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Tarragon Realty Forms Mortgage Company

FORT LAUDERDALE, FL-The wholly owned Tarragon Mortgage Co. LLC, based here, is providing mortgages to buyers at Tuscany on the Intracoastal, Tarragon's latest condominium project in Boynton Beach, as well as Las Olas Riverhouse, a new luxury high-rise condominium project in the city.

By Melissa Bogdany | Updated on November 05, 2003

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.

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