Desert Capital REIT, Las Vegas, has announced an agreement to acquire Consolidated Mortgage Corp., Las Vegas, on an installment basis for $9 million in cash and 450,000 shares of Desert Capital's common stock.Desert Capital, a real estate investment trust that invests in loans to owners and developers of real estate, said the initial closing of 25% of Consolidated's equity is expected to occur within 30 days, pending the receipt of regulatory approvals from the state of Nevada. The purchase is expected to be completed by Sept. 30, 2005. "CMC's origination fees will now serve as an additional income stream for Desert Capital REIT, thereby providing additional revenue for dividend payments," said Todd B. Parriott, the REIT's chairman, chief executive, president, and chief investment officer. The company can be found online at http://www.desertcapitalreit.com.
-
Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
4h ago -
The San Diego company was back in the black with a net income of $28.5 million in the first quarter of 2024, up from a net loss of $93 million the previous quarter.
May 9 -
The agreements at the heart of the hearing did not cover the one reached with the National Association of Realtors or those people that only bought homes.
May 9 -
Feds say Chicago businessman Mark Steven Diamond defrauded at least 80 victims and caused at least $6 million in losses.
May 9 -
Fannie Mae's tool, used by originators to determine income levels for self-employed borrowers, aims to help them avoid potential underwriting errors, the government-sponsored enterprise said.
May 9 -
The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.
May 9