Since getting my license in 1993, I’ve had the privilege (and sometimes it could be described as the opposite of ‘privilege’) of working with many lenders over many deals in many different lending environments.
While there are more good mortgage originators in the city than the ones referenced here, we have strengthened the following relationships due trust, service, knowledge and their ability to set the correct expectation. Being told ‘no problem’ before understanding the situation (especially in the condo world) has cost buyers and seller (and their agents and the dumb lender who ran their mouth) time, money, frustration and ultimately the trust of the people involved. I talked briefly about the ‘new normal’ versus the ‘old normal’ on the lending page and the difference can be felt most significantly in the niche lending products. For One South, as representatives of many condo projects, we have a PhD in condo lending and seeing the steps that must be undertaken to secure mortgages in the various projects shows us the need (on a daily basis) for a lender that understands the condo world.
We have forged a relationship with Prime Lending (A Division of PlainsCapital Bank) with Clavis Smith and Chris Lester acting as point. One of the benefits of working with Prime is that we have worked them in such depth that we have access to not just the originators, but with the support staff so we can get questions answered quickly even if the point originator is not available. This has proven valuable on numerous occasions.
I cannot stress the importance of having the correct lender for the correct situation. The marketplace currently demands seasoned professionals that respond quickly and do not promise a result beyond their capability.