Founded P/R Mortgage & Investment Corp. (P/RMIC) with Michael Petrie in August 1990. The firm was created to originate and service multifamily rental housing loans through agency programs. P/RMIC is a Freddie Mac Program Plus lender, a Fannie Mae Prior Approval lender, a FHA mortgagee, and a GNMA MBS issuer.
(1969 - 1990)Previously the Executive Vice President of Merchants National Corporation-Real Estate Finance Group, and President-CEO of Merchants Mortgage Corporation (MMC). Started Merchants Mortgage Corporation in 1980 with a staff of twenty-five and a servicing portfolio of two hundred million dollars of affiliate bank mortgage assets. Between 1980 and 1990 permanent loan origination volume grew from fifteen million dollars annually to in excess of four hundred million annually. Over the period the non-affiliate related servicing portfolio grew to in excess of one billion, two hundred million. By 1990 the real estate division had seven offices in five states with two hundred employees working in both residential and commercial loan origination and servicing. Prior to starting MMC, six years were spent with Merchants Bank lending to developers on both an interim construction and permanent income property loan basis. In addition, two years were spent working on real estate loan restructuring and credit quality review.
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