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GMAC commercial arm finances London sports club

GMAC Commercial Mortgage Corporation &#39s Asset-Backed Lending group has entered the European market, providing fixed rate equipment financing for the Reebok Sports Club in London&#39s Canary Wharf .

The club opened at the end of 2002. ABL, in conjunction with the GMACCM Chicago retail office and Dublin-based GMAC Commercial Mortgage Bank worked with the borrower, Sportsplex, to structure and close the transaction.

The Canary Wharf location is the first Reebok Sports Club in London and the fifth world-wide. The facility occupies more than 100,000 square feet in Canada Square.

The Atlanta-based ABL Division of GMACCM provides franchise mortgage financing for globally, nationally or regionally franchised branded restaurants and gas stations/convenience store. The Atlanta office servicing operation currently manages $4bn of those assets for GMACCM. ABL has recently expanded and incorporated staff into the GMACCM offices in London and Dublin.

GMACCM and GMAC Commercial Mortgage Bank are wholly-owned subsidiaries of GMAC Commercial Holding Corp.


L&G says UK will avoid oil price hike if Iraq crisis turns to war

Legal & General believes western markets will avoid massive hikes in oil prices and the associated economic unstability if the Iraq crisis turns to all-out war. Andrew Clare, financial economist at Legal &General, says: “When OPEC flexed its muscles for the first time in the 1970s the rise in oil prices wreaked significant damage on […]

Record results from Yorkshire Building Society

Yorkshire Building Society&#39s gross lending grew to £2.49bn in 2002, up 26% on 2001. Assets increased by over £1bn, a growth rate of 8.8%. The society&#39s lending was focussed on the prime residential market with no recourse to buy-to-let, commercial or credit impaired markets. The society&#39s mortgage redemption rate was around 20% better than the […]

B&B on the brokerage acquisitions trail

Bradford & Bingley is looking to buy other mortgage broking or financial advice firms to add to its MarketPlace and Charcol brands. Chief executive Christopher Rodrigues says: “With the markets where they are, some good businesses come up for sale. We are potential buyers if the right opportunity comes along.” David Hollingworth, mortgage specialist at […]

SPML holds seminars on regulation timetable

Southern Pacific Mortgage Limited has reported on two recent seminars it held on the subject of mortgage regulation . At the seminars, the FSA&#39s Tim Howarth, project manager for high street firms authorisation, presented the timetable for regulation and urged everyone in the mortgage industry who thinks they may need to be authorised to start […]


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