Industry Watch: Zillow debuts 1% down product and more

Nations Lending announced the opening of its newest branch in Orlando, adding Jennifer Smith as branch manager. The new office will be servicing the Orlando area as well as the broader Florida region.

Zillow Home Loans announced its 1% Down Payment program, which will initially be offered on properties in Arizona with plans to expand to additional markets. Borrowers who qualify can put down 1% to cover their portion of the downpayment and Zillow Home Loans will contribute an additional 2% at closing. The 2% is paid through closing and not as a payment to the borrower.

Arixa Capital Advisors announced the launch of a $100 million strategic joint venture, with the ability to upsize in the future, with funds managed by Oaktree Capital Management to originate senior secured loans backed by residential and commercial real estate. The joint venture is designed to provide bridge, renovation and construction loans across residential and small-balance commercial real estate projects. The partnership will focus on urban infill markets, targeting opportunities in California, Arizona and other western U.S. markets.

First Home Mortgage Corp. announced the opening of a new office branch in Sevierville, Tennessee – the lender’s first location within the state and the latest installment in a series of strategic expansions. Recent leadership team addition Brad Guinn will head the new location.

AmeriFirst Financial filed for Chapter 11 bankruptcy protection, according to a Delaware court filing. According to court documents, the company has assets and liabilities estimated at as much as $100 million each. Several creditors are listed in the filing, with the largest being RCP Credit Opportunities Fund that is owed nearly $18 million.


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