Alliance Mortgage secures an additional warehouse line for 2 million with Pripority Bancorp the Springfield, Illinois, based leading provider of warehouse lines for lenders
September 8, 1998
Company Press release
EMERYVILLE, CA –September 8, 1998
Alliance Mortgage www.alliancemtg.com the Internet loan provider, fueled by its growing online market share, and demands for its sub prime loan products and the ability to facilitate direct lending has secured another 2 million in the
warehouse lines of credit with Priority Bancorp based in Springfield, Illinois, a leading national provider of lender’s warehouse lines.
“This will facilitate us in our need to fund our own loans on the ‘A’ paper products. We will not rely on outside sources so much for the fast turnarounds for the internet borrowers who will not wait too long as the burdensome, cantankerous, mortgage process unfolds. These additional lines will improve our service and commitment to the internet community, enhance our goal of fast turn around, keep the underwriting and funding decisions in house, and will grease the long grind. We will sell these securitizations to closed end loan purchasers and the main Wall street thereby increasing our revenues on a per loan basis at the same time” said Sean Saed.
At this time Priority Bancorp had no comments.
About Alliance Mortgage
Alliance Mortgage www.alliancemtg.com, based in Emeryville, Calif., has been providing loans to people with all types of credit histories sincve 1992.
Alliance Mortgage loans are at least a point lower than most brick and mortar banks, single sourced lenders and conventional mortgage brokers. With a lower overhead, Alliance Mortgage rates are still competitive with major online mortgage companies. Alliance is a true Internet loan provider with 100% revenues derived from the Internet, and is located at
2000 Powell street,
Suite 1200, Emeryville, Ca 94608.
Alliance Mortgage is a privately held cooperation.
Sean Saed 510/450-1820