We are fortunate to work with a lot of great people at Direct Mortgage Loan Company. Our clients come back to do business with us transaction after transaction. We have funded thousands of projects over the years. Here are a just a few of our client’s success stories. Our success depends on their success.
Direct Client Profile: Kensington Confidential
Roaches, cats and trash (more than sixty yards of it), had to be cleared out of one of Mark’s recent rehab projects before demolition could begin. “When we took out the windows you could smell the house from Coral Street,” he remembers. After a full gut rehab the elegant brick colonial has been restored to it’s former glory. In addition to rehabs, Mark builds new construction, all concentrated in East Kensington. The area has changed drastically in recent years but is still a work in progress compared to neighboring Fishtown….
Direct Client Profile: Team Work Makes The Dream Work
Husband and wife team, Jerry and Inna, have been building their real estate business together since 2005. They do flips and new construction and Ina is also an agent. They’ve had tremendous success over the years. “Even during the housing collapse in 2006 through 2010, we fixed and flipped 25 houses, primarily in the Mount Airy section,” says Jerry. “So actually Philly held like a rock. Hence when the recovery began in earnest, this city simply exploded with pent up demand.”
Direct Client Profile: Conscientious Development
Real estate developer Chad L. builds energy efficient “eco-modern homes” that are beautiful and affordable. We’re proud to have contributed to bringing a couple of their projects to life. Direct financed their customized cork-clad “POP!” units. “We found Jared at Direct while searching for a flexible lender on two homes we needed to finance construction on quickly. We interviewed three different lenders and found Direct to be the most professional of the group. That gave us the confidence to do our first deal with them,” says Chad…
Direct Client Profile: Betting on Brewerytown
Direct client Patrick J. prices his properties to sell. “I buy smart, I build right and I sell smart,” he says. At just 26-years-old, he is definitely doing something right. He’s already in business for himself, developing residential real estate throughout the city. His last project in South Philadelphia went under contract the day after it hit the market. Friends wanted him to price the property higher, but he was already making great margins. “I’m not greedy,” he says. “And I want to move fast….”
Direct Client Profile: Buy, Renovate and Hold
When real estate investor and property manager, Joe B., originally came across his duplex in Point Breeze (now fully leased), he knew it was a great value, and needed to move quickly. Direct’s managing partner, Jared, met him at the property to assess the purchase and approved the loan soon after. “Direct was able to not only offer us the funds, but had a quick and less painful underwriting process. They were able to get us to the closing table extremely quick and that was what the seller really needed. I just refinanced on the duplex that I bought with Direct and they really felt like part of the team for me….”
Direct Client Profile: Flipping is Easy
Gerald A. takes abandoned houses and turns them into new homes. The 32-year-old West Philly native has already completed over 10 rehabs and they’ve all gone under contact in less than 30 days. “One abandoned house can bring down the whole block,” he says. Such was the case with his most recent project, 2 homes in the Cobbs Creek section of Southwest Philly. They’d been destroyed by a fire five years ago. “It’s a beautiful block, it was just those houses killing it,” says Gerald….