For at least the third time in as many months, a homebuilder is partnering with a mortgage company to offer mortgage lending services to homebuyers.
In January, AV Homes, which operates in Florida, the Carolinas and Arizona, partnered with loanDepot to launch AVH Mortgage, which will provide mortgages for AV Homes buyers.
In December, Grand Homes, a homebuilder that operates in the Dallas-Ft. Worth metroplex, formed Grand Home Loans as the result of a partnership with PrimeLending.
Now, Florida’s Park Square Homes is forming a joint venture with FBC Mortgage to provide mortgage to Park Square’s buyers. The joint venture is called PSH Mortgage.
Park Square operates in the Central Florida counties of Orange, Osceola, Seminole, Lake, and Polk.
According to Vishaal Gupta, executive vice president of Park Square, forming the joint venture with FBC will allow Park Square to fully service its clients.
“PSH Mortgage was created to offer homebuyers the best lending programs and rates on the market. By combining our sales and mortgage teams, we’re able to provide fast and consistent service to all our clients,” Gupta said.
According to the companies, the partnership will allow Park Square homebuyers to take advantage of FBC’s digital mortgage application platform, Simpleloan.com, which can generate an automated underwriting system approval in approximately 12 minutes.
“We are very excited to partner with one of Central Florida’s largest privately-owned builders. Utilizing FBC’s technology and management team will help provide both competitive mortgage products and pricing for Park Square customers,” Joe Nunziata, co-CEO of FBC Mortgage, said.
Rob Nunziata, co-CEO of FBC Mortgage, added that the partnership will “create enormous efficiencies and will streamline the communication between the two companies.”
According to the companies, if a buyer chooses to use PSH Mortgage, they will receive a credit toward their closing costs.