Douglas Elliman links up with small Chicago firm for financing

Deal comes less than a year after Elliman's joint venture with Wells Fargo ended

New York /
Mar.March 28, 2014 04:30 PM

Douglas Elliman has taken a new lender under its wing that supposedly provides borrowers with more tailored mortgage financing, the company announced today.

Federal Savings Bank will partner with the national residential firm, with the goal of originating between $3 billion and $5 billion in mortgages annually.

The new lender, an arm of the Chicago-based bank DE Capital Division, is a small operator in New York, garnering $70 million in mortgages in 2012. That ranked it as the 168th largest lender in the state, according to data from SNL Financial, Crain’s reported. Previously, Elliman worked with Wells Fargo in a joint venture to provide mortgages. Officials told Crain’s the switch will give buyers more flexibility when arranging financing.

“In bigger institutions, the middle management will often not make a decision outside of the box,” Dottie Herman, chief executive of Douglas Elliman, said to Crain’s. “We want to talk about the individual.”

Ace Watanasuparp, the current head of DE Capital and formerly a branch manager for Bank of America in Queens, will lead the new partnership. [Crain’s]Angela Hunt


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)
Douglas Elliman is coming to Texas
Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Douglas Elliman's Scott Durkin and Connie Mui-Reilly (Douglas Elliman, iStock)
Elliman launches portal to streamline agent resources
Elliman launches portal to streamline agent resources
Howard Lorber (iStock, Getty)
Elliman reports $14M quarterly profit, 65% revenue jump
Elliman reports $14M quarterly profit, 65% revenue jump
Quay Tower at 50 Park Drive and Ryan Serhant (ODA, Getty)
Ryan Serhant’s brokerage takes over sales at Brooklyn Bridge Park condo
Ryan Serhant’s brokerage takes over sales at Brooklyn Bridge Park condo
Lenders are being stingy about granting home equity lines of credit. (iStock)
Home values are up, but just try getting a line of credit
Home values are up, but just try getting a line of credit
(iStock)
Long Island sales reach new highs with inventory at record lows
Long Island sales reach new highs with inventory at record lows
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...