RISMEDIA, August 15, 2007–Metrocities Mortgage LLC, a national leader in the residential mortgage lending market, has announced that it has satisfied known and unknown claims related to problem loans and secured investor funds to create new mortgages.
This financial plan is the result of a recent strategic investment from Prospect Mortgage Company LLC, an affiliate of $2.2 billion private equity fund group Sterling Partners.
“We anticipated the current investor climate late last year and worked hard to put our house in order,” said Metrocities CEO Paul Wylie. “We now have a clean financial slate and ample funding to do new business across the country.” According to Wylie, Metrocities is recruiting more loan officers and launching company-wide technology upgrades as part of a plan to increase market share.
“Metrocities has historically run counter to industry cycles and built long-term relationships,” continued Wylie. “The issues of bad loans written on liberal guidelines are not going to hurt us because of our well thought-out positioning.”
“Sterling Partners has invested in Metrocities Mortgage as part of a long-term commitment,” said Tom Wippman, Managing Director, Sterling Partners. “We understand that the mortgage and real estate industries are in a down cycle. We’ve entered other industries at similar low points and realized excellent results through patience and effective strategies. Sterling believes in Metrocities and the future of the mortgage industry.”
To learn more, visit www.sterlingpartners.us