Financing in Redwood City>Question Details

Mr. K, Home Buyer in Redwood City, CA

My wife and I are self-employed with less than 2 years tax returns available looking for someone to help us secure a home loan.

Asked by Mr. K, Redwood City, CA Tue Aug 7, 2012

We both have 800 credit scores, no debt, enough cash for 20% down, steady cash flow and all updated paper work (bank statements, etc.) ready to go. We are looking for Jumbo Loan around $700k. Anybody have a lead for us? Thanks!

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Mr K,

I may have another solution.

It involves audited financials, but I may have someone to take it.

Call me at 415-683-6950.

Fred Glick NMLS #133975, DRE #01507615
Signet Mortgage NMLS #168365 DRE #01403423
0 votes Thank Flag Link Thu Aug 9, 2012
Mr. K,
I am happy that you had a good experience with my suggestion of Joel Spolin. Best of luck to you and hopefully it will not be too long before you can get a loan. There is also the chance a seller would take back a note until you qualify for a loan at the two year mark. there are not many who do that, but sometimes you can find someone who is retiring who would prefer the income to a lump sum.
Web Reference:
0 votes Thank Flag Link Thu Aug 9, 2012
Thank you all for your replies. Here's the reality for others that may be in our situation. The banking system in USA is horribly broken. There are no reasonable loans for people like us. (You know, those that are responsible, pay their bills, save their money, don't take on debt and actually have jobs).

We found most people in the mortgage business to be dishonest charlatans. At least Joel Spolin was honest and straightforward.

BTW - Most of the realtors don't want to talk to you unless they can make a quick sell or they are just incompetent.

Sorry, but that's been our experience. - Thanks again for taking time to reply.
0 votes Thank Flag Link Thu Aug 9, 2012
I have lenders who would be happy to help you.

NMLS 327086
0 votes Thank Flag Link Tue Aug 7, 2012
Mr K,
You would probably do best with a mortgage banker as opposed to a bank or even a mortgage broker. I would suggest Joel Spolin at Spoloan. He may have an investor willing to do this. The reason I say mortgage banker is that you need someone with their own cash who could then sell in secondary market, or who has access to investors who would do that. You can not get a government backed loan, but since you are going for jumbo it may work.

Joel B. Spolin
SpoLoan Mortgage Banking
635 Cowper Street, Palo Alto, CA 94301
(650) 529 4700 (rolls to my cell when I don't answer)
(650) 618 2004 fax

Marcy Moyer
Keller Williams Realty
DRE 01191194
Web Reference:
0 votes Thank Flag Link Tue Aug 7, 2012
Hello Mr. K. and Happy Tuesday to you!

You and your wife are just the kind of ready and willing borrowers we appreciate working with! I have worked with Janet Kern at Borel Bank in San Mateo and Dennis Greene with Princeton Capital in Burlingame for many years as they are both exceptionally experienced and really know how to help buyers/borroweres think long term investment and strategy way beyond the loan process. Janet and Dennis would be a great place for you to start. They will be very honest and forth coming as to what your real options are for this exciting venture.

I hope this opens some doors for you; and please Mr. K if I can be of further assistance in this process for you and your wife it would be my pleasure. I am a proud native of the SF Peninsula and appreciate thoughtful and deserving people.

Have a super day....Cheers Denice Nagel
0 votes Thank Flag Link Tue Aug 7, 2012
Someone that's helped me out of tough loan situations is Steve Herbert from Prospect Mortgage. He is local and loves to do the more difficult ones. He has a very good team and are always helpful. His mobile and work number are: (650) 425-6117 & (650) 302-0213. Rafael
0 votes Thank Flag Link Tue Aug 7, 2012
I hate to disagree with you but my Buyer's aren't having a problem getting loans, sometimes you just have to be a little creative. I also use B of A, Mortgage Brokers and Mortgage Bankers. If you have a problem Mr. K please give me a call but I would try Holly first. She is in Burlingame and I'm in San Mateo.
Always the Best,
0 votes Thank Flag Link Tue Aug 7, 2012
Mr. K,
You very best resource of a Redwood City real estate professional. These pro's know where to refer you to not only get the best rate, but where you are less likely to be ambushed and have the potential for a problem free closing. These agents understand jumbo and portfolio lending.
If this is not your preference, you may wish to contact a lender who has a record of investing in the community via home mortgages and small business loans. Simply enter the city name where you are buying or the zip code and contact an "A' or "B" graded lender.
Go to:

Stay away from the lobby of the big box lenders and those who would refer them.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Chat real estate on:
0 votes Thank Flag Link Tue Aug 7, 2012
Hi Mr K:
Contact Peter Frankel at Mortgage Services. He should be able to assist you. His phone number is 650-762-3006. If you need assistance in finding a home, please let me know.
0 votes Thank Flag Link Tue Aug 7, 2012
Good Morning Mr. K,
Give Holly Brand at Wells Fargo a call, she's at the top of her game.
0 votes Thank Flag Link Tue Aug 7, 2012
Mr. K,

I assume you have been calling around to banks and mortgage brokers and you are seeing this does not exist.

There are lenders that may do this, but they are really high in rates.

The other idea you might want to explore is getting a co-signer (that you can have come off later).

This is 2012 and the lenders are very conservative.

Good luck,

0 votes Thank Flag Link Tue Aug 7, 2012
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