In Brief: PMCC Hires Help on Merger, Capital Plans

PMCC Financial Corp., which operates as PMCC Mortgage Corp., has hired Prime Charter Ltd. to help it with merger and acquisition strategies and raising capital.

PMCC completed an initial public offering in February that gave the company $9.5 million in net capital.

Though it is licensed to originate loans in more than 30 states, the bulk of the company's lending is done in New York and New Jersey.

About 65% of its originations are conventional mortgage loans, 25% FHA loans, and about 10% subprime, the company said.

Prime Charter said PMCC's stock is undervalued, given the growth in its originations, among other factors.

PMCC's third-quarter originations totaled $170 million, up 73% from $98 million the year before.

The lender's originations for the first nine months of the year totaled $410.5 million, a 97% surge from the year earlier.

Originations are expected to reach $1 billion in 1999, Prime Charter said in a press release announcing the two companies' relationship.

PMCC's revenues jumped 55%, to $41.7 million, for the first nine months, and pro forma net income climbed 45%, to $2.1 million, or 58 cents per share diluted, PMCC said.