An Inspiring Originator Redefines "Roadside Assistance"
The other day I was on Facebook and noticed an update from Top of Mind friend and all around great guy Judah Hoover of Signature Finance & Consulting in Harrisburg, PA. It inspired me so I asked Judah if he’d allow me to share his story on the Top of Mind Blog. Enjoy:
It is when things go wrong that we have the opportunity to really shine. Over the past few years I have been developing relationships with small, local community portfolio lenders. Local lenders are the best way to close non owner occ loans. But they are not always as flexible when it comes to place and time for settlement. This particular bank wanted to close the loan during normal business hours, in my office or theirs. Going to the borrowers’ home, place of work or off hour settlement was out of the question. But that is the trade off for lending in the name of an LLC with less then 4 months seasoning on the title after a complete rehab. To complicate matters the borrowers are growing their rental portfolio in the area but live over 2 hours away, so the trip to settlement was a over half a day out of their day, they had to bring over $20k to the table just to get out of the high interest loan they were in, the appraisal was cut, the lender wanted 1 year of payments to be held in a CD for extra security and on and on. But the borrowers were thrilled to be getting out of the private loan they were in.
This is when the real trouble started. I got a call 15 mins before settlement. The borrowers’ car had a major engine failure and they were sitting along the side of a busy highway. I was concerned that if we put off settlement it would be hard to get everything lined back up again… not to mention the turmoil the next few weeks would bring to the borrowers, being down one car, while they argued with the local mechanic about oil pan tightening procedures.
The banker and notary arrived. Now keep in mind local bankers are the textbook definition of “inside the box” thinkers. Fortunately I got a good bank rep that day. I explained that our borrowers were stranded, the tow-truck was on its way and we had a short window until they were taken to some dealership or repair station who knows were and we had to track them down again. The banker hesitated for a moment before laughing out loud, “You really want to have a road side settlement”. “That is exactly what I want to do”, I assured her. I packed everyone up before they could change their minds and off we went.
5 mins later I was standing in the hot mid-day sun by a busy highway while settlement happened in the air-conditioned car we drove to find them. The police arrived to see what was going on and I talked to them so the borrowers could keep signing. He was impressed when he heard the story and asked for one of my cards. The tow-truck arrived just as they finished signing. They were very glad, as I said they really needed the loan. I got a call a day later from them thanking me and to let me know they will be telling their friends and family they “must use Judah Hoover” when they refi or buy. I have been working with the lender for a while and at a settlement with the same lender a day or so later the head of commercial lending said he is happy I am a Loan officer that works hard for my borrowers. When a lender knows you are sending them good loans they get approved so much easier. It is when things go wrong that we have the opportunity to shine.
Do you have a story like this you’d like us to share on the Top of Mind Blog? If so, please comment below and we’ll reach out to you right away. Or if you’re shy, you can call me at 404-943-9910.