Prospect Mortgage Creates Housing Construction Division

Posted by Orb Staff on September 12, 2012 No Comments
Categories : Residential Mortgage

12373_homebuilder5 Prospect Mortgage Creates Housing Construction Division Sherman Oaks-based Prospect Mortgage has launched a new division to finance new single-family and condominium homes across the country. The division supports homebuyers, home builders, developers and real estate agents in an improving new construction market.

The new division will offer a product line-up designed to assist buyers and builders with new home construction, including an extended rate lock program to allow buyers to lock in their interest rate at the time a loan application is completed for an unfinished home and a spec lock program for builders to lock in an interest rate on up to three new home construction projects for up to 120 days.

‘We anticipated the marketplace comeback, and we're excited about the role we can play in the continuing upswing,’ says Doug Long, president of Prospect Mortgage Retail and Correspondent Lending. ‘Recent National Association of Home Builders statistics show single-family and multi-family permits increasing by double digits nationwide, with some areas in the Southeast and Mountain regions up 100 percent for multifamily construction permits. We look forward to partnering with more builders and homebuyers in coming months by offering unique products and resources through our new construction division.’

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