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Parsec Loans receives funding from Baring Private Equity Partners

Parsec Loans is planning an aggressive business expansion for its origination business. The funding from Barings will help Parsec Loans to grow its operations in the US to other states beyond California and will 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. Given the dynamic work profile of a mortgage originator; there are exciting opportunities for career growth that the company is offering for people with a flair for sales. 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.



Prabhat Agarwal, CEO of Parsec Loans expressing his view said, 's8220;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 who have considerable expertise in catalyzing growth for young companies by actively supporting the management over the long term.'s8221;



The last few years in the Mortgage Industry have been the best ever due to the famous 's8220;Re-financing boom's8221; triggered by the lowest interest rates in the last 40 years. 's8220;History, across industries, has shown the post boom era is the best time to bring about change. We are at a point where intelligent targeting and investment can help us acquire significant market share in the segments that we go after!'s8221; , added Rajeev Minocha, President of Parsec Loans based in the Silicon Valley office in California. He further stated 's8220;Parsec Loans is actively targeting persons of Indian origin based in the US as the company has developed considerable expertise in serving the needs of this segment.'s8221;



Mr. Rahul Bhasin, Managing Partner of BPEP India expressing his views said 's8220;The offshore mortgage origination space in India is a relatively nascent market with huge potential for growth. Parsec Loans has an interesting and pioneering business model and the management team has depth and the vision to capture disproportionate part of this market and become the market leader. With this funding we are committed to partnering with Parsec Loans in its growth plans for the long term.'s8221;



About Baring Private Equity International:



Founded in 1984, Baring Private Equity Partners is a leading international private equity asset manager. The firm invests in every major market outside of the USA via regional fund groups with local investment teams in Europe, Asia and Latin America. With approximately $3 billion in funds under management, Baring Private Equity International has one of the most extensive on-the-ground networks of any international private equity provider. Barings differentiates itself from other investment groups by taking a long-term perspective and an active part in the development of each of its portfolio companies. BPEP India, has provide funding in the past to fast growing companies across a variety of sectors ranging from Information Technology to Life Sciences. Some of the young companies they have partnered with as growth catalysts in the recent years are Siro Clinpharm, Msource, SlashSupport, Maples ESM, Molecular Connections and Secova eServices.



About Parsec Loans:



Parsec Loans is a leading provider of mortgage solutions in the residential and commercial mortgage space. The company has an impressive portfolio of a number of large National Banks and Lenders, to broker end to end home loan solutions to the borrowers.



Based in California, USA, with branch operations in India (Gurgaon) Parsec Loans leverages its offshore delivery model to provide the best price value equation for the borrower in every type of mortgage related needs such as purchase, refinance and home equity lines.



During the last five years Parsec has played a pioneering role in setting new standards in the global delivery model in the mortgage industry. These high standards and best practices have helped Parsec carve out a space for itself in the robust $6.8 trillion US Mortgage Industry.

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