Why L.A. Is Becoming a West Coast Anchor

Draper and Kramer Mortgage Corp. has opened its first California office in Los Angeles. As the second largest metropolitan in the country, Los Angeles was the mortgage companies first choice for a West Coast expansion. We have seen a handful of firms choosing Los Angeles as an anchor location in California or on the West Coast, and asked Paul Lueken, CEO of Draper and Kramer Mortgage Corp., why they found the market so attractive.

“Los Angeles is not only the second largest city in the country, but it represents a very diverse group of people,” Lueken tells GlobeSt.com. “We believe this is a mortgage company's ideal location to be in because of the vast diversification of the community. We feel we will be able to serve the community well with our wide range of product options.”

Draper and Kramer have been licensed to provide financing in California since 2005, but this will be the firm's first office in the state. It already has an office on the West Coast in Portland, OR. “We have wanted to expand to California for quite some time, however, we are a company that builds around people and not just location,” says Lueken. “We needed to find the right person to help us grow this market, and we found that person in Tim Hardaway. Tim has great credentials and will be an anchor in allowing us to grow not only in the Los Angeles area but the entire state.”

Lueken has high expectations for the office in its first year. He anticipates $200 million in production out of the office in the first year.  “We like to staff our offices with about seven to ten loan officers averaging about $20 million each in annual production,” he says.

While Los Angeles was a key expansion market for the firm, it has additional expansion plans for the West Coast and other parts of California. “We do plan on growing in other areas of the state but not until we get this first office up and running,” he says. “We are a company that has been around for over 120 years, and we like controlled growth. Once the new originators are comfortable with our policies and procedures, we will be looking for the next solid branch manager to take us north or south as we grow within California.”

Draper and Kramer Mortgage Corp. has opened its first California office in Los Angeles. As the second largest metropolitan in the country, Los Angeles was the mortgage companies first choice for a West Coast expansion. We have seen a handful of firms choosing Los Angeles as an anchor location in California or on the West Coast, and asked Paul Lueken, CEO of Draper and Kramer Mortgage Corp., why they found the market so attractive.

“Los Angeles is not only the second largest city in the country, but it represents a very diverse group of people,” Lueken tells GlobeSt.com. “We believe this is a mortgage company's ideal location to be in because of the vast diversification of the community. We feel we will be able to serve the community well with our wide range of product options.”

Draper and Kramer have been licensed to provide financing in California since 2005, but this will be the firm's first office in the state. It already has an office on the West Coast in Portland, OR. “We have wanted to expand to California for quite some time, however, we are a company that builds around people and not just location,” says Lueken. “We needed to find the right person to help us grow this market, and we found that person in Tim Hardaway. Tim has great credentials and will be an anchor in allowing us to grow not only in the Los Angeles area but the entire state.”

Lueken has high expectations for the office in its first year. He anticipates $200 million in production out of the office in the first year.  “We like to staff our offices with about seven to ten loan officers averaging about $20 million each in annual production,” he says.

While Los Angeles was a key expansion market for the firm, it has additional expansion plans for the West Coast and other parts of California. “We do plan on growing in other areas of the state but not until we get this first office up and running,” he says. “We are a company that has been around for over 120 years, and we like controlled growth. Once the new originators are comfortable with our policies and procedures, we will be looking for the next solid branch manager to take us north or south as we grow within California.”