Service Provider Highlight: Todd Barbour, Central Bank Mortgage
I’ve worked with a lot of lenders over the years, and I’ve never run into someone better and more pleasant to work with than Todd and his team at Central Bank. What can often happen with lenders is that you don’t know whether or not they’ll be great to work with until it’s too late. Some lenders don’t communicate well, some drop the ball entirely, some overlook some important detail that then changes up the terms of your loan after you’re already committed. Todd always keeps me and my clients in the loop, and he’s incredibly competent.
You can find Todd at:
Todd Barbour, Central Bank Mortgage
In the last year alone, he completely saved the day for me and my client. My client had used a lender that he’d used before, but 48 hours before our due diligence deadline, this lender called me and told me that my client wouldn’t be able to get his loan and there was nothing he could do about it. (There was some tricky bit with foreign assets that apparently threw a kink into things.) This bomb was dropped on us after virtually no communication, and we were set to lose a lot of money, not to mention the house that my clients wanted to buy in a tight market.
I called Todd immediately. I know he’s incredibly busy, but he got in touch with my client immediately and worked for hours – even pulling an emergency meeting with his superiors – to figure out how to make this work for us. Guess what? Within about 24 sleepless hours of being told that we were out of luck by the other guy, Todd was able to turn the whole thing around and get us approved. We never even had to tell the other side that we had this hiccup, which was great because it would have decreased our leverage. This was a massive win.
I used Todd exclusively before this happened because of his great service and communication, and I’ll continue to do so. I can’t recommend him enough! BY THE WAY, if you haven’t refinanced yet, do so immediately. Rates will probably go up sometime soon!
We will be including a “Lender’s Corner” in each newsletter with advice, updates, & more from Todd.
Here’s a recent update from todd and his team:
Todd reported that his personal pipeline for all loans in the greater Triangle Area for May, June, and July have the average contract price at $451,022 with $18,682 Due Diligence deposit and 17% down. He’s seeing Due Diligence range between 3 to 5% of the contract price, with the average at 4.1%