MEM Financial Solutions' New Commercial Mortgage Division Brings in $207.5 Million in New Applications in First Two Months Feb 8, 2006 4:05:00 PM Copyright Business Wire 2006 ALBANY, N.Y.--(BUSINESS WIRE)--Feb. 8, 2006--
Newly Launched Commercial Division Grows Exponentially with 20+ Multi-Million Dollar Commercial Mortgage Applications in Process MEM Financial Solutions (Pink Sheets: MFSN), a leading mortgage brokerage company serving both residential and commercial customers, announced that its new commercial division has initiated the loan origination process for $207.5 Million in commercial property loans in just two months. Launched in December 2005, MEM Financial Solutions' commercial arm has already begun processing applications for more than twenty multi-million dollar loans for a wide range of commercial properties in multiple states. The commercial business complements the company's thriving residential division, which achieved a record gross loan volume of $55,490,000 last year.
MEM Financial Solutions is currently processing commercial mortgage applications for multi-million dollar office buildings, condominiums, sports and recreation complexes and other projects. More than 60% of the applications have progressed through the company's rigorous loan origination process to the Letter of Intent stage. Once originated, MEM Financial Solutions will earn gross fees averaging 2 1/2 to 3%, depending on the size and terms of each loan.
"Now that we've built a successful residential mortgage business we're leveraging our expertise to go after the highly lucrative, high-dollar commercial side," said Mark McCleod, President of MEM Financial Solutions. "Bringing in $207.5 Million in applications in just two months is a major achievement. As our new division pursues its aggressive growth strategy we expect it to significantly impact the company's bottom line."
About MEM Financial Solutions (Pink Sheets: MFSN)
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NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Wall Street Capital Funding.
WESTON, FL -- (MARKET WIRE) -- 02/09/06 -- Wall Street News Alert's "stocks to watch" this Thursday morning are: MEM Financial Solutions (OTC: MFSN), Citibank (NYSE: C), Charles Schwab & Co., Inc. (NASDAQ: SCHW), and Washington Mutual (NYSE: WM).
One of the stocks that should be receiving attention as the markets begin trading this morning is MEM Financial Solutions (OTC: MFSN). Yesterday after the stock markets closed, the company, a leading mortgage brokerage company serving both residential and commercial customers, issued an impressive press release announcing that its new commercial division has initiated the loan origination process for $207.5 Million in commercial property loans in just two months!
This is the type of announcement that investors love to hear! Launched in December 2005, MEM Financial Solutions' commercial arm has already begun processing applications for more than twenty multi-million dollar loans for a wide range of commercial properties in multiple states. The commercial business complements the company's thriving residential division, which achieved a record gross loan volume of $55,490,000 last year.
Wall Street News Alert is putting aggressive investors on notice to continue watching this company! "Now that we've built a successful residential mortgage business we're leveraging our expertise to go after the highly lucrative, high-dollar commercial side," said Mark McCleod, President of MEM Financial Solutions. "Bringing in $207.5 Million in applications in just two months is a major achievement. As our new division pursues its aggressive growth strategy we expect it to significantly impact the company's bottom line."
According to the company, MEM Financial Solutions is currently processing commercial mortgage applications for multi-million dollar office buildings, condominiums, sports and recreation complexes and other projects. More than 60% of the applications have progressed through the company's rigorous loan origination process to the Letter of Intent stage. Once originated, MEM Financial Solutions will earn gross fees averaging 2 1/2 to 3%, depending on the size and terms of each loan.
Prior to yesterday's press release, the stock closed yesterday at Twenty-Four cents a share.
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In case you are not familiar with the company: MEM Financial Solutions delivers residential and commercial mortgage brokerage services, finding customers the right loan with less paperwork and more personalized attention. Founded in 1999, MEM Financial Solutions has grown every year. Last year the company's year-end gross loan volume increased 11% to a record $55,490,000.
Stocks showing interesting activity yesterday at the close of the regular trading day were: Citibank (NYSE: C) up 0.6% on 10.5 million shares traded, Charles Schwab & Co., Inc. (NASDAQ: SCHW) up 1.8% on 6.7 million shares traded, and Washington Mutual (NYSE: WM) up 0.7% on 3.6 million shares traded.
Commentary:
"The Labor Department estimated that worker productivity for the last quarter of 2005 fell by 0.6%, the first downward fall since the 2001 recession. However, unit labor costs for 2005 rose by 3.5%," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.***********************.
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Well I'm no pink fan. I like to get em and get out...Make a quick profit. But there are some nice buys coming in now. The news is great...I'll hold for a little while longer.
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Jelly, right on Gurl.. Hey just got off the phone with Ameritrade, seems they are not getting an update from the brokers so as to make the last sale feature function...Still shows nuttin on mine..
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quote:Originally posted by Jelly: Yeah, it was the quickest 1000 I've ever made, and I only put 300 in. You remember that day Bull, it was your pick, right?
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