Chicago Second Mortgage
Mortgage firm expands
The lender said Thursday that it's acquiring Greenwood Village- based Premier Mortgage Group for an undisclosed amount.
Cherry Creek Mortgage, also based in Greenwood Village, did about $1.7 billion in lending last year, both in new mortgages and refinancings, across 25 to 30 states, Vice Chairman Will Armstrong said.
With the addition of Premier Mortgage Group, which operates primarily in Colorado, Armstrong said he expects Cherry Creek Mortgage to surpass $2 billion in loans and crack the top 50 companies nationwide in production.
It's the second deal this year for Cherry Creek Mortgage; it added Chicago-based Majestic Mortgage in May.
Mortgage companies are coping with a drastic shift in their business. As interest rates rise, the refinancing market has evaporated.
Related Chicago Second Mortgage links
Peraica Moves Ahead in Race
Opponents of the Cook County presidential campaign of Chicago alderman and Democrat Todd Stroger have previously stated that he is not ready to take his retired father's place since he has never held an executive role in county government. According to the Illinois State Board of Elections, the younger Stroger has not yet used any money to campaign. With four months left until the general election in November, Stroger is continuing to focus on his city job as an alderman while his Republican opponent, Cook County Cmsr. Anthony Peraica (R-16th), disclosed to the state board a considerable loan he made to himself to become elected. Peraica loaned $506,566 to the campaign by reportedly taking out a second mortgage on his home. According to the state board of elections, this is the second loan Peraica made for his campaign.