(By Balaseshan) Prudential Financial Inc. (NYSE: PRU) said its commercial mortgage lending business provided more than $12 billion in financing for commercial mortgages in 2012.
Prudential Mortgage Capital Co. provided $12.2 billion in financing for commercial mortgages globally in 2012, reflecting increased demand for financing and expanded lending capabilities at the firm.
The company exceeded its 2012 goal and recorded its second highest total yearly production. The company also said it has as much as $13 billion available for financing in 2013.
"The combination of our diverse platform, international expansion and relationships across the industry led to record production levels in our portfolio and agency lending programs," said David Durning, senior managing director and head of originations for Prudential Mortgage Capital Company.
The 2012 results exceeded the company's $11.6 billion target and represent a 26 percent increase from 2011's $9.7 billion in financing. It includes more than 24 billion yen for new loans in Japan.
The 2012 results also includes the company's expansion into Europe with 87.5 million pounds in new loans in the United Kingdom originated by the London office.
PRU is trading down 2.01% at $57.66 on Monday. The stock has been trading between $44.47 and $65.17 for the past 52 weeks.