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MailTribune.com
  • Pacific Capital Solutions offers private mortgage alternative

    New company seeks to close eight to nine deals per month
  • Acquiring a mortgage in the post-real estate bubble and Great Recession era is fraught with obstacles tripping up even the best-prepared borrower.
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    • BUSINESS CARD
      Name: Pacific Capital Solutions
      Service: Private mortgage lending
      Location: 1237 North Riverside Ave., Suite 228
      Hours: 8 a.m. to 5 p.m., Monday through Friday
      Phone number: 541-973-244...
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      BUSINESS CARD
      Name: Pacific Capital Solutions

      Service: Private mortgage lending

      Location: 1237 North Riverside Ave., Suite 228

      Hours: 8 a.m. to 5 p.m., Monday through Friday

      Phone number: 541-973-2444

      Website: pac-capital.com
  • Acquiring a mortgage in the post-real estate bubble and Great Recession era is fraught with obstacles tripping up even the best-prepared borrower.
    Missing paperwork, bill disputes and outstanding medical bills can derail a sure-thing loan.
    Enter Pacific Capital Solutions, a private investor mortgage firm formed by financial veterans, at Cobblestone Village. Bob Cox, a 35-year veteran in the Rogue Valley mortgage and real estate industry, is joined by Jim Botsford, formerly of PremierWest and Capital Associates, Morgan Hawkins, who worked with Cox, and Chris Robinson, an investor and skiing tour guide.
    "This is really an unprecedented time where there are strong, capable borrowers with good credit, but can't get conventional financing on home loans from Fannie Mae or Freddie Mac," Botsford said. "There are people who can't buy homes because they have been involved in short sales or foreclosure and the federally mandated time hasn't passed so they can obtain a new mortgage. They may have had little hiccups on their credit that prohibit them from qualifying for a conventional mortgage."
    Pacific Capital Solutions taps into a group of 30 investors, Cox said, allowing the company to work on nine or 10 offerings at a given moment.
    "They are predominantly local individuals we have met over time or met because they know what we do," Cox said.
    Out of the chute, the firm is completing five to six lending deals per month with a goal of cranking out eight to nine agreements a month during 2014.
    "We'd like to place $2 million a month," Cox said.
    Private lending comes at a higher interest rate — pac-capital.com showed recent loans ranging from 9 percent to 10.25 percent — but gives borrowers an opportunity they can't find in traditional places.
    The firm provides investors notebooks with 22 items checked off, from preliminary title reports and appraisals to financial statements and tax returns.
    "It's not rocket science, but it takes a lot of work and due diligence to prepare these loans for review, and then to present them to our group of investors," Botsford said. "Our role is to help people achieve their goals to get them into residences or business and let time transpire until they can obtain a conventional loan."
    If the loan request is deemed safe enough to share with an investor, the company looks for the best match.
    "We don't place the funds," Cox said. "Investors review the file and they decide if it's what they want to do."
    Cox was a founding member of Cox, Beard, Hall & Associates, which grew to be the largest independent mortgage brokerage firm in Southern Oregon before merging with Lake Oswego-based Pacific Residential Mortgage in September 2010. He was a senior mortgage banker and private lending specialist with Pacific Residential until deciding to strike off on his own.
    Botsford, a longtime marketer, was a sales manager at PremierWest Bank until he was laid off on April 9, the day AmericanWest Bank took possession of the local institution.
    "That same afternoon Bob called me and said he was thinking about going independent again and asked if I was interested," Botsford said. "Strangely enough, I had just lost my job; I was ready."
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