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High-end mortgage company expands amid cutbacks
By Scott Miller
Staff Writer
As other lenders are closing their doors, one mortgage company has just expanded its presence in the Lowcountry and in North Carolina.
Bradford Mortgage Co. never bet on the subprime lending market, said co-CEO Brad Church.
Now, thanks to a strong and solid loan portfolio unscarred by foreclosures, the company is expanding operations rather than laying off employees like so many of its brethren.
Based in Winston-Salem, N.C., Bradford Mortgage recently opened an office on Bowman Road in Mount Pleasant and hired eight workers. Bradford also has an office in Charleston.
“There’s been a lot of pressure on us to go to that (subprime) market, but I’m glad we stuck to our guns,” Church said. “It helped us get through a tough time when that market unraveled. We didn’t have any problems with bad credit or bad loans.”
Several companies have scaled back their South Carolina operations as home- owners fall behind on payments and enter foreclosure.
• Bank of America closed an office in Florence County in January 2007, leaving 105 people out of work.
• Wells Fargo Home Mortgage laid off 252 employees at its Fort Mill office in April.
• Nexsen Pruet Closing Network, a real estate closing firm, closed a 15-employee Rock Hill office in April.
• Washington Mutual cut 50 jobs at its Florence office in October.
• NetBank laid off 281 people before closing its Columbia office in August.
“We’re concerned about it,” Church said of the slowing market, “but our volume is growing.”
Bradford specializes in the high-end market. Founded in 2002, the firm was mainly selling mortgages for second homes. The company has since expanded its product line, Church said, and now has a number of offerings for first-time home buyers.
The company also has focused on hiring experienced lending officers with established clients. All eight employees at the Mount Pleasant office have at least five years of experience in the Charleston real estate market, Church said. Two have 18 years’ experience.
“If we were to hire brand-new people, it would be very tough,” Church said.
Scott Miller is a Business Journal staff writer. E-mail him at smiller@setcommedia.com.
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