Professional Mortgage Partners Inc. today announced it has formed a strategic alliance with Merrill Lynch to provide condo hotel lending solutions for both developers and consumers. This new opportunity for PMP to offer Merrill Lynch’s condo hotel financing products combines the strengths of the two companies, bringing together PMP’s mortgage and condo hotel project experience with the resources and renowned customer service of one of the world's leading financial management and advisory companies. The result is a comprehensive solution for end lending in the expanding condo hotel sector.
The new offering will provide a full spectrum of loan programs and documentation options tailored specifically to address the unique lending requirements of the condo hotel market.
In addition PMP will be able to offer Merrill Lynch's Mortgage 100® product. Mortgage 100® is a 100% financing program that lets you pledge your eligible securities for your down payment instead of having to come up with the cash. As an added plus, you avoid the cost of mortgage insurance, which is typically added to each month’s mortgage payment. Meantime, you can stay fully invested in the market by holding your eligible securities in a Merrill Lynch pledge account. You can continue to buy, sell or trade those investments as you would normally (with a few restrictions)
If you were to go the traditional mortgage route, finding the down payment for a new condo hotel unit might mean having to liquidate assets you'd prefer to hold or sell a position at a suboptimal time. But with innovative products like Mortgage 100®, you can use your mortgage to optimize your financial potential.
About Professional Mortgage Partners
Professional Mortgage Partners is Chicago's leading independent mortgage banking firm with 8 offices throughout the Chicago Metropolitan area. PMP was recognized as Freddie Mac’s highest volume seller, Corporate Accounts, in 2002 and 2003 out of over 1700 mortgage banks nationwide.
Their leading-edge technologies, access to extensive lending sources, in-house funding, processing and underwriting enable them to improve, streamline the financing process, offering their clients the best rates found in the marketplace at any given time. Working closely with clients and their support networks, they structure mortgage financing to integrate with asset management and tax and estate planning strategies. Additional information about Condotel Financing from Professional Mortgage Partners is available at: www.4condohotels.com
About Merrill Lynch
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 36 countries and territories and total client assets of approximately $1.5 trillion. Additional information about Merrill Lynch can be found at: www.ml.com
