Pasadena’s Dilbeck Real Estate and Podley Properties Join in Mortgage Joint Venture Enterprise

National mortgage lender New Penn Financial (New Penn) today announced that Partners United Financial has expanded into its fifth state with the opening of a new California office with partners Dilbeck Real Estate and Podley Properties, both of Pasadena.

Partners United Financial is a consortium-style joint venture that operates under the Shelter Mortgage division of New Penn.

The joint venture organization, launched in May 2017, currently operates in Ohio, Kentucky, Colorado, and Wyoming.

“Our experienced team of mortgage bankers is excited to bring New Penn’s loan products and expertise to customers in a new market under the Partners United Financial brand,” said Raffie Kalajian, Area Sales Manager for Partners United Financial, who will head the new branch.

Unlike a traditional standalone joint venture in which one real estate company partners with one mortgage lender, the Partners United consortium-style JV is a partnership between established national lender New Penn and multiple real estate companies or residential builders. The model allows real estate brokerages and builders to offer their clients a complete array of mortgage services through a platform that accommodates participants’ concerns about ease of entry into the mortgage arena.

“Partners United gives real estate agents and builders an efficient and accessible means of offering mortgages and making their clients’ lives more convenient,” said Michael Mulgrew, President of Partners United Financial.

Partners United Financial is a HUD-approved entity. The Partners United consortium-style model makes it easy for real estate agents and builders to enter the JV space by lowering the cost of entry and providing the mortgage-lending expertise necessary for new JV partners to get off the ground quickly.

“As we looked for ways to offer seamless mortgage lending services to our buyers, the Partners United model provided our firm not only the economic benefits of a mortgage banking model, but also the ability to get into the JV space much faster and with far fewer hurdles than a stand-alone JV,” said Crystal Narramore, President of Podley Properties.

“Dilbeck Real Estate is excited to be one of the founding members of Partners United Financial and to play a part in the company’s continued growth,” said Mark Dilbeck, President of Dilbeck Real Estate. “We started with two partners and a goal of growing Partners United nationally. We’ve begun to see that goal come to fruition over the past 11 months, adding 6 new partners across five states.”

Based just outside Philadelphia in Plymouth Meeting, PA, New Penn Financial operates multiple entities across the United States, including Shelter Mortgage Company, which serves as its joint venture arm. Shelter Mortgage has been in the JV space since 1984 and has been an industry leader in the successful implementation of mortgage joint ventures, first with the traditional JV model and now with the consortium-style JV.

“Partners United has created a fantastic opportunity for a prospective Partners to join an already successful Joint Venture,” said Corey Caster, CEO of Shelter Mortgage. “The JV is HUD approved, has experienced Loan Officers and Management, and Partners with a proven track record for driving results.”

For more information or to learn more about opportunities to partner, please contact Michael Mulgrew, President of Partners United Financial at mmulgrew@partnersunitedfinancial.com.