Cornerstone Capital Bank, a national provider of residential mortgage finance and loan servicing solutions and consumer, commercial, and institutional banking services, launched two joint venture (JV) companies with homebuilders in Texas and North Carolina, according to a release.
With the addition of Twin Tree Mortgage (Texas) and Liberty Ridge Lending (North Carolina), Cornerstone has now formed and managed JV mortgage companies for 15 homebuilders nationwide. Cornerstone leaders said these new companies deliver faster loan approvals while giving homebuilders greater certainty in closing homes on time, better control of their backlog, and a dedicated home financing and bank partner in Cornerstone.
One of Cornerstone’s leaders highlighted the ways in which the firm helps its building partners sell more homes.
“Through our suite of builder solutions—encompassing preferred lending relationships, bona fide independent JV mortgage companies, and advisory services for mortgage, loan servicing, and insurance, Cornerstone leverages intimate community knowledge and local relationships,” Strategic Partnerships Senior Vice President Mike Iorio said in the release.
“We provide tailored solutions to help builders navigate successfully through market-specific challenges. Additionally, our experts have access to unique bank portfolio and affordable lending programs that help more deserving homebuyers qualify for mortgages, which ultimately assists our builder partners in selling more homes,” Iorio went on to say.
Twin Tree Mortgage, based in Waxahachie, Texas, is a JV with Elmwood Homes that provides mortgage solutions for homebuyers throughout the greater Dallas market.
“With Twin Tree Mortgage, we now have a lending partner that fully understands how we do business and can customize the process to fit our needs,” Elmwood Homes co-owner Ed Merkel said. “This JV with Cornerstone has transformed home financing from a potential obstacle into a value-add for our business.”
Mike Newton, president of Cornerstone’s builder division, added his thoughts on this partnership.
“I’m excited for this partnership and the benefits it brings to Elmwood Homes and its homebuyers. Twin Tree’s mortgage process is fully aligned with Elmwood’s homebuilding operations, eliminating delays and surprises and providing a better homebuying experience,” Newton said.
Based in Fayetteville, N.C., Liberty Ridge Lending is a partnership with local homebuilders JSJ Builders and Ben Stout Construction. The company serves homebuyers across Fayetteville and the surrounding Raleigh suburbs, with a strong focus on assisting military families near Fort Bragg.
“Our partnership in Liberty Ridge Lending demonstrates our shared commitment to make homeownership more accessible and provide seamless financing solutions for buyers,” Chris Blount, regional manager of the Atlantic Coast region at Cornerstone, said. “Facilitating this collaboration has been an exciting journey, and I look forward to the positive impact this partnership with JSJ Builders and Ben Stout Construction will have on our community.”