Loan Originations Exceed $23 Million at West Central / despite Low Home Sales

Article excerpt

Despite sharply lower home sales and building permits in the area, the newly formed West Central Financial Corp., 3030 NW Expressway, has handled $23 million in loan originations in the metropolitan area alone since the company was founded in January.

According to Henry Potts, owner and president of the company which was established to provide complete financial services to home owners and builders alike, three other West Central offices have been opened in other cities this year - in Norman, St. Louis and Austin, Texas.

The total in loan originations for all four offices amounts to $40 million so far this year.

Despite all the "upstart charges" necessary to get the company in operation, including a $200,000 loan, Potts said West Central has shown a net profit this year of $50,000.

Agreeing that it was somewhat unusual for a new company to begin three new offices in other cities in the first year, Potts explained the circumstances were just right for him to acquire offices inNorman, St. Louis and Austin.

"I fell into the situation where I was able to buy those three offices from other mortgage companies that weren't doing so well," explained Potts.

He added that through his and his staff's work the Austin, Norman and Oklahoma City offices began showing a profit just within the last few months. …


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