New Century Financial Corp. said Thursday its mortgage loan volume rose 30% to $4.3 billion in March, versus a year earlier.
That’s a faster growth pace than the subprime lender posted in the first two months of the year. Overall, the real estate investment trust’s loan production is up 23% to $10.2 billion this year.
New Century, which makes loans to borrowers with less-than-perfect credit, said it’s on track to hit its 2005 goal of $45 billion in loans.
Last month New Century said it leased 179,000 square feet of space at Park Place in Irvine. The lease is New Century’s first move in taking some 400,000 square feet of space at the office complex, which is owned by Los Angeles-based Maguire Properties Inc.
New Century plans to consolidate its local operations at the site.
Shares of New Century rose 1% to $47.5 Thursday.
