April 11, 2021

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Mortgage News

A lender working as hard as its brokers

Timothy Hero built his business around rental properties. The independent credit intermediary only serves a community of investors in 45 countries. He works with fix and flip investors, but specializes in smaller landlords with real estate portfolios ranging from 1 to 4 units. It’s a niche, he explained, that is about long-term relationships with customers and lenders.

However, the rental space is getting a bit overcrowded, especially for single-family homes. As large institutional players start buying real estate, brokers like Hero have had to work hard to ensure their clients’ competitive advantage. Hero prides itself on being able to outperform any other broker, which has helped its business continue to grow. He expects his lender partners to work just as hard as he does because by working with the right lenders, Hero knows he can secure strong business for his clients. Thanks to a combination of installment and high quality service, one lender has stood out for Hero in recent years: LendingOne.

“I checked out LendingOne and it just so happened that they are headquartered in my hometown of Palm Beach, FL,” Hero said when asked how the partnership began. “Your program fits my rental business and your broker portal is absolutely amazing.

“I have 30 to 40 investors who want offers every week, and I can simply log into the LendingOne portal and quote these borrowers myself. Some lenders will have you send the information to a customer care representative and wait for them to send you a quote, but I’m running on time. I can make the volume that I do because I don’t waste time or let people read. I like getting as much out of an hour as I can and I can’t while waiting for posts to come across. “

Hero explained that he can use LendingOne’s portal to create loan quotes until two in the morning if he needs to. He can use the portal to evaluate what he did last year and to see how quickly those deals were closed. As the markets in which its clients operate become more competitive, having quick access to vital early information is critical to Hero’s continued success.

While technology was strong for Hero, human relationships were stronger. His account manager, Mark Zummo-Hurley, is available almost every hour to call about a deal. It’s a relationship that was forged with seriousness on both sides. Hero made it known early on that he meant business when it came to generating volume. Zummo-Hurley and the LendingOne team responded in kind. Hero trusts he’ll get a response by 1am if he emails Mark at midnight.

With strong technology and a strong relationship, LendingOne has made a name for itself for Hero. Recently they were able to close a deal that no one else would touch. It was for a strong borrower with a credit score that was just below the minimum standards that most were looking at. However, the score went down due to a single late payment in the past 60 days. In all other areas, Hero said, it was solid. Unlike other lenders looking for reasons for rejection, the LendingOne team was able to find reasons to approve. They saw a better chance of the deal after a small credit error and delivered for Hero.

Hero knows he has such a lender partner and is confident of helping his clients navigate the tightening rental market. He can build strong pipelines and grow in volume by closing deals for them that they didn’t think was possible. His work ethic, speed of information gathering, and communication skills were critical to his success. His partnership with LendingOne also played an important role.

“LendingOne has never let me down,” said Hero. “Your underwriters are very responsive. I currently have around $ 2.25 million in the pipeline with LendingOne. You are an extremely responsive lender. “