Gershman loans $320 million in third quarter 2010

On track for $1 billion for the year
 

While the news around the country has not been good for mortgage companies and mortgage bankers in general, here in St. Louis one company is on track to close over $1 billion in single-family and multi-family loans this year. In the third calendar quarter of 2010, Clayton-based Gershman Mortgage made $220 million in single-family loans and $100 million in multi-family loans for a combined total of $320 million.

“Homeowners are taking advantage of historically low interest rates and many are refinancing their current loans,” noted Mark Unangst, Senior Vice President of Gershman Mortgage.

Gershman Mortgage offers a wide range of mortgage products and is one of the area’s leaders in FHA/VA and conventional single-family home loans. Nationally, Gershman specializes in providing and servicing all types of financing for apartments, nursing homes, assisted living facilities and hospitals utilizing tax free and taxable bonds. In addition to HUD financing, Gershman offers many other conventional financing options to their customers including reverse mortgages for borrowers age 62 and older.

According to figures submitted to the Mortgage Bankers Association, Gershman Mortgage was the number one lender in our area in 2009 for FHA-insured multifamily and healthcare facility loan originations totaling $249 million.  Its 2009 achievements made it number eight in the entire country, also according to figures submitted to the Mortgage Bankers Association. This is particularly significant since Gershman only maintains offices in the St. Louis Metropolitan area, as opposed to some of its competition on the list, which are national giants with offices around the country.

Gershman Mortgage is headquartered at 7 N. Bemiston Ave. in Clayton. For more information visit www.gershman.com or call 1-800-GERSHMAN or (314) 889-0600.