Brown Harris Stevens Miami is forming an alliance with commercial and residential lenders.
BHS Miami is partnering with Hollywood-based FM Capital and New York-based FM Home Loans, president Phil Gutman said. The deal gives the brokerage’s six South Florida offices and more than 200 agents access and support for residential and commercial lending. Gutman plans to roll out the partnership through seminars with his agents.
The brokerage decided to partner with lenders now because interest rates are still low and financing is still available, Gutman said, although rates have been increasing. The Federal Reserve raised interest rates in September 0.25 percent, marking the third increase so far this year.
As part of the move to become “one-stop shops,” a number of South Florida brokerages are now offering mortgage lending services. Firms like the Keyes Company, EWM Realty International and Coldwell Banker offer similar ancillary services. Last year, Fortune International Group launched a bridge lending firm with Rialto Capital Management. Daniel de la Vega of One Sotheby’s, and lenders Joel Eidelstein and Matthew Eidelstein also recently launched a new mortgage lending company based in Miami called CapHouse Financial.
Meanwhile, some big banks are pulling back on consumer mortgage lending, including Wells Fargo and JP Morgan, both of which recently announced significant layoffs in their consumer mortgage divisions.
In South Florida, FM Home Loans and FM Capital aim to lend about $500 million, each, by the end of this year, FM Capital principal Aaron Kurlansky said. On the commercial side, FM Capital will lend to mostly multifamily properties, as well as for other commercial deals under $25 million.
Both the commercial and lending arms are looking to increase their footprints in South Florida, Kurlansky added.