Advisors Capital, Inc., found a niche providing tailor-made residential mortgage services. The company, which formed in 2012, offers first and second mortgages.
“We are set up as a lender, we underwrite the loans. After closing, we sell to an individual lender that services the mortgage. We may sell to a larger mortgage company or a credit union or bank,” said John Wright, a vice president for Advisors Capital. The company provides flexibility for many different products with the ability to shop rates for the consumer.
“We’re looking at many different banks, we can shop around for the best products and the best ineterest rates,” said Wright.
What kind of business is it?
Retail mortgage lender. We originate residential home loans in Michigan, offering first and second mortgages.
How and when did the business get started?
Advisors Capital, Inc. was formed in December, 2012 but our group of employees has largely worked together for approximately 15 years. The company has 11 employees.
What is your industry forecast?
We see positive signs for the national housing market, as well as Michigan’s. Housing values have increased and stabilized in recent years, with interest rates remaining near historic lows. Although employment growth continues, it will likely be moderate which should hold interest rates at attractive levels throughout 2014. Now remains a terrific time for new buyers to enter the purchase market, as well as for current home owners to take advantage of a fixed rate mortgage.
What is your most popular service or product?
First and second mortgage loans, purchase or refinance for owner-occupied, primary residences, as well as vacation homes and investment properties.
What is special about your business?
We distinguish ourselves from large banks through our personal service and extension menu of loan products. Individual banks can be limited to their own products and programs. Advisors Capital, Inc. has established “warehouse lines” of money available to fund and close our own loans. This gives us the advantage of shopping many different bank’s and lender’s programs and interest rates on a daily basis. After closing each loan transaction, we simply transfer the payment servicing of the loan to the lender who will collect payments. We sell loans to banks, credit unions and other mortgage companies.
What do you want your business to be known for?
Our group has a long history of serving our clients and the real estate community in Southeast Michigan, including new construction. All of our business comes by referral and more than 95 percent of our clients say they would refer our services to their friends and family.
What’s something no one knows about your business?
We are looking to increase our presence in the local marketplace with the right staff, focusing on sales people with five or more years experience and their own established relationships of referral partners. Our company philosophy and strategy are based on serving three main pillars: our clients, referral partners and employees. Advisors Capital, Inc. offers free mortgage pre-approvals for buyers and free “mortgage check-up” to current homeowner’s curious about today’s options”.
— Staff writer Kathy Blake