Printer Friendly

WASHINGTON MORTGAGE FINANCIAL GROUP ENLARGES PRESENCE IN TWO MORE MARKET NICHES

 VIENNA, Va., Nov. 30 ~PRNewswire~ -- WMF~Huntoon, Paige Associates Limited, a wholly-owned subsidiary of Washington Mortgage Financial Group, a national mortgage lender and servicer, has acquired an equity interest in AGM Financial Services, Inc., a two- year-old mortgage brokerage specializing in nursing home and FHA multifamily lending. Terms of the agreement were not disclosed.
 The new relationship is intended to complement the strengths of both companies. WMF~Huntoon gains a formalized connection to AGM's pipeline and can thereby increase its presence in servicing the government-insured multifamily and nursing home mortgage finance niches. AGM, meanwhile, benefits from WMF~Huntoon's access to the public and private capital markets.
 WMF~Huntoon, based in Jersey City, N.J., services a $4 billion mortgage loan portfolio consisting of direct servicing, subservicing and master servicing contracts for multifamily housing properties and health care facilities nationwide.
 AGM, with offices in Minneapolis; Baltimore; Des Moines, Iowa; and Sacramento, Calif., originates approximately $100 million in mortgage loans annually, split fairly evenly between multifamily and health care projects.
 "This investment gives us a direct link to a high-volume originator with extensive expertise in providing construction and permanent debt financing for FHA multifamily properties and nursing home and assisted living facilities," said Shekar Narasimhan, chairman of WMF~Huntoon and president and chief executive officer of Washington Mortgage Financial Group. "Our alliance with


AGM means WMF~Huntoon will gain increased market share in two niches with great growth potential."
 "Now FHA multifamily and nursing home borrowers will enjoy better and easier access to capital than ever before," added Gerry Glaser, president of AGM. "These historically underserved market segments, which traditionally relied solely on local funding sources such as S&Ls, will now benefit from WMF~Huntoon's capabilities to secure long-term capital from national and foreign investors."
 Headquartered in Vienna, Washington Mortgage Financial Group and its subsidiaries originate and service multifamily, single family, cooperative, commercial and health care mortgages.
 -0- 11~30~92
 ~CONTACT: Barbara Ekstrom of Washington Mortgage Financial Group, 703-821-0316~


CO: Washington Mortgage Financial Group; WMF~Huntoon, Paige
 Associates Limited; AGM Financial Services, Inc. ST: Virginia IN: FIN SU:


DC -- DC006 -- 4048 11~30~92 09:59 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 30, 1992
Words:357
Previous Article:AIRBUS INDUSTRIE OF NORTH AMERICA NAMES NEW CHAIRMAN/CEO AND PRESIDENT/COO
Next Article:OCTOBER JOBLESS RATES DROP IN 10 MAJOR MICHIGAN METRO AREAS
Topics:


Related Articles
Washington Mortgage expands.
WASHINGTON MORTGAGE FINANCIAL GROUP DIVERSIFIES INTO SINGLE FAMILY MARKET
WASHINGTON MORTGAGE INAUGURATES PERMANENT FIXED-RATE FINANCING FOR HEALTH CARE FACILITIES ON NATIONWIDE BASIS
WASHINGTON MORTGAGE ENHANCES WEST COAST PRESENCE BY ACQUIRING MULTIFAMILY LOAN DIVISION FROM WESTERN BANK
Washington Mortgage Acquires The Robert C. Wilson Company
Doyle Hotel Group Acquisition By Jurys Hotel Group Will Form Ireland's Largest Hotel Chain.
eMortgages, European style. (eMortgage).

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters