OCR Text |
Show The Enterprise Review , July 21, 1976 Page 9b Lenders Attracted to Utah Six national mortgage com- national mortgage companies in Utah does not change the base of capital flow. I think the impact of the increased number of mortgage companies here will be increased competition. and asserted thats good, Hoyt eatate market, explained Wimer of Bettilyon Mortgage Gary Jorgenson of Sherwood Loan Co. Before it was hard and Roberts, Inc., a Seattle to get financing," he said. based mortgage company. Now' more money is availTo date, Utah has had able. It helps the local very good laws for both bor- economy." rowers and lenders, adds Competition does not John Schumann of Surety Life change interest rates, Where Califo- Jorgenson said. It does force Mortgage. rnias usury law places a 10 keener competition in servicpercent maximum interest ing and handling loans. And it rate on the lender, Utahs law may bring discount points allows 18 percent interest on down a little. That, in turn, commercial loans, he said. could reduce profits for mortgage companies, he added. He speculated Utahs Creditworthy Utahns are very credit- saturation point for mortgage worthy borrowers. They pay company growth will be nottheir debts, and they exper- iceable when smaller companience good appreciation in ies are forced to quit because of competition over discount property, he added. Utah's natural resources points. One lender noted that is yet another reason for Denvers market has already national lenders to establish felt the pinch of an overloaded Smaller companies offices here, Schumann con- market. Investors believe are being forced out of busitinued. coal will become a major part ness because discount points of the Utah economy within are too low, he said. ten years, he stated. Utah has always been a Larger Chunk of the Pie state. Importing capital-poo- r as we do, 70 percent of our Already, in Utah, two or dollars from outside the state, three companies are getting a Schumann said present of larger share of the business than most, noted Jorgenson, because they are more aggressive than the others. Usually, when a mortgage company begins to lose its share of the market, it becomes more competitive, he New Corps. Realtors Note Weekly panies have moved to Utah during the last six years. In addition, three new local companies have emerged. Salt Lake has demonstrated a tremendous rate of growth and stability in the real tion, 58 W. Cntr St., Logan, Ut. 84321, DIR: Kenneth O. Sorensen, 367 E. 7th S., Logan, Ut. 84321; , Merlin Eliason, 207 W. 2nd N., Logan, Ut. 84321; Gordon Haws, 173 E. 3rd N., Logan, property management Ut. 84321. In the business of business. originating, purchasing, sellInc. Motor Club, ing & servicing loans. 175 S. Main St., SLC, Ut. 800-S- t. George Finance, Inc., 84111, DIR: Sherwin Arnst, 10 747 E. St. George Blvd., St. S. LaSalle St., Chicago, 111. George, Ut. 84770, DIR: Don 60603. To engage in the motor L. Ipson, 665 S. 500 E., St. club business. George, Ut. 84770; Ronald W. 799 Bounty Service Corpora Continued on page 12b Properties, 920 Boston Bldg., Sic, Ut. 84111, DIR: John 333 Hegenberger Rd., Oakland, Ca. 94621; Douglas M. Kelly, same add.; Robert J. DeMonte, same add. In the Lie-Nielse- n, 798-A.A.I.