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Amera Mortgage

Amera Mortgage Corporation - Milford, MI

Amera Mortgage Corporation 517-768-1500

True North Commercial REIT Announces Significant $106.1 Million of Urban Acquisitions Totalling 492900 SF in ...

The total purchase price for the Acquisition Properties represents a combined implied capitalization rate of approximately 6.9%. Upon completion of the acquisitions, the REIT's occupancy is expected to remain stable at 97.1%, the REIT's aggregate portfolio gross revenue from government and credit-rated tenants is anticipated to be 84.7%, and average remaining lease term of the REIT will be 4.3 years.

The REIT has waived diligence conditions with respect to the Acquisition Properties, except the Halifax Property. The acquisition by the REIT however remains conditional upon the satisfaction of certain customary closing conditions pursuant to applicable purchase and sale agreements.

"These properties not only meet our core acquisition criteria but also position us for growth by establishing a presence in new markets. With these acquisitions we have added our first location in Halifax and increased our footprint in Victoria," said Daniel Drimmer, the REIT's President and CEO. "This, along with our disciplined approach, help to ensure continued expansion and diversification of the portfolio with credit-rated and government tenants secured under long-term leases.

Cole Taylor Mortgage is hiring, expanding at Ann Arbor headquarters

It’s been eight months since Cole Taylor Bank moved its mortgage banking division’s headquarters to Ann Arbor, and the company — fueled by increased mortgage market share and improved margins — is significantly growing.

More than 250 employees now staff the office in the Northeast Corporate Center on Green Road, up from 115 employees when the division moved from Hamburg Township last year.

“We grew very significantly between 2011 and early 2012,” said Cole Taylor Mortgage President Willie Newman . “In November, sections of our space had no (cubicles), now you go in there and you can barely walk around.”

Newman spearheaded the launch of the mortgage unit for the Chicago-based bank in December 2009, right in the midst of the U.S. housing market meltdown.

His strategy: Enter the market at the bottom, not the top.

“We thought there was an opportunity for something to start up and start clean,” Newman explained. “It’s a clean sheet with none of the legacy issues, no old technology, no loans, delinquencies or the issues people read about.”