HORSHAM, Pa., Jan. 21 /PRNewswire/ -- GMAC Commercial Mortgage Corporation
(GMACCM), the nation's leading commercial lender, today announced sharply
higher results for 1998 -- a year in which some commercial lenders struggled
to survive.
The company said it enjoyed sharp growth in its three key performance
benchmarks:
-- Loan originations spurted 61 percent from $5.6 billion in 1997 to
$9 billion in 1998;
-- GMACCM's servicing portfolio jumped 32 percent from $41.1 billion in
1997 to $53 billion in the year just ended; and,
-- Net income rose 23 percent from $46 million in 1997 to $56.8 million
last year
In addition, the company said, it has begun the New Year with more than
$2 billion of loan applications already in the pipeline.
"We are very proud that we were able to accomplish these results in a year
which saw a near-collapse of the commercial mortgage loan business," said
David E. Creamer, GMACCM President.
"While a number of our competitors were floundering, GMACCM was one of the
few commercial mortgage lenders to honor the commitments it made to customers
in a tumultuous market environment. And that speaks eloquently to our culture
of service and responsibility and the commitment quality and dedication of our
employees."
Creamer said that in troubled times, "borrowers turn to lenders such as
GMACCM who have outstanding name recognition and credibility with rating
agencies. He noted that the most prominent credit rating agencies, affirmed
GMACCM's master servicing rating and rated its Asset Management Division
"Superior." The highest possible rating.
GMACCM is the nation's leading one-stop financial resource in the
commercial mortgage banking industry. The diverse lending and servicing
specialist has more than 40 offices nationwide. GMACCM has a servicing
portfolio of more than $53 billion, and provides a variety of products and
resources including long-term, interim and construction financing. GMACCM is
a wholly owned subsidiary of GMAC.
Press releases and other information about GMAC Commercial Mortgage and
its products and services are available at http://www.gmaccm.com on the
Internet. For GMACCM press releases by fax, call 800-758-5804, ext. 122720.
CONTACT: Scott Rombach of GMAC Commercial Mortgage, 215-328-3383.
SOURCE GMAC Commercial Mortgage Corporation
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Related links:
http://www.gmaccm.com
CONTACT:
Scott Rombach of GMAC Commercial Mortgage,
215-328-3383
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