WALDORF, Md. – Charles County has become the wealthiest American Negro community in the United States, surpassing the once leading county, Prince George’s. In their midst is a rising star and economic leader worthy of recognition—Troy Smith, Founder, and CEO of G1 Commercial Mortgage, a faith-based mortgage lender.
Today, Mr. Smith makes Maryland proud by being the first African American mortgage lender to have delegated underwriting authority over a $100 million warehouse line. His company, G1 Commercial Mortgage is a Direct Lender offering mortgage finance options to real estate investors.
As of 8:00 A.M. January 30, 2023, Troy Smith and team launched their Wholesale Mortgage Division, which consists of 18 Account Executives ready to serve mortgage brokers in 44 states. Today they offer an asset-based bank-alternative long-term mortgage product.
An Asset-Based financing program does not document the guarantor’s ability to repay the loan using income but affirms the collateral’s ability to generate cash flow and secure the loan. The company is committed to ensuring that people clearly understand their underwriting guidelines to remove the veil of uncertainty in most borrowing situations. Their underwriting philosophy consists of the 3 C’s:
Proudly powered by Christ Credit, Cash, and Collateral.
Credit: G1 assesses and analyzes the borrower’s credit report, housing history, and entity when providing a credit grading.
Cash: G1 performs an asset analysis to document the funds used for the down payment, closing costs, and reserves.
Collateral: G1 evaluates the property appraisal, title insurance, and property insurance to support the security for the loan.
G1 underwriters will evaluate many aspects of the loan but primarily rely on assessing the borrower’s credit history, cash capacity, and the ability of the collateral to secure the loan when predicting loan performance.
Troy and the team are also in the process of structuring a Private Mortgage Fund which will provide Hard Money financing for short-term bridge and rehab clients.
You can visit their website to learn more at https://g1commercial.com.
