Customers can access mortgage advice at its head office premises in Edinburgh, through one of its 14 mortgage shops, as well as remotely over the telephone, a channel through which
First Mortgage has driven significant growth over the last few years.
* $1,350,000
first mortgage loan for a gut renovated 4-story apartment building containing 2 ground level stores and 6 apts in the Redevelopment district of downtown Yonkers, NY.
Note that refinancing the
first mortgage alone is not a good option because the
first mortgage lender requires the borrower to obtain permission of the second mortgage lender, without which the second mortgage becomes the
first mortgage.
The
first mortgage debt is secured under its indenture, by a mortgage lien on substantially all of the cooperative's tangible and certain intangible assets.
A consumer direct lender, Veterans
First Mortgage has three offices, operating, two in Salt Lake City and one in San Diego.
As noted, roughly 20 percent of all mortgage debt holders have refinanced their
first mortgage loan.
* A $33,500,000
first mortgage bridge loan secured by commercial property located on Spring Street in Manhattan's SoHo neighborhood, as well as a development site located on West 46th Street in the Hell's Kitchen neighborhood of Manhattan.
The terms of this cash transaction are not being disclosed by the parties; however, a significant portion of the purchase price for Veterans
First Mortgage assets is conditioned upon certain future profitability measures.
The agreement is also expected to include servicing rights from Veterans
First Mortgage on approximately 9,000 loans, totaling an estimated USD 1.4bn in principal balance.
* A $1.9 million
first mortgage for Ridge Apartments Owners Corp., a 64-unit co-op at 41-34 Frame Place in Flushing, NY:
* A $3.5 million
first mortgage for Allendale Apartments, Inc., an 82-unit co-op at 34-24 82nd Street in Jackson Heights, NY;
A $3.5 million
first mortgage and $750,000 line of credit for New York Teachers Housing Corp., a 223-unit co-op at 3130 Irwin Ave & 3125 Tibbett Avenue in Bronx, NY;