Industry NewsMortgage

Metrocities focused on joint ventures with brokers

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

With its founder and a private equity firm sharing ownership of its new parent company, Metrocities Mortgage LLC is putting its dalliances with subprime lending behind and returning to the company's roots -- forming joint ventures with real estate firms. Metrocities recently announced the completion of a deal with Sterling Partners, in which the California-based lender will become part of Sterling's newly formed Prospect Mortgage Co. LLC. Although terms of the transaction were not disclosed, Sterling Partners plans to invest about $100 million as it enters the mortgage lending industry, Metrocities founder and Chief Executive Officer Paul Wylie told Inman News. Wylie, who has an equity ownership stake in Prospect Mortgage, said Metrocities will continue to operate under that name, "and there will be additional acquisitions by Sterling that will become part of Metrocities." Established in 1989 and based in Sherman Oaks, Calif., Metrocities was not a major player in subprime lending, ...