Metrociti Mortgage finalizes test run for specialty division
By MortgageDaily.com staff
8/28/2003

Metrociti Mortgage LLC has finalized its test run of an upscale, high-end and unusual property financing division.

The Private Mortgage Banking Group division, in Encino, California, is headed by senior vice president Tim Kruger, who has been at its helm through the year and a half of testing to its official designation in April of this year.

The company acts as both a mortgage broker and lender, according to its website.

Kruger said, in a phone interview, that the company specializes in servicing high-end clientele with second residence purchases and other not-so-ordinary transactions, such as properties with attached acreage.

Recently, he said, Private Mortgage closed a loan on a Louisiana plantation house built in 1769. That deal was valued at about $560,000, he said, a smaller amount than usually gets funded.

The company's production volume is about $15 million a month, Kruger said.

As was the Louisiana property, the company specializes in financing difficult appraisals, the website said. Specializations also include jumbo and super-jumbo financing, it said.

Private Mortgage also focuses on clients who do not wish to disclose income, assets or employment data, and people with "less-than-perfect" credit, the website said.

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