Magazine article Mortgage Banking

Key Commercial Division Expects Tenfold Revenue Increase. (Commercial)

Magazine article Mortgage Banking

Key Commercial Division Expects Tenfold Revenue Increase. (Commercial)

Article excerpt

CLEVELAND-BASED KEY COMMERCIAL REAL Estate's commercial mortgage division has announced it expects to generate $100 million in revenue in 2002, a tenfold increase since 2000. Three corporate acquisitions in the past two years have been instrumental in fueling Key Commercial Mortgage's (KCM's) growth, according to the company.

KCM's commercial mortgage-backed securities (CMBS) division, which manages the origination, underwriting, securitization and servicing of CMBS loans; and its Agency finance division, which originates and places Fannie Mae (Delegated Underwriting and Servicing--DUS), Freddie Mac (Program Plus) and Federal Housing Administration (FHA) (MAP) loans, originated a combined $2 billion in commercial mortgage loans last year and $1.2 billion in 2000. These types of financings are typically used to develop properties such as garden-style apartments, retail strip centers, industrial parks and office buildings.

That growth has vaulted KCM into the top 10 in several industry rankings, according to the company. Currently, among U.S. financial services companies, the group ranks as the No. 1 Freddie Mac (Program Plus) lender, Central Region; the No. 8 CMBS loan servicer ($12 billion portfolio, up from $2. …

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