MRG emphasizes creativity.
Our ability to provide an array of financing options has positioned us as one of the most complete mortgage bankers serving the Long Island marketplace. Throughout the past several years, we've utilized an aggressive approach designed to develop a large pool of correspondent lenders, each with different lending parameters, to ensure we can structure and place the right deal to fulfill the unique financing needs of our clients.
In particular, we've made a concentrated effort to expand the number of insurance companies we represent. In the past few years alone, we've grown from representing five insurance companies to originating and servicing loans for 13 institutions. Most recently, the firm was named correspondent to several new lenders, including StanCorp. Mortgage Investors, LLC., , Ameritas Acacia Companies and AIG Global Investment Corp.
Several of these new correspondent relationships with smaller insurance companies, including StanCorp. and Ameritas, provide access to financing institutions, which offer a variety of smaller loan products. For example, StanCorp. provides fixed rate long term financing for wide range of commercial property types from $500,000 to $3 million, while Ameritas will fund owner occupied property up to $5 million.
Recently, we successfully arranged loans for each of these lenders that typifies our ability to efficiently and quickly structure smaller transactions beneficial to both our customers and these financing institutions. They include:
* $450,000 in permanent financing for the purchase of an 8,500-SF industrial building located at 909 Motor Parkway in Hauppauge, N.Y. The 15-year loan was placed with Ameritas Acacia, and;
* $900,000 in acquisition financing for a 36,830-SF industrial/office building located at 1636 Fifth Ave. in Bay Shore, N.Y. The 10-year loan was placed with StanCorp.
Other new relationships with insurance companies are instrumental towards ongoing efforts to expand our service and better service our customers. Woodmen offers simple and efficient "one-stop" shopping for borrowers in search of construction/permanent financing for substantially leased office, industrial and retail properties with loans ranging from $2 million to $10 million. AIG provides us access to one of the most innovative and competitively priced LIBOR programs in the country.
By compiling such an extensive roster of insurance company relationships we can now structure an assortment of different transactions. These include financing for large, jumbo deals over $100 million, LIBOR-based floating rate-deals as low as 3.5%, owner-occupied commercial properties $500,000 and up, credit net lease transactions at 100% of value, along with fixed rate construction loans that automatically convert into permanent financing upon completion.
In addition, many of the companies underwrite structured deals with rent achievements or scheduled closings, equity and mezzanine financing, however, traditional financings on investor owned office, industrial, retail and multifamily properties still comprise the majority of their originations.
By expanding our service and financing alternatives, MRG has significantly increased its client base and now posts record mortgage loan production year after year. The success we've experienced has given us high expectations for continued growth in the near future.
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|Title Annotation:||M. Robert Goldman and Company Inc. service and contract information|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Jun 26, 2002|
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