When your in need of home financing it is fairly common to see ads like the subject reads. In fact much of the business that we do, comes from referral sources as a result of advertising just like this. I regularly look for ads just like this on the internet to see what is behind it.
Not in all, but in the vast majority of cases we see Real Estate Agents, looking for a listing, Mortgage Brokers and predatory investors wanting to purchase your home at 70 cents on the dollar. Being a licensed Real Estate agent and Mortgage Agent, truly there are some folks that just cannot be helped. The best thing would be for them to sell their home and get out from under the debt and start over. In discussing business with colleagues I very much enjoy the looks of shock on their faces when I tell of the ones that I “turned away”, not the ones that “got away”. It is about what is best for the client, even if that means offering free advice and making nothing.
I am always amazed and amused at the amount of people that we can help out that others have turned away. We take for granted that we offer a niche product with up to 90% loan to value financing regardless of beacon score or credit history. The other component that we see is credit restoration. This generally does not take any sort of precedence in the private lending world. Whereby this creates a downward cycle for many families, as each year renew their private mortgage and pay fees to a point where there is no equity left in their home to finance.
Our goal is to always have our clients come out the other side of our terms and walk into a traditional “A” lender. We feel our clients are as entitled to prime rate mortgages as the next person.
Darren Plumb
