Parsec Loans to expand operations; ramp up professionals

New Delhi, Aug 27 (UNI) Having concluded a funding arrangement worth 3.3 million dollars with Baring Private Equity Partners India (BPEP India), US-based Parsec Loans, focused on the mortgage industry, plans to grow its operations in the US to other states beyond California.

The funds will also be used for ramping up the team of its mortgage professionals from the current level of about 50 to about 1000 over the next 2 to 3 years.

''This funding will allow us to scale to the next level of operations to support the growing demand for the mortgage industry.

We look forward to working closely with Barings,'' Parsec Loans CEO Prabhat Agarwal said.

The funding received will also help the company in further strengthening and expanding its base of customers comprising home owners/borrowers of South Asian origin residing in the US, he said.

However, BPEP India Managing Partner Rahul Bhasin said the offshore mortgage origination space in India is a relatively nascent market with huge potential for growth.

Parsec Loans, part of the US-based Parsec Interact Inc, is a leading provider of mortgage solutions in the residential and commercial mortgage space.

Parsec Loans based in California has branch operations in India (Gurgaon) and has a portfolio of a number of national banks and lenders, broker end to end home loan solutions to the borrowers.

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