Mark Sprague, Director of Business Development at Mission Mortgage, was quoted in an article by Shonda Novak in the Austin American-Statesman on Saturday, November 20. The article was covering a story about the Sweetwater development on Highway 71. An investor has purchased the 1000-acre development from Bank Midwest, who had reclaimed the property at a foreclosure auction just last month for a reported price of $34 million. Wheelock Street Capital has not announced the purchase price, nor their immediate intentions for the subdivision previously planned for residential housing.
Mark was quoted in reference to the overall land development situation in the Austin area. The section in the Austin American-Statesman read:
Mark Sprague, director of business development at Mission Mortgage, said a lot shortage is coming, in a region with an already tight home-rental market and apartment occupancy hovering above 94 percent.
“We continue to see jobs created – we’re No. 1 in job creation of any metropolitan area,” Sprague said.
Wheelock and others “are seeing this, and they’re aggressively looking for land.”
Mission Mortgage is very proud to have Mr. Sprague on our staff and we rely on his expertise and insight to help guide our business efforts. Our belief is that by using his knowledge to steer us, we will make wiser business decisions and continue to remain near the top of all local mortgage bankers here in Austin. Mission Mortgage has been a Top Ten Mortgage Banker for the past 7 years, as ranked by the Austin Business Journal. We are proud to offer in-house services that most big banks send out of state, including processing, underwriting, funding, and closing. The advantage is open lines of communication in a system with fewer delays and a better understanding of the local community.