EverBank to buy GE Capital unit for $2.51 bln

July 2 Mon Jul 2, 2012 8:15am EDT

July 2 (Reuters) - EverBank Financial Corp said it will buy GE Capital's Business Property Lending Inc division for $2.51 billion in cash.

Business Property, a unit of GE Capital Real Estate, originates and services commercial real estate loans for properties owned or leased by small and midsize businesses.

The deal includes about $2.44 billion of performing commercial loans, origination and servicing platforms, and servicing rights on $3.1 billion of loans securitized by GE Capital, the companies said in a statement.