Mortgage Banker Spotlight: Jim Mulvihill
Mortgage Banker Spotlight: Dan Phelan
Jim Mulvihill joined PSRS in 1990 and currently holds the title of Principal. He attended San Diego State University where he received his Bachelor of Science degree in Civil Engineering. Mr. Mulvihill has been an active supporter of the Challenged Athletes Foundation for almost twenty years, is an avid cyclist, and is frequently involved with a variety of industry groups and events. Continue reading below to explore where Jim’s deals come from, examples of notable deals he’s done, and why he joined PSRS in the first place:
Where are most of your deals coming from?
My deals come from a variety of sources: earned relationships, repeat clients, referrals, as well as reaching out to new prospective customers. In each case, I’ve earned the trust and confidence of the client through a long-term commitment to not only source and close the loan, but also to service the relationship during the term of the loan. That way it can be refinanced when there is a market opportunity, or at maturity.
My 30 years in the business have focused on taking the long view; take care of the customer, the borrower, and the lender, and in doing so, create relationships that go beyond a single transaction. I am pleased that I have been able to retain so many satisfied customers who often start the conversation, before I do with, “Hey Jim, can you help us secure financing for . . . .”
Who do you prefer to do business with?
I take a great deal of satisfaction in every deal that I complete, securing loan placement opportunities for my lenders and financing solutions for my borrowers. My personal interest, as if I were a stakeholder, allows me to take the view of the customer, anticipate and solve problems which may arise, while contributing the resources I have created through my 30 years of industry experience. I contribute to the success of my clients and in response clients often return with the next financing requirement, or the opportunity to recast an existing one. This approach connects me to relationship-oriented customers who appreciate this extra level of service, and these are the customers that I prefer to do business with.
What are examples of notable deals that you’ve done?
I enjoy the challenge that each new deal brings and look forward to furthering the business relationship or even friendship with those involved. I believe that there is a team effort on each transaction, and as such I prefer to be a leader on the winning team! This “team effort” has helped me to generate some real “wins” where I have contributed to a client’s success in winning an acquisition bid, meeting a difficult deadline, and/or creating a substantial profit by assisting the client with executing their business plan.
Recent notable deals include: (i) $30 million for a multifamily development with both conventional construction debt paired with mezzanine debt, to allow the developer client to maintain 100% ownership of the asset, (ii) $17 million for a medical office development for the construction of a new building where the loan rolls from construction to permanent while maintaining the sub 5% interest rate fixed from day one, and substantial pre-payment flexibility, and (iii) a 5-building acquisition and reposition loan where we secured 2 long-term assets with above-market leverage debt of $50 million, allowing the 2 of the 3 remaining assets to be re-sold post-closing and thereby returning borrower equity plus a profit from the sold assets, and still have the 3rd asset held debt free.
Why did you join PSRS?
I joined PSRS in 1990, a time when commercial real estate was in a down cycle, and the PSRS team was working hard for our customers to navigate through these challenging times. As a civil engineer turned general contractor, I was asked to shift gears from new construction to instead tackle many lender REO properties that needed to be recycled after diagnosis, repair and recovery, to maximize value under difficult market conditions. After 8 years and nearly 4 million SF of asset recovery, reposition, and/or disposition, our company exited that market to return to its core competency; to originate and service commercial real estate mortgages in a re-stabilized market. With the new mission, came my new position, to create relationships and value through originating new commercial mortgages; today we have over $1.25 billion in annual mortgage production and a loan servicing portfolio of over 1,000 loans ($6.2 billion outstanding) of which I have been one of the top producers for many years.
- Non-recourse financing
- Lock rate at application
- Terms – Floating Rate to 40 Year Fixed
- Minimal to no reserve structure
- Current servicing portfolio of $5.5 Billion – Fast servicing decisions
- Nationwide coverage in the US on all commercial and multi-family real estate
- Loan sizes from $1 Million to $100 Million+
Founded in 1972, Pacific Southwest Realty Services (PSRS) is one of the largest privately-held commercial mortgage banking firms in the Western United States. Our funding sources include major life insurance companies, banks, credit companies, CMBS and institutional investors.
Access to diverse capital sources insures a high level of success in arranging commercial real estate loans, apartment loans, mezzanine loans, and equity transactions that our clients have come to expect. Our long-term lending relationships give us greater latitude in solving problems and closing loans in a timely manner. After the loan funds, our experienced, in-house servicing team handles many issues such as assumptions, lease approvals, payoffs, insurance and many other similar matters.