In this interview I spoke with Terry Gangaram, founder of Drexel Mortgage Corporation. Check out our Q. and A., as he shares his success, along with tips for first-time home buyers, and small business owners.
- Hello! Please tell us more about yourself and your company Drexel Mortgage?
Hi Sweet Startups, my name is Terry Gangaram, owner, founder of Drexel Mortgage Corporation since 1995. My expertise is real estate though I started Drexel Mortgage from my own personal experience buying a home. I decided I wanted to make it easier for people to buy a home to achieve their goals so I started Drexel Mortgage from my home office. 20+ years later Drexel has expanded through many office spaces with a Drexel Mortgage network of many dedicated people, we’re the community’s premier lender. Staying loyal to Drexel’s core values of great customer service has made it possible for Drexel to succeed long-term through the dynamics of the real estate market. To date, I’m happy to say starting from a basic set of goals to provide quality mortgage services, I’ve helped thousands buy, sell real estate all over the United States.
- What inspired you to get started in the real estate industry?
Personal experience with buying a home inspired me to get started with Drexel Mortgage in the real estate industry. When my family decided to buy a home, I became inspired to have my own business to be able to offer more services to people who wanted to buy their homes. From my family’s home buying experience I knew about the kind of effort it took to put all the pieces of loan application together. From putting together enough money for a down payment, to find a home that had everything we wanted in the location my family wanted was an experience I wanted to streamline for people.
- What does a typical client look like for you (are they home buyers / sellers, residential, commercial, etc.)?
Here at Drexel Mortgage, a typical residential client is most likely a first time home buyer looking to expand from their rental apartment to achieve their long-term goals. There are also homeowners who already have their own home who are looking for investment properties to resell or rent for a long-term profit. With commercial real estate a typical client can vary any where from an entrepreneur who would like more office space to a commercial investor buying gas stations to diversify his investment portfolio.
- Any guru tips for first-time homebuyers?
Great question. Since time can be as valuable as money the first thing first time home buyers want to do is prepare themselves with the proper paperwork before they start looking for a home. Having the right paperwork in hand before any real work is done greatly helps the prospective home buyer refine their search eliminating time wasting activities like guessing if the property would be a great buy. The correct paperwork would also be beneficial for all the others involved in the home loan process like the title company, appraiser, even the lender themselves. Call Drexel Mortgage for a free official pre-approval, pre-qualification letter before the house search begins. Having a mortgage pre-approval eliminates guesswork by knowing exactly what to look for in a property.
- What is one of the biggest challenges in your industry, and how do you rise to meet that challenge?
One of the biggest challenges in the industry is educating fast enough. Because real estate can be a very dynamic market where people are finding properties fast to move in to, there is always a speed factor to find the most appropriate property within a certain time range. Prices, property conditions are constantly making the news so sometimes its knowing what you are looking for rather than whats available becomes the deciding factor in making a key decision.
- As an entrepreneur, how do you motivate yourself to tackle tough tasks?
After 25+ years in the real estate industry I’m used to the market cycles of the real estate industry. I’m motivated to tackle tasks just like I’ve used to by keeping close to the business’ core values delivering consistency, making customers happy.
- Your company, Drexel Capital, provides financial lending solutions for small businesses (great!). What are some tips that business owners should know to help increase their chances of getting approved for funding?
Some tips that business owners should know to help increase their chances of getting approved for funding include having a complete investment profile as possible. An investment scenario includes the business owner’s credit category, budget range, type of filing paperwork, business case, commitment range of the property. Having this information on hand gives the business owner a fast way to determine the kinds of loans, interest rates, terms/conditions the business owner can quickly apply for. For more info call me at (718) 441-1515.
- Future goals (we’d love to know!).
Drexel’s future goals include keeping Drexel’s top-notch qualities consistent by constantly listening to our customers goals, improving our service business cycles through simplification, modernization, continually making it easier more convenient for Drexel’s clients to get to where they are going while enjoying the process. Thanks for having me on your site. If you have any real estate questions, comments, my email is [email protected], or call me directly about starting your own business, commercial real estate loans at (718) 441-1515.