Del Mar Mortgage in deals

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Thursday, Jan. 6, 2000 | 11:33 a.m.

Las Vegas-based Sunderland Corp. has acquired DM Financial Services Inc. of Las Vegas and DM Mortgage Advisors Inc. of Phoenix.

Company spokesman Herbert Lanzet said both deals involved no cash and were "purely stock-based transactions." Sunderland acquired DM Financial for 10,300 shares of common stock, while DM Mortgage was acquired for 17,700 common stock shares.

Though both transactions are subject to regulatory approval, Lanzet said the company expects the deals will close quickly.

Sunderland Chief Executive Officer Michael Shustek said the acquisition of DM Financial will help the company expand its private investor base, while DM Mortgage will allow Sunderland to expand its operations in Arizona.

Sunderland is the parent company of Las Vegas-based Del Mar Mortgage.