AMI Capital Inc. Announces Opening of Denver Office; Commercial Mortgage Banking Firm Steps Up Activity in Rocky Mountains Region

Business Wire, Oct 28, 1998

DENVER--(BUSINESS WIRE)--Oct. 28, 1998--AMI Capital Inc. announced that it has opened a Denver office to increase its commercial mortgage banking activities in the Rocky Mountains region. The opening is part of a national expansion currently underway at AMI Capital Inc.

AMI Capital's expansion comes at a time when many lenders are pulling back as a result of recent volatility in the financial markets which has all but halted conduit lending and forced borrowers to increasingly opt for alternative mortgage products. AMI Capital, historically a Fannie Mae Delegated Underwriting and Servicing (DUS) lender, is well-positioned to take advantage of these changes.

"We have set a course of prudent and consistent growth which includes opening new offices such as this one in Denver," said Michael Sullivan, president of AMI Capital. "At a time when others are exiting the commercial mortgage market, AMI continues to grow. Because of our strategic planning and our core expertise in Fannie Mae DUS products, we are finding that we are able to capitalize on the market shift.

"AMI is built on performance, not promises, and our strong reputation is keeping us in good stead with clients."

AMI Capital is a nationwide mortgage lender focusing on loans for multi-family housing properties, office buildings, industrial properties and retail centers. Since the firm's inception in 1990, its portfolio has grown to more than $1.5 billion. AMI is growing at a rate of 20 percent annually. AMI Capital, with headquarters in Bethesda, Md., is owned by ULLICO Inc., whose assets exceed $3 billion.

Hired to head the new Denver office is Tom Rowland, who will serve as managing director for the Rocky Mountains region. Rowland, who has spent the last 27 years in real estate production and finance, is most recently a former senior vice president at Wilson, Cantwell & Moody, a commercial and multi-family mortgage banking firm in Denver.

"The Colorado market and surrounding areas add nice geographic diversity to AMI's existing portfolio," Rowland said. "This is a robust region for new construction and refinancing of existing properties. I'm excited about joining the AMI team and adding to the company's production capabilities."

Shortly after its founding in 1990, AMI Capital became an industry leader in Fannie Mae's DUS program. In 1995 the company won the "DUS Lender of the Year" award, and in 1996 it received the "Top Gun" award from Fannie Mae, recognizing its "record of excellence and loan volume."

In recent years, AMI has expanded its product line to include customized commercial financing solutions with fixed or floating rates, interim/bridge and construction loans, pool revolving credit lines, tax exempt credit enhancements, conduits, FHA/GNMA and life insurance loan programs.

AMI Capital has five internal departments providing turnkey mortgage services. These include: origination (sales and marketing); screening (initial review of financials to determine a loan's feasibility); underwriting (loan processing, underwriting and closing); financing and accounting; and loan servicing (collecting payments, insurance and taxes, and inspecting properties.

In addition to its Bethesda headquarters, AMI Capital has regional offices in Atlanta; Boca Raton, Fla.; Dallas; Detroit; Los Angeles; San Francisco; and now Denver.