Midland Eyes Opportunities to Service Construction Loans
Midland Loan Services is providing additional servicing capabilities on the commercial construction loan front.
A team led by Carleen Petronio, senior vice president, will provide these services, Midland reports. The team was previously a part of PNC Bank's commercial real estate finance business. PNC is the parent of Midland. At PNC the group provided "third-party construction loan administration services" on various commercial, multifamily and residential properties. With Midland, the team will "expand its ability to deliver these services."
"Our program has a strong risk management focus with particular emphasis on mitigating contractual, budget, design and scheduling risks," said Stacey Berger, executive vice president, Midland.
"With a team dedicated to providing third-party construction loan administration, we will be able to deliver exceptional service to our clients," he added.
Midland is a leading commercial mortgage servicer, with a portfolio of over $213 billion at the end of 2006, according to the Mortgage Bankers Association. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com