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Pittsburgh-Altegra Credit Co. doubled its loan volume over the past year and expects similar increases in the future.
Last year the subprime lender's loan volume was $359 million, a 100% increase over 1995 loan volume and, according to Bob Mercer, president, the company plans to at the very least double the 1996 total this year which means 1997 volume of well over $700 million.
Mr. Mercer credits Altegra's threepronged strategy of paying competitive prices for loans, offering superior service to its correspondents and customers and increasing its inventory of products.
"We plan to expand our indirect sales network and our wholesale unit for block purchases and we also plan to grow our in-store branch network," he said.
In its wholesale lending network Altegra currently has 750 correspondent/ broker relationships, split 50/50% between correspondents and brokers, and on the retail side has more than 50 branches. To maintain its 750...