Prospect Mortgage Launches New Construction Division

SHERMAN OAKS, Calif., Sept. 12, 2012 /PRNewswire/ -- With the U.S. Census Bureau reporting an increase of more than 25 percent in new housing permits in the first half of 2012 (as compared to 2011), Prospect Mortgage is pleased to announce a new platform 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.

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"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% for multi-family 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."

One of the nation's largest independent residential retail lenders, Prospect Mortgage has assembled an experienced team with subdivision and condo construction, and appraisal expertise. Prospect is offering a product lineup to assist buyers and builders with new home construction. The extended rate lock program allows eligible buyers to lock in their interest rate at the time a loan application is completed for an unfinished home. With the spec lock program, builders can lock in an interest rate on up to three new home construction projects for up to 120 days, and pass this interest rate on to their customers when the property sells. They also offer builders condo project approval services to alleviate paperwork and expedite projects.

"Our New Construction Division staff members are committed to supporting the communities in which our builder and real estate partners do business," says Michael Kelly, senior vice president of the new division and a 24-year veteran of the mortgage industry and new construction business. "Prospect's Loan Officers understand the complexities of new construction subdivision and condo projects and the unique needs of homebuyers. They're here to assist consumers in evaluating their ability to qualify for financing and helping the builder's sales team in coordinating special events and seminars to increase model home traffic and generate more sales."

Today's construction marketplace is heating up, and it's a great time to consider a new construction project. Prospect Mortgage's New Construction Division is ready to assist with project management expertise, driving sales velocity, and mortgage financing for homebuyers. This dedicated team of professionals is committed to helping builders and realtors build and sell more homes.

Prospect Mortgage is a leading national lender offering a full range of quality home loans, including FHA and VA, conventional, jumbo renovation and more. It is backed by Sterling Capital Partners, a private equity firm with approximately $5 billion of assets under management with offices in Chicago, Baltimore, and Miami. For more information about Prospect Mortgage, visit www.MyProspectMortgage.com. Visit Prospect on Twitter at www.twitter.com/myprospectmtg and follow the company on Facebook at www.facebook.com/prospectmtg.

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Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company licensed by the Department of Corporations under the California Residential Mortgage Lending Act and operates with the following licenses: AK Mortgage Lender/Broker License #AK3296; AZ Mortgage Banker License #BK0903027; To check the license status of your CO mortgage broker, visit www.dora.state.co.us/real-estate/index.htm; GA Residential Mortgage License #16984; IL Residential Mortgage Licensee #6424; MA Mortgage Lender/Broker License #MC3296; MS Licensed Mortgage Co.; MT Residential Mortgage Lender Licensee #120; NV Division of Mortgage Lending Mortgage Banker #1173 and Mortgage Broker #3095; Licensed by the NH Banking Dept.; Licensed Banker-NJ Dept. of Banking and Insurance #9932414; Operates as Prospect Lending, LLC in NY (Licensed Mortgage Banker - New York State Department of Banking); OR Mortgage Lender Licensee #ML-2006; PA Dept. of Banking license #22122; RI Licensed Lender #20021343LL, Broker #20041643LB; licensed by the VA State Corp. Commission as MC-2195. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law.

SOURCE Prospect Mortgage