Fairway Launches Alternative Lending Unit

Fairway New England Mortgage, Needham, Mass., has announced the formation of an alternative lending division that will focus solely on nontraditional financing.Heath Lefort has been appointed vice president and will head the new division. Mr. Lefort will focus initially on helping expand Fairway New England, but its parent company, Fairway Independent Mortgage Corp., plans to incorporate his expertise into its nearly 100 branches, Fairway said. (Until now, Fairway Independent Mortgage had been a traditional lender that referred out nontraditional loans.) The company said Mr. Lefort is an 11-year veteran of the mortgage industry who spent seven years with Fleet Boston Financial and several years with Patriot Funding LLC. The parent company can be found online at http://www.fairwayindependentmc.com.