The Valley's housing market may be poised for another slide but that's not going to stop an expansion by Sherman Oaks-based Surety Financial.
The mortgage banker plans to grow its joint-venture division by partnering with real estate brokers, builders, banks, credit unions and financial planners. This will enable Surety to have in-house mortgage officers in these kinds of businesses.
It should also improve Surety's chances of generating business if home sales enter another prolonged slump, said company CEO Ian Jack.
"In the short run - at least this year - pretty much everybody is looking at reduced loan volumes," he said. "What we see is that there is opportunity in a pretty fluid market."
Many of the businesses Jack wants to partner with have mortgage people on staff and they would become employees of Surety. The partners would share revenue, Jack said.
A deal appears imminent between Rick Caruso, the developer of The Americana at Brand, and the owner of the Golden Key Hotel, which is located on a parcel Caruso needs to expand the Glendale mall.
After Caruso said that he wanted the hotel property, the Glendale Redevelopment Agency ordered the Caruso Affiliated chief and hotel owner Ray Patel to each come up with a development plan, reach a deal or let the court set a fair purchase price.
Patel previously turned down a $6 million offer for the property, which had been appraised for $4.9 million. He's also come
up with a plan to remodel the hotel, adding a roof-top swimming pool to the facility.The CRA has scheduled a meeting on the issue for Tuesday, and it could be that a deal is in the offing.
"I'm not quite sure how it will go, but I think things will get sorted out by then," Patel said.
Patel also said he's agreed to accept $500,000 to settle a lawsuit he filed in 2008 against Caruso and the redevelopment agency. However, a city spokesman said he knew nothing about a settlement of the suit.
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