A word of caution, what you're about to read may offend some.
The world of Super-Jumbo Lending is riddled with incompetence and ignorance. Oftentimes a mortgage broker will get his hands on a "proposed" opportunity that comes to him either directly or indirectly, in the form of a multi-million dollar loan application. Human nature takes over and the "potential" commission will cloud his or her better judgement. When they know they should politely decline the offer and save face, there is a glimmer of hope lingering in the back of their mind that pertrudes itself in the form of lies and deceipt. A month or two later, the applicant begins to figure things out and moves on, leaving the broker with an empty feeling and a wondering of "When am I ever going to break into the big leagues"?
I know this feeling all too well, it was me 6yrs ago. I can't tell you the number of times I went about things the wrong way before getting it right. And now, even in the "credit crisis", I find myself looking down upon the beginners with pity, remorse and a little bit of understanding.
I'm an account executive and have worked with mortgage brokers for many years. I enjoy what I do, but also get frustrated with the lack of knowlege and performance in the Super-Jumbo Loan marketplace. For this reason, I created Luxury Lending, Corporation.
Luxury Lending Corporation is a culmination of the past years of my life coming together. Open to brokers or homeowners, we are a participation lender offering loans that cannot be matched by our competition. By participation, I mean 36 banks coming together and each taking a 1/36th interest in the loans we write. This allows a diversity not seen by and an advantage over the traditional lender such as Countrywide or Wells Fargo. It's not uncommon for us to cross-collateralize several pieces of a borrowers real estate portfolio, or lend up to higher LTV's when the borrower is very liquid. We get to look at the overall risk potential and lend accordingly.
I make mortgage brokers who don't have a clue of how to structure a $10MM dollar purchase look like seasoned veterans. Our process is so easy, a caveman could do it! Even the most seasoned of Super-Jumbo Brokers are stunned at the rates we are offering and often I find them saying, "So you're the one that has been stealing my clients". Yes I am!
If you find yourself in over your head, or just frustrated with the lack of liquidity and slow painful answers from traditional banks or equity firms such as US Trust, then you owe it to yourself and your customer to do business with Luxury Lending Corporation. www.luxmort.com
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