Kansas City mortgage firm opens branch in Tonganoxie
In the past year, the Tonganoxie community has seen the opening of four mortgage loan companies.
Now there's a fifth mortgage company open. In February, Community Capital opened. The office is at 221 E. 24-40 Highway, in the Laming Tice Shepek building.
Bonnie Sivyer, branch manager with 10 years experience in the real estate and loan business, says business is going great.
"People have been finding out about us through word-of-mouth," Sivyer said.
A large part of the business is geared for people with less-than-perfect credit ratings, or for those with lower incomes, Sivyer said.
"Of course, we also love to get those who have a great 'A' credit rating," Sivyer said.
Rates start at 4.75 for a modified adjustable rate, and depending on the type of loan, 100 percent financing may be available, she said.
Jeff Basler is owner and president of the company. The main office is at 9223 Ward Parkway, Kansas City, Mo. The company vice president is Mike Kirk.
The two men started Community Capital Mortgage in 1999.
So far, their numbers look good.
In 2000, the company originated about $80 million in loans for its clients. The average loan size is about $130,000.
Basler credited the numbers to the price of homes in the area he serves.
"Obviously, we have a lot of people in Johnson County and Leawood neighborhoods where the average home price is $200,000," Basler said.
Basler said he's a firm believer in credit counseling.
"It isn't how much you make that's so important," Basler said. "It's how much you keep."
Basler looks at his prospective clients' numbers.
"When you sit down with someone who makes $80,000 a year and they've got $2,000 in a checking account and $30,000 in credit card fees, you know there's something going on there," Basler said.
Basler, who is 26, has taken an aggressive approach to business.
Basler's office has contacted representatives of Waddell and Reed, a financial consulting firm, about referring business to Community Capital. And the firm offers mortgage products to University of Kansas Credit Union members.
He said he decided to establish a branch in Tonganoxie, after a friend in the business said it would be a good move to make.