly owned subsidiary of PW Funding and will continue to do business under its present name. LFR's three principals - Augustus J. Larson, Stuart Sendell and Mike Forney - will remain active with the company.
Larson Financial Resources is the successor to Larson Mortgage Co., which was founded in 1956. LFR is an active lender in Washington, D.C.-based Freddie Mac's Program Plus, and has a commercial and multifamily loan portfolio of nearly $900 million.