“I need a $190,000 Mortgage, but I’m 87”
This conversation broke my heart. Here is a little of the background; this man and his wife own a convenience food store, which they have had for 40 years. They own the building and it is also where they live so it’s a mixed use property. The current debt is $140,000 and an additional $50,000 is needed to make repairs to the property.
He stopped by my office the other day bringing two years of tax returns with him, so I immediately knew he had done this before. The tax returns showed very little income, in any case not enough to qualify for a mortgage.
He told me that he felt if improvements could be done to the building and it could look more attractive more people would patronize their store. His competition is pretty fierce, as within a half mile there are 6 other convenience food stores and 5 of them sell gas which they don’t do.
As I shared with him that I could not get a mortgage for him, I could see the emotion. It was pretty tough. When he got up to leave, he thanked me. I have since stopped by his store a couple of times and each time he thanks me for coming in.
I wish I could accomplish a mortgage for him. Unfortunately I have no lender that will do a mortgage for them. So sad..
Image courtesy of StuartMiles/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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