High-net worth, high stress: Why even millionaires need creative financing

“Commercial financing… is just really hard. A lot of banks won’t touch it,” he told MPA. The collapse of institutions like Silicon Valley Bank exacerbated the problem, leaving few willing to lend unless clients boast impeccable balance sheets or strong banking relationships.

Bạn đang xem: High-net worth, high stress: Why even millionaires need creative financing

‘I can make a career out of this’

Xem thêm : Mortgage Insurance Gets Cheaper | Bankrate

Here, Bennett’s response was to lean heavily into residential lending, drawing on his deep industry knowledge developed since his start in 2000. As he told MPA, his own personal journey into the sector was fortuitous, recalling working in accounting at a large national firm post-college with a modest salary before discovering the lucrative world of mortgage brokering while in Graduate school getting his MBA.

“My first commission check was $20,000, and I thought, ‘I can make a career out of this’,” he added. “And I took it really seriously because, at the time I had Bear Stearns , Chase Bank, Wells Fargo and Countrywide Financial in our offices to give presentations on their products. I actually left a good career to switch to mortgage.”

Xem thêm : Mortgage Rates Rise to the Highest Level Since July Last Year

Hard work having very much paid off, Bennett has built a niche catering to high-net-worth individuals, a demographic that presents its own set of unique challenges.

“Believe it or not, a lot of high-net-worth clients don’t have the highest credit scores,” he said. “They’re busy traveling all over the world, or they’re working 100 hours a week. And they don’t necessarily pay their bills on time, all the time – so customers could have credit challenges.”