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Playground Financial Services, LLC to offer Mortgage Loans for Resort Real Estate Purchasers

 

Playground Destination Properties Inc. (“Playground”), a subsidiary of Intrawest Corporation (NYSE: IDR; TSX: ITW), the premier provider of sales and marketing services for resort real estate worldwide, announced today the signing of a joint venture agreement between Playground Investments Inc. (a subsidiary of Playground) and Wells Fargo Home Mortgage Inc. (“WFHM”) (a subsidiary of Wells Fargo & Co., (NYSE: WFC)) to form Playground Financial Services, LLC.  Terms of the agreement were not disclosed.

 

The joint venture will offer resort real estate buyers a wide range of home financing products and services in conjunction with Wells Fargo Home Mortgage, the nation's leading provider of residential mortgage financing.  This value-added service will provide individuals buying resort homes through Playground a seamless and comprehensive purchasing experience. 

 

Playground Financial Services, LLC will be co-owned by Wells Fargo Home Mortgage and Playground and will originate, process and fund mortgage loans for homebuyers in resort markets throughout the United States. The joint venture expects to provide more than $100 million in mortgage financing in its first year of operation. Playground Financial Services will sell all of its loan production shortly after funding to investors in the secondary market.

 

“Buying a second-home at a resort should be a magical experience, yet sometimes that magic wears off quickly when you get into the details of financing a second-home purchase,” said Greg Ashley, president, Playground.  “Through our joint venture with Wells Fargo Home Mortgage, we will offer resort real estate purchasers a ‘turnkey’ buying experience that will make the purchasing and financing of a resort home uncomplicated.”

 

“The selection of Wells Fargo as our partner is a natural one,” said Andriyko Herchak, vice president, Finance and Administration, Playground. “With Playground selling over $1 billion in resort real estate last year alone, partnering with the largest provider of mortgages in the United States was a natural fit to align with our purchasers’ needs.”

 

Joe Jackson, senior vice president of Retail Business Development for WFHM, said, “We’re excited to launch a strategic business relationship with the nation’s number one resort real estate sales and marketing company, Playground. Playground’s customers will see the benefit of a mutual commitment of putting customers first. Our extensive mortgage expertise – and experience as a joint venture partner – allow us to create a powerhouse company focused on serving resort real estate purchasers,” Jackson said.

 

Playground Destination Properties Inc., an Intrawest company (NYSE:IDR; TSX:ITW), is the premier provider of sales and marketing services for resort real estate worldwide.  The company draws on its proprietary sales and marketing methodology called The PlaygroundTM Way to fulfill its mission of “connecting people with the ultimate places to play.” As an international organization Playground represents distinctive real estate in five countries and over twenty-five locations including the world-renowned Whistler Blackcomb in British Columbia – North America’s most popular mountain resort; Mammoth in California – The Eastern Sierra's premier four-season resort; and Florida’s Sandestin – 2,400 acres of white-sand beaches and world-class golf. Playground has its corporate office in Vancouver, British Columbia, and regional offices in Montreal, Quebec; Reno, Nev.; Orlando, Fla.; Denver, Colo.; and Lausanne, Switzerland. To learn more about Playground visit www.playground.com.

 

Wells Fargo Home Mortgage Inc., headquartered in Des Moines, Iowa, is a leading originator and servicer of residential mortgages.  A subsidiary of Wells Fargo & Company (NYSE: WFC), Wells Fargo Home Mortgage serves all 50 states through the leading mortgage lending network in the country, with a presence in more than 1,900 mortgage and Wells Fargo bank stores and on the Internet.  Combined, its retail and wholesale lending operations provided funding for approximately one of every eight homes financed in the United States in 2003.*

 

*Based on statistics compiled by Inside Mortgage Finance

Contact Info:
Andriyko Herchak , Vice President, Finance and Administration, Playground Destination Properties
Phone: (604) 675-7521