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Charter one creates joint ventures.

MCCARDLE REALTY INC., WILLIAMSBURG, Virginia, selected Charter One Mortgage Corporation, Richmond, Virginia, as its partner in a joint venture to provide mortgage financing for homes in Williamsburg and Newport News, Virginia. The new company is called Charter One Mortgage of Williams) burg LLC.

"Charter One Mortgage is pleased to join forces with such a strong player in the real estate business," said John Porath, senior vice president and national sales director for Charter One Mortgage. "McCardle Realty is the dominant real estate company in their market by a large margin. ... With the creation of Charter One Mortgage of Williamsburg, people who buy from McCardle Realty will have a one stop shop for purchasing their home and obtaining home financing," Porath said.

John Burford, vice president and Williamsburg branch manager for Charter One Mortgage, manages the new joint venture.

McCardle Realty Inc., established in Williamsburg in 1970, is the Williamsburg area's largest real estate company. It operates Prudential McCardle Realty and Greensprings Realty in the Williamsburg market, and Prudential McCardle-Powell Realty in Newport News, Virginia. More than 80 agents work out of three McCardle Realty offices in Williamsburg and one in Newport News.

Builder's 1st Choice, Columbia, Maryland, a builder sales and marketing group, has also selected Charter One Mortgage Corporation as its partner in a joint venture to provide mortgage financing for new homes being sold by Builder's 1st Choice in eight mid-Atlantic states and the District of Columbia. The new company is called 1st Funding Mortgage LLC.

"We selected Charter One Mortgage primarily for two reasons," said Ed Howard, Builder's 1st Choice partner and vice president for sales and marketing. "First, we wanted to create a joint venture with a service-based company, and Charter One Mortgage consistently puts the customer first. Second, Charter One Mortgage has an exciting array of builder products."

"Not only is this joint venture an excellent business opportunity for Charter One, it provides us with the potential for growth," said Charter One's Porath. "Builder's 1st Choice operates in markets in which we currently have no loan originations offices--West Virginia, western Pennsylvania and Delaware, for example."
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Title Annotation:Business Alert
Publication:Mortgage Banking
Geographic Code:1USA
Date:Oct 1, 2003
Words:350
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