BofA Builds Santa Cruz Presence with Joint Venture
Bank of America (BAC) entered a joint venture with real estate firm Bailey Properties to form Bailey Mortgage, which will have a tailored mortgage origination presence in the Santa Cruz and Monterey counties in California. Bailey Mortgage will operate as a series of BofA's CWB Mortgage Ventures, a limited liability company. The joint venture provides localized mortgage financing services in the counties, offering fixed- and adjustable-rate conventional, jumbo and government-backed residential mortgages. “We are pleased to enter into this alliance with Bailey Properties, one of the leading real estate firms in the Santa Cruz and Monterey Bay region, and the leader in market share in Santa Cruz County,” said Blair Allan, strategic business alliances executive at Bank of America Home Loans, in an e-mailed statement. “By joining forces to create this new mortgage company, we can provide customers with a home loan experience that is based on responsible lending and clear home financing options that will help Bailey Properties customers become successful homeowners.” Robert Bailey, co-owner of Bailey Properties, added: “The extensive loan products we are able to offer through our joint venture with Bank of America Home Loans will give Bailey Properties an edge in our market. We are now better positioned to help our clients in the higher-priced and second home markets.” Write to Diana Golobay. The author holds no relevant investment positions.