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FORT LAUDERDALE, FL-Tarragon Realty Investors Inc., a real estate investor and developer of for-sale housing and rental communities, has formed Tarragon Mortgage Co. LLC. The wholly owned company, based Downtown, will start providing mortgages to buyers at Tarragon’s latest condominium project, Tuscany on the Intracoastal in Boynton Beach, which it bought earlier this year for $45.5 million.

Tarragon Mortgage Co. will offer a variety of loan products, which include traditional 30-year and 15-year fixed-rate loans with down payments of 3% or less, loan amounts up to 103% of value, reduced documentation loans with no income verification up to 90% to 95% of value, fixed-rate loans convertible to variable-rate loans, and variable-rate loans convertible to fixed-rate loans.

“Having the ability to offer financing on the spot in our sales offices will be a tremendous asset when it comes time to finalize and close the sale,” according to Richard Zipes, president of Las Olas Riverhouse LLC, Tarragon’s new high-rise luxury condominium project here.

“Tarragon Mortgage Co. will be a win-win-win proposition,” William Friedman, president of Tarragon, says in a statement. “Our homebuyers will win because we will offer them a competitively priced loan with closing cost incentives. Our For-Sale housing division will win because we will now be able to monitor and manage one aspect of the sale transaction that, until now, had been out of our control. And our shareholders will win because this in-house capability will add efficiency and speed to the closing process, thereby improving our internal rate of return.”

Friedman points out Tarragon Mortgage Co.’s lofty goals. “We expect to capture a majority of our homebuyers and have targeted over $40 million in loan closings during our inaugural year. Also, in the not-too-distant future, we intend to offer this service to our apartment residents looking to move out and purchase a home. All in all, the time is right for this endeavor.”

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