For high-net-worth individuals, navigating the intricacies of traditional banking for loans can often be challenging. Andrew Loranger, a seasoned mortgage broker based in Miami, Florida, has observed a recurring issue among his clientele — most high-net-worth clients are getting denied by traditional banks. This denial stems from the unique financial situations that high-net-worth individuals often find themselves in, such as major write-offs, carried-over losses, or extensive real estate portfolios.
The Challenge
Traditional banks, Andrew notes, were primarily designed for typical W-2 employees, leading to a mismatch when dealing with the financial complexities of high-net-worth individuals. However, what many people may not be aware of is the existence of specialized loan products and programs tailored for investors, self-employed individuals, business owners, and CEOs. These programs stand out because they don’t rely on traditional income documentation, and they disregard factors like losses and write-offs. Some notable examples include profit loss loans, bank statement-only loans, no-income loans, and investor cash flow loans.
Andrew Lorranger’s Unique Solution
Andrew Loranger has distinguished himself in the mortgage industry by recognizing the need for alternative financing solutions for high-net earners. His journey, spanning over eight years and involving collaboration with over 3,000 investors, has revealed the importance of differentiation in a sea of mortgage brokers. He shares his perspective, stating, “Everyone’s doing the same thing. How can I differentiate myself?”
Everyone’s doing the same thing. How can I differentiate myself?
Andrew Lorranger’s
Building on Relationships
To address this challenge, Andrew began building relationships with bankers and lenders across the country who were capable of handling what he calls “impossible deals.” He then approached agents and referral partners in Miami, actively seeking clients who had faced rejection or struggled to secure financing traditionally. By offering tailored solutions to these clients, he gradually built a name for himself in Miami, ultimately closing over $1 billion in deals throughout his career.
Individualized Solutions
One key insight Andrew emphasizes is the understanding that clients are not just dollar signs; they are unique individuals with specific needs. In an industry where individuality is often overlooked, Andrew takes the time to sit with clients, either over the phone or in person, assessing their specific financial needs. The result is a customized solution to their financing problems.
Andrew Loranger’s success story exemplifies the importance of thinking outside the box, building relationships, and offering individualized solutions to clients. The key takeaway is that creative financing is available; what matters most is finding a creative problem solver who understands the unique needs of high-net-worth individuals in the complex landscape of loans and mortgages.
