Prudential Mortgage Capital Company provides more than $12 Billion in financing in 2012
Achieves second highest production year; raises target for 2013
NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Mortgage Capital Company provided $12.2 billion in financing for commercial mortgages globally in 2012, reflecting increased demand for financing and expanded lending capabilities at the firm. The company exceeded its 2012 goal and recorded its second highest total yearly production. The company also announced that it has as much as $13 billion available for financing in 2013. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc. (NYS: PRU) .
The 2012 results exceeded the company's $11.6 billion target and represent a 26 percent increase from 2011's $9.7 billion in financing. It includes more than ¥24 billion for new loans in Japan. It also includes the company's expansion into Europe with £87.5 million in new loans in the United Kingdom originated by the London office.
"The combination of our diverse platform, international expansion and relationships across the industry led to record production levels in our portfolio and agency lending programs," said David Durning, senior managing director and head of originations for Prudential Mortgage Capital Company. "In 2013, we will continue our focus on growth with special emphasis on our portfolio program, our Agency Gateway Program for multifamily properties, our FHA healthcare lending initiative, our CMBS program and expansion of production in Europe and Japan," added Durning, who will become president of the business in April.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $72.67 billion in assets under management and administration as of September 30, 2012. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential's general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $69.42 billion, as of September 30, 2012. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYS: PRU) , a financial services leader with approximately $1.005 trillion of assets under management as of September 30, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.
Prudential Financial, Inc.
John Chartier, 973-802-9829
KEYWORDS: United States North America New Jersey
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