- B. -- Business Licenses said. Wimer commented that many mortgage companies are not actually independent mortgage firms, but rather spin-off- s of large banks or These savings and loans. companies can make many loans the independent mortgage company can't make, because they have a ready source of capital, Wimer . said. Six years ago the Lomas & Nettleton Company moved Two years later to Utah. Amfac moved here from Portland, and in 1973, Sherwood and Roberts joined the Utah market from Seattle. Within the last two years three more national and three local mortgage companies have emerged in Salt Lake. Advance Mortgage, subsi-dairof Newr Yorks Citicorp, 10 DURING THE MONTHS DISCOUNT OF JULY AND AUGUST. and Glenn Justice opened a Salt Lake office in August, 1975. In April, 1976, Colwell Company joined their ranks. Three local companies, Lombard, Wasatch and American Home, have opened their doors in Utah since 1974. VOID 12573-Maizner-Dai- Enter- ly prises, 5111 Cottonwood Lane, jewelry sales. Glaus Baker', 1318 Foothill Blvd.; retail outlet. Francine Torres, 376 No. 200 W. No. 1; solicitor of amway Highland Dr.; restaurant. n Distributing, 3278 Nutmeg; food storage products. 12305-Th- e Stumble Inn, 3110 S. State; tavern. 12374-llair- s & Wears, 3068 Highland Dr.; beauty shop. production. New County Licenses 10738-Budd- J Hollow Inc., 6121 11869-lIar- e 12214-Anderso- 12422-Internation- Health al Studio, 3450 S. Redwood Rd.; Drive Thur No. ys Ron Stacey Engineering &, 3768 Pacific Ave., Ogden; contractor. 12562-- massage health studio. Fish & Chips Childrens Chowder House, 4888 S. RedS. 2nd E.; pre- wood Rd.; restaurant. Center, 3868 12510- - Ernest M. Fedor Conschool. 12541-E&- J Grounds Mainten-anc- struction Co., 4821 Yorktown 3540 S. 1300 E.; yard Dr.; construction. 12511-Sev- y maintenance. Realty, 4392 S. 12545-Z&Mobil Service, 900 E.; real estate. Construction Co. S. 4180 5869 W.; auto service. 125 12548-K&Marine Special- 5824 S. Jordan Canal Rd.; ists, 3782 Highland Dr.; mar- construction. Construction ine equipment. 12552-O- n RFD Co. No. 4 Box, the Spot Upholstery, Inc., 2527 S. Chesterfield St.; auto Ogden, Ut.; construction. 4, 3135 E. 3300 S; 12134-Montesso- drive-in- 12504-Skippe- n. rs ri e, C 19-Ang- le M 12525-Boucho- upholstery-mobil- rd Electronics, 3133 Seat Covers Inc., S. Maple Way; sales & service 12533-MD- L e. 12567-Alc- o 2358 S. Redwood Rd.; mfg & 12538-Dead-Lock- installation. 500 E. No. 6; , 3440 ed S. locksmith-mobil- e Residential sales for week ending July 16, 1976: 159 properties sold for $6,279,851 . 3 Commercial (business): sales for $390,550. Apartments and duplexes: 17 sales for $915,000. Vacant lots: 7 sales for $362,090. Total sales 186 sales for for week: $7,947,491. AFTER SEPTEMBER 1ST. (loeivcfi iVHADUMG PHOTOTYPESETTING PQQC3flb analysis. Hie Gift Shop, 447 S. West Temple; retail gifts, wood placks, ask trays, souvenir key chains, etc., scarfs. Orange Julius, Trolley Square retail soft drinks. ...To see that 25.000 youngsters get first-han- d exposure to careers in the community each year? ...To answer more than 1,600 inquiries each month seeking statistical, economic and tourist information about Salt Lake? ...For spearheading downtown improvements which include the First South and Main Street beautification projects? ...For arousing public opinions on such issues as Common Situs Picketing, Clean Air Act Amendment, metrication, crime prevention, low-incom- MM 12568 Televac Computers, 4835 Highland Dr.; computer Sales ON PRINTING AND PHOTOTYPESETTING OFFER y moved here in November 1974 K BRING THIS AO IN FOR A New City Business Licenses 322-3414- 17 e housing, energy and water resources? ...For hosting and the Salt Lake visit of The Freedom Train. Russian Cosmonauts, Sister Cities Program with Matsumoto officials, business and "Washington" dialogues. communication and sales management seminars? ...For uniting the entire state through cooperative programs in economic development, local chambers of commerce and community development? The Salt Lake Area Chamber of Commerce! (Alone and in conjunction with other civic organizations) Shouldn't you be a part of this organization? action-oriente- d 255 West 800 SouthSolt Lake City, Utah FREE PICKUP AND DELIVERY Salt Lake Area Chamber of Commerce 1 19 East 2nd So. 364-363- |