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| An East Coast mortgage banker said it has $4 billion sitting in its general account available to fund commercial mortgages. Another $3 billion is available through financing.Prudential Mortgage Capital Co. said it wants to fund $7 billion in commercial mortgages this year, according to an announcement today.
Around $4 billion is available from the Newark, N.J.-based firm’s general account, the statement said. In addition, more than $3 billion available in financing for its originations of loans for Fannie Mae, Freddie Mac and FHA. Prudential noted that it has funded more than $1 billion in affordable multifamily originations during the past four years. Affordable housing financing last year was a record $467 million, 136 percent higher than 2007. Fannie Mae originations exceeded $2 billion in 2008, up 21 percent from the prior year and also a record “despite market uncertainty,” Prudential reported. “With the depth of our experience and strong origination capabilities — and less capital now available in the commercial real estate sector — we see excellent opportunities in the coming year to make prudent, high quality loans with both long-standing borrowers and new relationships,” Prudential President David Twardock said in the news release. |
