Commercial finance firm CIT Group says it will sell its home lending business to Lone Star Funds for $1.5 billion in cash plus $4.4 billion of assumed debt.

New York-based CIT Group Inc. also will offload its $470 million manufactured housing portfolio to Vanderbilt Mortgage and Finance Inc. for about $300 million.

The company expects to see combined cash proceeds from both deals of about $1.8 billion.

“These sales complete our exit from all home lending businesses, removing the uncertainty surrounding this asset class, and advances our strategic transformation into a company focused entirely on commercial finance,” said Jeffrey M. Peek, CIT chairman and chief executive, in a statement.

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AP Business Writer Jennifer Malloy in New York