Long Run Partners

What Long Run Partners does

Long Run Partners is a privately held New York-based financial company that operates as a secondary market purchaser of residential mortgage loans, specializing exclusively in non-agency loan products. The company purchases loans from a select group of licensed mortgage lenders and originators, then securitizes and invests in those loans. Its product portfolio comprises five core offerings: Near Prime Non-QM loans (up to $3.5M), DSCR Investor loans for property-income underwritten investment properties (up to $2M), Second Liens utilizing bank statement documentation (up to $500K), Prime Jumbo mortgages exceeding agency loan limits (up to $3M), and Bespoke Products that are co-designed with individual lender clients. The company positions itself as a long-term partner to originators rather than a transactional investor, emphasizing tailored solutions, consistent pricing, and innovative technology.

The firm was co-founded by John Fleisher and Reid Ellison and employs over 30 professionals with deep experience in the non-agency / Non-QM market dating to its inception. In October 2025, Long Run entered a strategic partnership with Columbia Threadneedle Investments to invest in and securitize up to $1.5 billion of non-agency mortgage loans, with Columbia Threadneedle providing approximately 90% of the funding and combining its credit research capabilities with Long Run's loan sourcing expertise. The company is NMLS-licensed (#2118864) and operates a B2B distribution model exclusively with licensed mortgage professionals, as explicitly stated in its Terms & Conditions.

Long Run's business model is transaction-based, generating revenue from purchasing non-agency loans and either holding them for investment or securitizing them. Pricing is negotiated directly with lender clients and is not publicly disclosed. The company relies on direct enterprise relationships and a curated distribution channel rather than broad market sales, with go-to-market executed through direct lender partnerships and supported by a web platform (mt360.com / mortgagetree.net) for loan management. The company is backed by 'world-class capital partners' though specific institutional investor names beyond Columbia Threadneedle are not disclosed.

Name

Long Run Partners

Legal name

Long Run Partners LLC

Website

https://longrunpartners.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Long Run Partners is a New York-based secondary market purchaser of non-agency residential mortgage loans, serving licensed mortgage lenders with products including Non-QM, DSCR Investor, Second Liens, Prime Jumbo, and Bespoke loans, backed by a $1.5B Columbia Threadneedle partnership.

Ownership category

akta.pro rank

Product category

Non-Agency Residential Mortgage Lending

NAICS

Real Estate Credit (522292)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Hard Money & Private Mortgage Lending Intermediation (FSAEAEAH)

akta.pro secondary industry

Senior Secured Direct Lending (FSANADAA)

Keywords

• Non-agency mortgage lending
• Residential mortgage purchasing
• Non-QM loan products
• Mortgage securitization services
• Mortgage capital partner

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Mortgage Loan Purchasing: Long Run Partners operates as a secondary market purchaser of residential mortgage loans. The company generates revenue by purchasing non-agency mortgage loans from originators and lenders, then securitizing and investing in those loans. The October 2025 partnership with Columbia Threadneedle Investments describes a $1.5 billion commitment to invest in and securitize non-agency mortgage loans.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Long Run Partners is a secondary market purchaser of residential non-agency mortgage loans, working exclusively with licensed mortgage professionals and lenders. It purchases Non-QM, DSCR investor, second lien, prime jumbo, and bespoke loans, then invests in and securitizes them alongside institutional capital partners such as Columbia Threadneedle Investments. The company offers tailored product structures, consistent capital, and solution-oriented service to help its lender clients grow their non-agency businesses.

Product overview

Long Run Partners offers a full-suite of non-agency mortgage loan products designed for lenders and originators. The product portfolio consists of five core offerings: Near Prime Non-QM (for alternative income documentation borrowers with up to $3.5M loan amounts), DSCR Investor Loans (property-income underwritten investment loans up to $2M), Second Liens (home equity products up to $500K), Prime Jumbo (high-value home loans up to $3M exceeding agency limits), and Bespoke Products (custom proprietary solutions co-created with clients). The company operates as a secondary market purchaser of residential mortgage loans, providing capital, pricing, and technology solutions to its lender partners.

Differentiator

Problem solved

Functional benefit

Products and services

• Near Prime Non-QM Non-Qualified Mortgage loan product for borrowers with full and alternative income documentation, featuring common sense guidelines and both manual and DU underwriting options; designed for non-agency lenders serving near-prime borrowers.
• DSCR Investor Loans Investment property loans underwritten using Debt Service Coverage Ratio on property income, featuring no personal income verification and interest-only options to maximize cashflow; for non-agency lenders serving real estate investors.
• Second Liens Home equity loan products for borrowers looking to utilize their home equity, utilizing bank statement income documentation; for non-agency lenders offering second-lien products.
• Prime Jumbo Flexible mortgage solutions for borrowers purchasing high-value homes that exceed agency loan limits, with interest-only and ARM options available; for non-agency lenders serving the prime jumbo segment.
• Bespoke Products Proprietary custom loan products collaboratively designed with clients to meet specific borrower needs and market requirements; for non-agency lenders seeking differentiated offerings.

Quantifiable outcome

• $1.5 billion mortgage loan investment and securitization capacity via Columbia Threadneedle partnership

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves4 records

Expansion highlights4 records

Direct peers

• Angel Oak Mortgage Solutions: Angel Oak Mortgage Solutions is a leading non-QM mortgage investor and lender, offering a similar non-agency product suite (non-QM, investor, jumbo). It directly competes with Long Run Partners for both non-QM origination flow and institutional capital allocations.
• Verus Mortgage Capital: Verus Mortgage Capital is a non-agency MBS investor focused on non-QM and investor loan securitization. It directly competes with Long Run for institutional capital deployment into non-agency residential mortgage credit and securitization execution.
• Deephaven Mortgage: Deephaven Mortgage is a non-QM lender and investor with a similar product focus (non-QM, DSCR, second liens, prime jumbo). It competes directly with Long Run for non-agency loan sourcing from originators and for capital partner mandates.
• NewRez (Shellpoint Mortgage Servicing / RealEstate.com): NewRez operates a significant non-agency lending and securitization business (Non-QM, jumbo, investor) through its wholesale and correspondent channels. It is a direct competitor in the non-agency secondary market space.
• Carrington Mortgage Services: Carrington Mortgage Services is a large non-QM and government lender with extensive non-agency product offerings (Non-QM, DSCR, second liens, jumbo). It competes with Long Run for originator relationships and borrower loan flow.
• A&D Mortgage: A&D Mortgage is a wholesale non-QM lender with a broad non-agency product menu similar to Long Run's. It directly competes for non-QM flow from the same originator base, particularly in the wholesale channel.
• Citadel Servicing Corporation: Citadel is a non-QM and non-agency mortgage investor/servicer with product offerings overlapping Long Run's menu. It competes for non-agency loan purchases and securitization execution against Long Run's platform.

Broad incumbents

• Caliber Home Loans: Caliber Home Loans is a major non-bank mortgage originator with a non-QM and non-agency product offering. As a larger, broader mortgage platform, it competes with Long Run in the non-agency space while also operating across agency and government channels.
• Angel Oak Capital Group: Angel Oak Capital Group is a diversified alternative credit manager with a large non-QM mortgage business (via Angel Oak Mortgage Solutions). Its broader investment platform overlaps with how Long Run's Columbia Threadneedle-style institutional capital relationships function.

Emerging players

• Lima One Capital: Lima One Capital is a specialty investor lender focused on DSCR investor loans and rental property financing — a key overlap with Long Run's DSCR Investor product. It is a more focused competitor on the investor/non-QM side of the market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/longrunpartners

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Long Run Partners