Homebuilder, lender in joint venture

Thursday, March 16, 2000 | 11:25 a.m.

Los Angeles-based homebuilder Pardee Homes is entering a joint venture with Norwest Mortgage Inc. to originate and fund mortgages for Pardee customers.

Terms of the deal were not disclosed. The new company, Pardee Mortgage Co. LLP, will offer a range of home financing products and services, including a line of new home products offered by Norwest Mortgage's National Builder Division.

Norwest Mortgage is a subsidiary of San Francisco-based Wells Fargo Bank. Norwest already has a similar joint venture partnership with Las Vegas homebuilder John Laing Homes.

In 1999, Pardee Homes closed on 1,969 new homes in California and Nevada.

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