In finalizing the buy, Cady has expanded the acquisition's lease by 4,000 sf for a total of 10,000 sf. CTX Mortgage is the lead tenant in the three-story, 28,000-sf building.
Cady plans to retain CTX Mortgage's 29-member staff at the branch. He will rename the operation to Memorial Park Mortgage Co. Cady says he had strong support from CTX in cutting the deal. CTX will still operate several service offices throughout Houston.
The Memorial Drive branch is second in business production in the US for CTX Mortgage, which had closed 2,600 loans for a combined $325 million in 2000. The new company will originate conventional, FHA, VA, Fannie Mae and Freddie Mac loans for low- and moderate-income families.
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