Niche business wins broker referrals

by |
Specializes in helping down-and-out clients, Toronto-based mortgage agent Ron Alphonso was recently featured in a major news publication.

“We handle a lot of powers of sale, foreclosures, that kind of stuff; Toronto Life was looking for situations in Toronto where people were being kicked out of their house or being foreclosed on,” Matrix Mortgage Global’s Alphonso told MortgageBrokerNews.ca.  “They called me and I gave a few cases of clients we’ve worked with.”

One of those cases was a power of sale for a house in the Davenport/Dupont area in Toronto. Alphonso says he stepped in and convinced the lawyers working the case not to sell the home.
He also put a halt on the clients’ eviction.

“It took about 3-4 months to sell the house, but the lawyers eventually got paid,” Alphonso said. “Clients purchased a house in Bobcaygeon (Ontario), and I arranged the financing for them, based on the fact that the other house would be sold.”

Alphonso admits these deals aren’t the biggest money-maker, despite the fact that they take up a great deal of his time. So why does he do them?

“We do have some excess time, people ask us for help, and as long as we make our margins on it we’ll do it; if we can’t make our margins, we tell them their alternative options,” he said.

They also result in happy clients who become repeat customers.

“That’s exactly what happens,” Alphonso said. “And the real estate agents love us, so they refer their clients to us.”

Alphonso says he got into this segment of the business three years ago, when he noticed a number of his clients being foreclosed on.

“We let the lawyers take care of it and at the end of the day I didn’t get any money; this happened a couple of times … the lawyer would start the power of sale process and after the power of sale there would be nothing left for us,” he said. “Self-preservation is why we got into it. Especially because we took on a lot of high risk mortgages, we couldn’t afford to keep taking the losses.
  • John Martin on 2015-11-05 10:40:20 AM

    Refreshing to see there are still some genuine good people like Ron who still care about people who are facing serious challenges as such. The lawyers well, as one said to me once. No body likes us, we are a necessary evil. No truer words said by one of their own. Bottom line is the World needs more good people like Ron. Keep up the good work. Well done.

  • Brian E. Bretti on 2015-11-08 6:25:31 AM

    Compliments to you both for reporting this. We do the same type of work for commercial mortgages that are in distress. Yes, it takes a lot of time and it is difficult, but if the client listens, understands and cooperates most deals can be saved .

    ... fundcap@gmail.com

  • Ron Butler on 2015-11-10 9:41:53 AM

    Well he does offer a vary worthwhile service but if you read the full article his target brokerage fee is $15K so it is not charity. He deserves the money, if he can get proceeds back in a clients hands he is doing good for the public.

  • Jim Eliopoulos on 2015-12-03 9:04:45 AM

    I like the fact that Ron gives folks whose circumstances are spiraling to a forseeable ugly ending...a chance at walking away with something.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions