Two Old-Line Commercial Mortgage Banking Firms Merge to Form Collateral Mortgage Capital, LLC
BIRMINGHAM, Ala.--(BUSINESS WIRE)--May 21, 2001--Birmingham-based Collateral Mortgage, Ltd., and Charter American Mortgage Company of Kansas City, merged to form Collateral Mortgage Capital, LLC, a new, privately owned commercial mortgage banking firm with a servicing portfolio totaling over $2.9 billion. Based in Birmingham, Alabama, Collateral Mortgage Capital will provide financing for all types of commercial and multifamily real estate on a national basis.
"Collateral Mortgage Capital is the product of two well-respected and successful commercial mortgage banking firms. Both Charter and Collateral bring long histories of reliability, flexibility and quality customer service to the table and both highly value their long-standing borrower and investor relationships. Collateral Mortgage Capital will continue to be guided by this philosophy," said Collateral Mortgage Capital's President and Chief Executive Officer, David A. Roberts, previously President of Collateral Mortgage, Ltd. "We are embarking on a long term strategy to build a strong national platform for our commercial real estate lending activities that will serve our borrowers and investors well," added Roberts.
"In addition to maintaining private ownership, our new company will continue to emphasize integrity and responsiveness--the type of in-depth, personal service on which our investors and borrowers have come to depend. Our goal is to build on the historical strengths of Collateral and Charter to create a unique commercial mortgage banking firm--offering our borrowers and investors a level of customer service that is unmatched in the industry," said Collateral Mortgage Capital's Chairman, Thomas J. Turner, previously President of Charter American Mortgage Company. Collateral Mortgage Capital, LLC will initially operate out of offices in Birmingham, Kansas City, Atlanta, Columbus, Houston, Nashville and Orlando.
Collateral Mortgage Capital would have ranked 31st among the Mortgage Bankers Association of America's largest commercial mortgage firms based on statistics as of December 31, 2000. On a combined basis, the firms closed $905 million in new business during 2000. Collateral Mortgage Capital's broad investor base includes leading life insurance companies, conduits, pension fund advisors and commercial banks. The new company is also a Fannie Mae DUS lender, a Freddie Mac Program Plus® seller/servicer and an active lender through FHA-insured loan programs. In addition, it is the exclusive correspondent for its affiliate, New South Federal Savings Bank.