Collateral Mortgage Buying CareyKramer

Collateral Mortgage Capital, Birmingham, Ala., has announced that it is acquiring Florida-based CareyKramer Co. in a deal that will give Collateral a larger Florida presence and further its strategy of expanding the company.The terms of the deal, which will create a large privately held commercial mortgage lending/servicing firm, were not disclosed. CareyKramer said it expects to originate more than $700 million in loans for 2004, while Collateral said it expects a volume of over $2 billion. CareyKramer has a servicing portfolio of approximately $1 billion, while Collateral's is about $5.8 billion, the companies said. CareyKramer's customers will now have access to the agency products -- including Freddie Mac's Program Plus, Fannie Mae's DUS and the Federal Housing Administration's MAP-approved lending -- offered by Collateral. David A. Roberts, Collateral's president and chief executive officer, said Collateral's Florida offices will join with CareyKramer's Fort Lauderdale-based operations to become Collateral's "expanded Florida platform." He said Florida has been one of Collateral's best markets, and predicted that the acquisition will make it one of the leading commercial mortgage banking firms in the state. Collateral can be found online at http://www.collateral.com.