| UNION MORTGAGE CORP.
Founded 1983
Over 28 years of excellence
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PROFILE:
Union Mortgage Corporation is a full service commercial real estate lender. With a dedicated source of pension money, its mission is to generate good quality loans nationwide. Its programs are priced competitively with the market and are adjusted to reflect the loan-to-value, the debt service ratio, the property condition and the merits of the neighborhood. Short term, bridge and permanent loans are available.
In addition to being a lender, Union also offers investment opportunities.
(see INVESTMENTS)
HISTORY:
Union Mortgage Corporation was founded in 1983. Originally called Multi-Family Resources, Inc., it was organized for the purpose of originating, underwriting, processing and closing multifamily loans throughout the United States. From its inception until 1990, MFR originated almost $1 billion of mortgage loans on behalf of its 23 client banks. Most of these loans were sold to Freddie Mac with servicing retained by the banks. With Freddie Mac phasing out of the market in 1990, MFR originated very few new loans for a period of two years.
In early 1992 MFR reactivated its origination pipeline on behalf of pension investors. In 1993 it changed its name to Union Mortgage Corporation and revived its membership in the Mortgage Bankers Association of America. The company expanded its operations by opening offices in Atlanta and West Palm Beach. The following year Union expanded beyond its pension clients and became an approved correspondent for several Wall Street Conduits.
During the recession in the last few years, Union has narrowed its position in the market by focusing its lending capabilities on more specific geographic regions. It utilizes fewer loan types but still covers a variety of properties while also offering distressed debt and equity investment opportunities. Union remains a solid and stable company focusing on multiple facets within the national real estate market.
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