The Tough Get Going...
Happy Friday,
Crazy times at the White House last week and throughout the US and Biden releases his stimulus packet to help middle American get back on their feet. Who would have imagined 2020 would have been the way it was and now 12 months later except for the Covid vaccine, not much has changed except for low rates (somewhat on the rise), the Dow doing phenomenally well and housing that seems unstoppable but sectors like hospitality, travel and transportation at all-time lows but appearing to start their upward trend.
While rates are low, lending is about as difficult as I have ever seen. This month we helped a client who has turned into a friend, Jeff Francisco of Francisco Tile in San Jose. He was referred by Emil Mansour with Comerica bank (someone I refer clients to looking for interest only HELOC’s). Anyways, what should have been a simple transaction, due to lending guideline changes with COVID, lenders have gotten particularly strict with Self Employed borrowers. The 1st, 2nd and 3rd lenders all denied Jeff and I until the 4th lender said yes looking at the big picture and closing Jeff’s refi. Jeff was nervous that no one would loan to him, but I reminded him time and time again, that I believed in his file and would not abandon him like other lenders had when the tough got going. In the end we prevailed and closed Jeff’s refinance.
One thing I learned (among many) in the USMC that stays with me today in my business and personal life…”When the Going gets Tough, the Tough get Going”. See Jeff’s testimonial as well as this months market report below at:
https://www.mmgweekly.com/m/index.html?SID=a2186aa7c086b46ad4e8bf81e2a3a19b
Have a Great Weekend!
Best Regards,
Rob McCarthy
Senior Mortgage Advisor
408-377-4123 o 650-465-8957 c 408-608-1921 f
101 Loan - 6020 Hellyer Ave #150, San Jose, CA 95138
CA DRE #01165697 NMLS #121019
Products/Services/Accolades:
- Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
- Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
- Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
- Access to over 50 banks with over 200 “Five Star” Reviews on Yelp, Google, Facebook and Linkedin.