In Brief: Sotheby's, Lehman Form Jumbo Venture

Published July 19, 2000, 1:00 a.m. EDT

Updated July 16, 2004, 1:26 p.m. EDT

1 Min Read

NEW YORK - Sotheby's International Realty and Lehman Brothers Bank have formed a joint venture to originate jumbo mortgage loans.

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Sotheby's Lehman Mortgage Services is to focus on making loans of more than $500,000 to high-net-worth clients nationwide. The New York-based venture plans to open offices on the East and West coasts this year.

"We felt there was a natural synergy in partnering with Lehman Brothers Bank to launch" the venture, said Stuart N. Siegel, president and chief executive of Sotheby's International Realty. "Many of our clients have unique mortgage needs."

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