Self-Employed Mortgage Loan Story…14 Years of “NO!”

Victor, an entrepreneur running eight businesses focused on the Mexican market, introduces himself. His companies, set up since 2013, handle operations ranging from customs brokerage to product distribution, generating an annual revenue of $220 million. Despite his financial success, Victor faced hurdles securing a home loan for 14 years, hindering his dream of owning a beach house.

So, with that said, I’d like to transition now and before I do, Victor, why don’t you sort of introduce yourself.

It’s important for the audience to understand, hey, you’re an entrepreneur, you know, and just kind of give them your background.

Obtaining a Home Loan is Already a Challenge…Add Self-Employed Tax Retursn as the Source of Income and the Complexities Grow Exponentially…

Well, I run about eight companies that we started and founded, kind of do a lot of operations. All of our businesses are focused on Mexico.

We buy and distribute products in Mexico, or we offer services in Mexico. We offer customs broker services, we offer inspections for the Mexican Ag Department,

We rent equipment to factories, we distribute sweeteners, spices, a whole slew of things.

And we started business, I started business with my father in 2013 and really started to take off. We also distribute fertilizers. We started distributing fertilizers in 2016.

Annual revenue for my company last year was $220 million. We do a good amount of business. That’s collectively across all the companies. That was our revenue for 2022.

And so, yeah, we do a good amount of business. We stay good. Yeah, yeah. But, you know, it’s just not just on me.

We have partners and stuff like that, but in different, it just varies between the companies. But yeah, we do. We do pretty well. That’s kind of my business background, kind of what we do.

I met Mac, I met you last year when I was interested in buying a property, a beach condo.

Sapphire Resort, S. Padre Isle, TX

Kind of a little bit about me is I’ve always worked, I used to work for my dad since 2008. And even since then, I made good money. I was just as an employee back then.

I was never able to get a loan. And it’s okay if we start this part of the story about my background here with loans? Absolutely. So here’s what I’d like to do.

And let’s tell the story with the video that you and I sort of put together with your story. Okay. Okay.

And then, you know, I’d like for you to pick up that story from when you began to dream

or the family began to dream about owning a beach house and sort of describe the things that you went through. But let’s watch the video first, because, you know, there’s a superhero in that video

that I want everybody to see. And you know who that is, right? Yeah, my superhero. Yeah, the red cape, you know? So hang on one moment. You ready? Here we go.

Meet Mr. Hernandez’ family, a family with a dream of a vacation beach house. For 14 long years, he tried to secure a home loan, but success remained out of reach.

Until one day, a real estate agent introduced him to her favorite lending partner, Mortgage Mac, the superhero of home financing.

Like a true champion, Mortgage Mac faced monumental challenges head on, overcoming financial obstacles and navigating complex paperwork with ease.

And in August 2022, Mr. Hernandez’ dream became a reality. Thanks to Mortgage Mac, hope and vision were restored for their future housing dreams.

Mortgage Mac, turning dreams into reality. Your dream home awaits. Contact Mortgage Mac today. Does that summarize it for us? Gave me goosebumps.

You know, the only thing that I was missing is we should have put Monique in a K and put a hashtag M3 or let’s see, or hashtag MH or, you know, something creative.

Because had it not been for Monique and introducing you, we would have never met. That’s true. That’s correct. So with that said, tell us, go back to the very beginning when you started to apply.

So you shared with us, you have thriving businesses, you know, eight, you know, different types of companies that you’re dealing with. And so I’m going to turn this over to you and you tell us about how it all started,

that process in relationship with mortgage companies. And we’re going to dive deep on that idea. I mean, I went to banks, traditional lenders.

And it was always the same situation when I would go ask for financing. The first thing they would ask me is for my tax return. They want to see a W-2. I don’t have a W-2 because my companies, my sources of income are always from Mexico.

And so we would get, I get paid from Mexico. So I’d do a 1099. I’ve always done my tax declarations, everything good, it’s self-employed.

But every single lender that I went to, when they heard that I would get my income from Mexico, it was just a straight, nope, sorry, I can’t help you. Yeah.

They didn’t hang up on you, did they? Were they at least polite? Yeah. Yeah. Yes. Yes. They’re polite. No, it was like the conversation ended. I’m sorry, I can’t help you, you got to do something else.

And golly, I probably tried 12, 15 times throughout the years. The first time I remember was in 2008, trying to buy a multifamily property and I had decent income.

I thought I would qualify. And even then later on, most recently was in like 2018, 2019.

And even during the pandemic when the interest rates were like two and a half, 3%, I think I tried once because I wanted to take advantage and buy something. My current house right now, I had to buy cash because I couldn’t get financing.

And so the thought of ever owning another piece of property or even a nicer home was a bummer.

And for my work, I travel all over the world and I’m able to stay in these five-star hotels. I charge it to the business, but stay in- That’s a sad indictment. That’s a sad indictment on our industry.

Do you believe that you were discriminated against because you were self-employed or do you think it was just-, you think you believe it was discriminatory and was it specific to maybe, you know, you know,

you’re based upon where your companies were from. Um, what, what, what is your perspective on that? I think a hundred percent. It was discriminatory because I couldn’t even, I couldn’t even get a shot.

Like they wouldn’t even go, they wouldn’t even go like deep into reviewing my tax statements. You know, did they even, did they even ask you to apply? I mean, because, you know, as a federally licensed mortgage loan

originator, right, we are federally licensed today. And if I understand my responsibility as, as a licensee, I have a responsibility to, if somebody asked to apply, to encourage them to apply and, and if,

and maybe even state the potential challenges, but I believe I have a responsibility to at least let you apply and give an appropriate evaluation. Did anybody even, even suggest that?

Not once, not once, not once. Oh, wow. You, you were like the first actual application that I completed because

every, every other time I was just, uh, I wouldn’t even make it past that first threshold question, uh, what’s your income, you know, and you know, verbal communication I would have when I’d go to the bank or the

mortgage company or whatever is what’s your income, where’d it come from? Um, and as soon as I said, Oh, it comes from Mexico. Gosh, I went to, what are those credit unions?

I went to national banks. I went to local banks. Wow. But you’re, you’re, you’re a different, you’re a different person, Mac. And so. No, I do. Thank you for that.

And, you know, I’m, I’m going to let Monique chime in here and, um, Monique. Yeah. I mean, I, I definitely, I feel like you go above and beyond. I mean, that’s why I introduced you to Victor.

Cause I knew when Victor, you know, said, Hey, I really want to buy something. I’ve talked to all these people and everybody turns me down. And it had been many years. And I was like, if you’re really ready to make the job, I was like Mac is the way to go. Um, and, and I know like, you’re so passionate about it and you’re so passionate about helping people, you know, realize their dreams. Um, so it was just, it just, I knew it was like, if anybody could do it, you could do it. I was like, Mac can do it. I know you spent a lot more than the average time on me.