Lender to "Super Rich" Plants Roots in Newport Beach

Ever wonder where those in the market to purchase a mega-mansion go to get their home loans?  Do they go through the same red tape as the rest of us to get their hands on the $10 million or $20 million needed to buy the estate of their dreams?  What do their monthly mortgages look like?  Do they contemplate taking on a 30-year, 15-Year or adjustable rate mortgage just like you and me? 

Michelle Scott knows this world inside out and the long-time mortgage lender to the super rich is now setting up shop in Newport Beach.  With 25 years of experience in the home loan business, Scott ventured into the lending stratosphere of the high net borrower 15 years ago and her client list reads like a “who’s who” of celebs, business execs and the just plain rich.  With an office in Beverly Hills, now she’s setting her sights on those seeking to purchase estates in tony Newport Beach and the surrounding communities.

“While many of my high net borrowers can, and often do, pay cash for properties in the 7 or 8 figures, I have created a business that shows them that taking advantage of borrowing the money has a number of benefits,” said Scott.  “At this level, I’m working with those who realize how much they can benefit from the mortgage tax deduction and that tying up that much capital in a home gives them less to play with in terms of other investments.  It just plain makes sense for them to acquire a mortgage like the rest of us.”

Scott says that many of the super rich, despite being a preferred client, can’t get home loans from the large lending institutions as those entities can’t resell these mega-loans on the secondary market.

            “I work with small family-owned and privately-owned banks where the loans are held locally and not sold on the secondary market (on Wall Street),” said Scott.  “I have developed solid working relationships with these institutions delivering quality loans that might otherwise be difficult to place with a large commercial institution.

“One of my recent clients was recently turned down by one of the large lending institutions because he had no U.S. tax returns and the bank would not recognize his off-shore funds and foreign tax returns,” she continued.  “My high-net worth clients appreciate the level of sophistication that I bring to the table in pointing out the best path for their debt and income structure which contributes to their overall financial soundness over a long period of time.”

Scott attributes her success in this specialized niche of high-end lending to the fact that her previous experience as an underwriter gives her unique insight into what banks are looking for and satisfied clients appreciate her ability to secure loans in record-breaking time with surprisingly low interest rates (2.65% on a $5 million loan is not uncommon). 

“I’m looking forward to branching out to Orange County where I’ve already begun meeting with top realtors who represent clients who would benefit from my services,” said Scott. 

For more information, visit www.Luxurypropertylending.com or call 1-800-778-8077.  The Orange County office is located 23 Corporate Plaza, Suite 150, Newport Beach, CA 92660.