Marketplace: CalCon still loaning amid the freeze
February 12, 2010
CalCon Mutual Mortgage is still making loans.
Almost a year ago when the California company opened an office in Park City, the mention of their name sent people scurrying for a pen and paper at a Board of Realtors meeting.
The most common complaint from developers, Realtors and homebuilders about the frozen market is their clients can’t get funding.
CalCon’s regional vice president Matt Snyder said they can finance anyone from "high net-worth clients" to first-time homebuyers. In fact, that’s why they chose to enter the Park City market when they did.
Opening a business in a ski town at the bottom of a recession may be considered brazen by some. Snyder who’s been in the area for about 10 years said for them it was a moment of opportunity. The six-year-old company has offices in San Diego, Jackson Hole, Hawaii, Colorado and on the East Coast.
"Banks are lending to qualified individuals a lot of people have a false perception because of the stories published in the media," Snyder said. "We’ve taken a proactive approach in delivering this message."
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It’s because CalCon is well trusted among investors, he explained, adding, "We do our due diligence up front."
That means they’re careful about whom they loan to, but after the fallout in 2008, most lenders are. The primary difference is their reputation among banks.
"They know our companies, know our projects know our structure and it gives them an instant comfort zone," he said. "The portfolios our investors get are clean and well put together they’re great performing portfolios."
Having the right backing gives them the responsibility to operate with a heightened level of ethics and efficiency.
"We can help the majority of people seeking financing," he said. "For the most part, most people buying are qualified We look at it as good quality loans for good customers."
CalCon is a "boutique"-style mortgage firm, Snyder said. The Park City branch staff has 30 years of combined experience and offers that small-office experience to clients. They take the time to give one-on-one attention and make sure to understand the needs and provide for them.
Yet they’re comfortable competing with all the branches of large national and regional banks. CalCon has all the same abilities of large financial institutions, Snyder said.
"Everything with us is customer-focused," he added.
They provide all the benefits of a big bank without all the "back-end" bureaucracy, he explained.
They can facilitate all loan amounts for small units as well as St. Regis or Montage condominiums. They welcome all types of interested buyers to give them a call.
And like any good loan officer, Snyder reminds people that interest rates are at a historic low and it’s therefore a great time to buy.
CalCon Mutual Mortgage
1887 Gold Dust Lane, Suite 203B