C&W, Fidelity announce mortgage conduit program

Real Estate Weekly, March 30, 1994

Cushman & Wakefield and Fidelity Bond & Mortgage Company announced an exclusive joint initiative to provide mortgages to owners of commercial real estate.

Under the program, Cushman & Wakefield, a real estate services firm with 40 offices, sources loans throughout the United States for Fidelity Bond and Morgage, the lender. The program is called the National Mortgage Conduit Program.

"Our ability to understand real estate markets and tap capital globally allows us to serve the financing and refinancing needs of our clients in a unique way," said Leonard Helbig, executive managing director of Cushman & Wakefield's financial services group.

"The National Mortgage Conduit Program is the first step in a series of moves aimed at increasing our commitment to the finance area," said Robert M. Greer, national director of the program at Cushman & Wakefield.

In order to serve clients, the National Mortgage Conduit Program has regional loan processing centers at Cushman & Wakefield offices in New York, Boston, Philadelphia, Washington, D.C., Atlanta, Miami, Tampa, Dallas, Chicago, Detroit, Denver, Seattle, San Francisco and Los Angeles.

Loans are being processed on existing industrial, retail, office, mobile home parks, multifamily, medical office, hotel and mini-storage properties. Loans of $1 million to $12 million will be at fixed-rates for terms of 7, 10 and 25 years, on a non-recourse basis.

Fidelity Bond & Mortgage Company is the centralized mortgage originator, underwriter and servicer for all loans placed through the National Conduit Program.

"Fidelity Bond & Mortgage Company is perfectly positioned to balance the lending needs of the borrower with the demand for quality product from the capital markets," said Steven D. Brand, chairman and chief executive officer of Fidelity Bond & Mortgage Company.

"Fidelity Bond & Mortgage Company has the mortgage banking experience, systems, and expertise to successfully implement this conduit program on a national basis," said James M. Dougherty, president and chief operating officer of Fidelity Bond & Mortgage Company.