Mortgage Brokers: A crucial part of the sales team

Real Estate Weekly, March 1, 2000 by Alan Rosenbaum

The mortgage broker is no longer a behind-the-scenes figure in the marketing and sale of Manhattan's luxury developments. Today's savvy owners and managers recognize the true value the mortgage broker brings to the table, and are aggressively hiring the City's best to represent their properties. In many cases, these mortgage brokers are being hired before ground-breaking even commences.

From early credit checks, loan pre-approvals and interviews with prospective buyers to help evaluate their individual needs, to organizing events for the residential brokerage community, the right mortgage broker can significantly expedite the sales process.

Mosbacher Properties Group, the development manager for The Greenwich, a state-of-the-art, 79-unit luxury condominium slated for occupancy during autumn of 2000, hired GuardHill Financial Corp. in mid-1999 as exclusive mortgage broker for the property. Located at 65 West 13th Street, The Greenwich was a former mercantile building dating back to 1906. With over 11-foot ceilings in most units, an eclectic mix of windows distinct to each floor, large open floor-plans and luxurious finishes throughout, the renovation, designed by Frank Gottsegen Cox Architects, also features Urban Outfitters as its retail anchor tenant. In just a few months, a majority of the units have been committed. Mosbacher credits GuardHill with a major contribution to the property's success.

GuardHill's responsiveness, creativity, professionalism and hands-on attitude have attracted Arline Vogel, Mosbacher's CFO, to the firm.

For The Greenwich, GuardHill has not only instituted early credit checks, loan pre-approvals and interviews with prospective buyers to help evaluate their individual needs, but also served as a resource for the rest of the team. To most, GuardHill has gone beyond "the call of duty." To GuardHill, it's all just part of the job.