Priority Funding LLC Announces Acquisition of Teamwork Mortgage

Filed Under: Banking

Priority Funding LLC, (, a wholly owned subsidiary of BayCoast Bank and a leading provider of mobile and manufactured home funding, announces the acquisition of Teamwork Mortgage, Inc. of Mesa, Ariz., as of June 7, 2021.

Teamwork Mortgage is a licensed mortgage broker that engages exclusively in brokering manufactured home loans; it is formerly owned by Charles F. Engelbrecht, III and Elena L. Lewis.

Engelbrecht will remain as chief executive officer of Teamwork Mortgage, while Christopher Schofield, president and chief executive officer of Priority Funding, LLC, is now also president of Teamwork Mortgage.

Matthew Strand, executive vice president and compliance officer of Priority Funding, is now also the senior vice president and compliance officer of Teamwork Mortgage. Elena Lewis will remain as vice president of Teamwork Mortgage.

 “I am very excited about this acquisition; Teamwork Mortgage is a phenomenal company and will be instrumental in our expansion into the western United States,” said Schofield, noting that Priority Funding is currently lending in 15 states.

 “We at Teamwork Mortgage are excited about joining the Priority Funding and the BayCoast Bank family,” said Engelbrecht. “I knew from our first conversation with Chris Schofield that Priority Funding was the perfect fit to team up with and take Teamwork Mortgage to the next level and beyond.”