Finance Articles

Myers Park Mortgage Acquires Fidelity Capital Mortgage Company, Gains Retail Presence in Richmond

Charlotte, NC (PRWEB) November 7, 2007 -- Myers Park Mortgage is acquiring Fidelity Capital Mortgage Company, a subsidiary of Richmond, Virginia-based Keystone Builders, for an undisclosed price.

With an annual loan volume of approximately $50 million, Fidelity generates approximately half of its business within Keystone's 20 real estate development projects in Virginia, North and South Carolina, Tennessee and Indiana. The deal gives growing Myers Park Mortgage a retail presence in Virginia, a state in which the company has conducted wholesale mortgage business for four years.

"We have been looking at markets for expansion, and the Fidelity opportunity is one that we feel will pay immediate rewards," said Charles Myers, president and founder of Myers Park Mortgage. "We've learned that small downturns in the mortgage industry represent opportunities for firms such as ours to continue smart growth and expansion."

Myers Park Mortgage plans to hire two or three additional officers in Richmond over the next few months. These numbers are in addition to the employees the firm has added in its Charlotte offices since August. Currently, Myers Park Mortgage has 60 employees and has experienced steady growth since its founding in 1992.

"We remain confident about the overall health of the mortgage industry," added Myers. "There are many opportunities such as the Fidelity one that could make sense for us. In addition, there is excellent talent in the marketplace at the moment as well."

Founded in Charlotte by Charles Myers in 1992, Myers Park Mortgage has been ranked number one in closing volume by the Charlotte Business Journal for three consecutive years. Myers Park Mortgage attracts and builds solid relationships with the very best real estate professionals, attorneys, appraisers and correspondent lenders in the business.

With three offices in Charlotte and one office in Blowing Rock, Myers Park Mortgage is the first mortgage lender in North Carolina to receive the North Carolina Association of Mortgage Professionals (NCAMP) Accredited Lender designation.

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