I was introduced by a mortgage banker to a hairdresser in West Los Angeles who needed a $200,000 loan to buy his employers salon. He only had one asset, his home. It was worth $1 million and he had a $500,000 mortgage on it. The hairdresser had been bankrupt, lost most of his credit and was currently running 90 days behind on his mortgage payments. In addition he was under age 62 and so was ineligible for a reverse mortgage. He knew that buying this salon was his last chance to break through financially and he had total confidence in his own abilities.
West-Cal Mortgage, through a sub prime lender, refinanced his home, at a higher rate than his current mortgage, for $750,000 giving him the $200,000 he needed plus a $50,000 cushion. Within 24 months he had increased the salons business by 50%, re-established his credit and qualified for superior loan rates and terms.
These are real stories about people like you who have benefited from a mortgage program designed by Marc Gertz. Only their names have been changed or omitted.