WELL ESTABLISHED RESIDENTIAL MORTGAGE BROKERAGE LICENSED IN NY, NJ and FL
(REAL ESTATE MORTGAGE BROKERING, RESIDENTIAL MORTGAGE BROKER)
BERGEN, NEW JERSEY
Listed Price: $ 1,100,000
Listing ID: XCNJ207062
Listing DetailsDown Payment: $ 300,000
Gross Revenue: $ 811,000
Cash Flow: $ 348,000
FFE: $ 3,000 (Included in Price)
Form of Ownership: S Corp
Terms and Conditions: NEGOTIABLE
Reason for Sale:
RETIREMENT
Training & Support:
COMPLETE TRAINING AND SUPPORT INCLUDED IN SALE
Listing SummaryBusiness Description:
Well established mortgage broker poised for growth.
They have an Excellent reputation with wholesale lenders, borrowers, and professional referral sources.
Their borrowers are busy professionals, Foreign Nationals, investors, first time homebuyers, divorcees, self-employed, investors, executives, and employees.
They manage the mortgage process for them and allow them to go about their daily living responsibilities without worry or stress.
Their Quality service distinguishes them from the competition and is the foundation of their growth.
Historical Summary:
For over 28 years, they have been helping Borrowers find the best structured loan for their situation.
They are deal makers and Mortgage financing experts, that hold their borrowers hand, from beginning to end, until closing.
All calls are returned, and all emails are answered Immediately.
They have only 5 star Zillow ratings in the hundreds.
Owner Qualifications:
Purchaser Should be licensed in at least one of the states the company is licensed in (NY, NJ & FL) or have a loan officer licensed in those states.
This is an Excellent opportunity for high producing entrepreneurial loan officers or branch managers with a team in place.
Great opportunity for real estate broker offices who want to expand into a mortgage financing business and support their real estate brokers.
If you have a book of business, you can now move into a turnkey office with a full processing staff and begin to close loans at a much higher profit with the benefit of owner write offs.
Great opportunity to expand online presence.
Competition:
They have been in business for over 28 years.
The mortgage space has competition, as always, but there are now historically less mortgage broker licenses issued in NY which means more opportunity for the right person/owner in New York State plus the great states of New Jersey and Florida.
Potential Growth:
The Skies the limit.
They have every residential product you need to compete.
They leverage the technology of their wholesale lenders and can compete with anyone in terms of quick pre approvals, quick underwriting, and quick closings.
Financing/Terms:
50% down and 50% seller financing.
LocationOption: YES
Lease Security: 2730
Monthly Rent: $ 1,365
Square Footage: 675
Type of Location: Office Building
Facilities:
OFICES IN A COMMERCIAL BUILDING IN BERGEN COUNTY, NJ.
OperationYear Established: 1989
Days & Hours of Operation: M-F 9-5
Owner Hours: 35
Employees: 3
Managers: 1
Absentee Owner: No