Homebuilder, lender in joint venture
Thursday, March 16, 2000 | 11:25 a.m.
Los Angeles-based homebuilder Pardee Homes is entering a joint venture with Norwest Mortgage Inc. to originate and fund mortgages for Pardee customers.
Terms of the deal were not disclosed. The new company, Pardee Mortgage Co. LLP, will offer a range of home financing products and services, including a line of new home products offered by Norwest Mortgage's National Builder Division.
Norwest Mortgage is a subsidiary of San Francisco-based Wells Fargo Bank. Norwest already has a similar joint venture partnership with Las Vegas homebuilder John Laing Homes.
In 1999, Pardee Homes closed on 1,969 new homes in California and Nevada.
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