Wells Fargo Named Manufactured Housing Community Lender of the Year for 2007
San Francisco — April 12, 2007
Wells Fargo & Company (NYSE: WFC) has been named the Manufactured Housing Community Lender of the Year for 2007 by the Manufactured Housing Institute (MHI). MHI presented this National Industry Award to Wells Fargo during the 2007 National Congress and Expo for Manufactured and Modular Housing in Las Vegas on April 11. Wells Fargo Commercial Mortgage specializes in lending to the manufactured housing community sector, offering borrowers both direct lending programs and well-established correspondent lending relationships. Wells Fargo Commercial Mortgage has originated $2.5 billion in manufactured housing community loans since 2004. "We are extremely proud of this achievement," said Creighton Weber, a Wells Fargo Commercial Mortgage regional director who is based in Troy, Mich. "We would especially like to thank our clients for their continued support over the last 20 years. It has been our honor and privilege to serve them. We look forward to working with them for the next 20." Wells Fargo Commercial Mortgage offers portfolio and conduit programs for manufactured housing communities nationwide, with loan sizes between $1 million and $4 million. Options include fixed or variable rates, early rate lock, and term length of three to 10 years, with longer maturities available. Typically, loans are closed within 40 to 60 days from receipt of a complete application. Wells Fargo Commercial Mortgage is a diverse lender and strives to offer programs that suit the needs of developers and investors. "Wells Fargo offers the most comprehensive selection of loan programs available from a single source," said Tony Petosa, a Wells Fargo Commercial Mortgage regional director who is based in Carlsbad, Calif. "Our programs include portfolio, conduit, and Fannie Mae Delegated Underwriting and Servicing loan programs," he said.
Wells Fargo is a national leader in commercial real estate with more than $50 billion in originations annually and 50 offices nationwide. Wells Fargo provides a broad spectrum of lending, servicing, advisory, intermediary, and structured solutions to investors, developers, and public companies in the commercial real estate sector. Wells Fargo & Company is a diversified financial services company with $482 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."