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STEARNS TAKING AMERIQUEST SPACE
Mortgage Give and Take: Growing Lender Plans to Lease 23,000 Square Feet at Jamboree Center
By Michael Lyster
Orange County Business Journal Staff
Santa Ana-based mortgage lender Stearns Lending Inc. is finalizing a deal to lease about 23,000 square feet of Irvine office space being vacated by another lender, the Orange-based parent of Ameriquest Mortgage Co.
Stearns plans to sublease space at Jamboree Center. A deal is awaiting final approval from landlord The Irvine Company, according to a Stearns spokeswoman.
The company hasn’t determined how many workers it plans to shift to Irvine. Stearns plans to set up a lending center at Jamboree Center that works directly with borrowers and brokers who generate loans.
Stearns employs about 250 people in all in Orange County. The company makes loans to creditworthy borrowers and makes some top-tier subprime loans to borrowers with imperfect credit.
It also does mortgages for credit unions. A sister company provides escrow services.
In early June, Ameriquest’s parent ACC Capital Holdings Corp. said it was putting as much as 600,000 square feet of local office space on the market as part of a restructuring at the nation’s largest subprime lender.
Stearns says its move reflects growth during a tough time for lenders. The company is about to outgrow its headquarters at Hutton Centre in Santa Ana, a spokeswoman said.
The privately held company didn’t offer specifics but said revenue and loan volume are on track to hit a record for the first six months of the year, the spokeswoman said.
Media Contact
For Press and Media contact Laurie Baker Lbaker@stearns.com
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