Pacific Rim opens second office, grows commercial lending

Daily Journal of Commerce (Portland, OR), Jun 2, 2004 by Aimee Curl

After less than two years in business, Pacific Rim Mortgage has opened a second office in North Portland and continues to expand the commercial side of its lending operation.

The company, which began with a focus on writing residential mortgages, has processed $2 million in commercial loans since the beginning of the year.

Pacific Rim's foray into commercial lending was in large part driven by its residential customers who also had commercial mortgage needs, Victoria Bigham, Pacific Rim's president and chief executive officer, said.

Bigham said she's anxious for Pacific Rim's commercial loans to equal half of the company's business. Right now, they account for about 5 percent of Pacific Rim's work.

A former bank teller and mortgage broker, Bigham founded Pacific Rim Mortgage with a vision to specialize in meeting the mortgage needs of people in underserved communities. Those communities can be ethnic or rooted in a common interest or activity. In an effort to foster trust in the communities it serves, Pacific Rim inserts itself into the groups, not just as a business, but as a member by engaging in activities like sponsoring booths at community events or supporting local sports teams.

Bigham opened Pacific Rim's first office in Tigard in November 2002. The company has 10 employees including loan officers that speak Spanish, Korean, Vietnamese and Chinese.

Bigham said she's discovered that serving different parts of the city is just as critical as serving various ethnic groups.

We needed a presence in North Portland, she said. With the burgeoning growth of North Portland and the advent of the new MAX system on North Interstate Avenue, there will be tremendous growth, both in the residential and commercial markets in the next five years.

Bigham said the diverse product types in North Portland should be a particular boost to the company's commercial lending.

It's much different than Tigard, she said. There are apartment buildings right next to homes, right next to offices - With the commercial loan aspect, we needed more presence with Realtors that focus on more mixed-use buildings.

Pacific Rim's vice president, Richard Horswell, said North Portland also offers opportunities for targeting African American communities.

We're trying to encourage home ownership in North Portland, he said. In tight-knit communities, what people look at is what you're doing to invest in them, how you will be their long-term partner.

Pacific Rim's North Portland office is located inside Century 21 Peninsula Realty at 6110 North Lombard St. Bigham worked with Richard Voss, Century 21 Peninsula Realty's owner and principal broker, to create a one-stop-shopping situation where customers have access to both Realtors and mortgage brokers.

Pacific Rim has wasted little time making inroads into the community that surrounds its new home. Last month, in a joint effort with Century 21, the company hosted a tailgate party to benefit Easter Seals in conjunction with the St. Johns Parade.

Horswell said Pacific Rim has been shocked by the tremendous welcome at the North Portland location. The company's already talking expansion.

We have suites to accommodate growth, we just didn't think we'd need them so soon, he said.

Pacific Rim plans to hire five additional mortgage brokers who will enroll into the company's flagship program called Mortgage University. The idea is to give people with little to no experience in the business, but with other applicable qualifications, a shot at the job that comes compete with training.

Despite the giant strides the company's made over the past two years, Horswell said Pacific Rim wants to avoid growing too quickly, a step that might prevent it from serving the communities where the firm has already forged connections.

I think success in small steps is better, he said. Future expansions will have to be carefully orchestrated. We want to make sure there are partners in the community. We want to be there to serve and benefit the community.