THOUGH RPM MORTGAGE OPENED ITS BENICIA BRANCH at 376 First St. about two weeks ago, the company is celebrating its official grand opening May 23, branch manager Guy Benjamin said.
“We have timed the grand opening to coincide with the farmers market,” Benjamin said.
That should get the new branch plenty of attention: Its office is on the corner of First and D streets at the entrance of the weekly Thursday event.
For Benjamin, the new venture is “really a natural progression of my personal journey.” In 1987, he sought a career move into real estate, and “in every conversation, the topic of lenders would inevitably come up,” he said.
He said he kept hearing there were too few reputable, knowledgeable and hard-working lenders, “so it seemed there was a need and I became a lender.” He rose from loan officer to co-owner in a small company in Vallejo.
At the market collapse in late 2007, Bank of America hired Benjamin to build a new division specializing in reverse mortgages, managing the Bay Area operation until 2011. While California properties had been seen as “can’t-miss,” he said, “the crash has rightfully scared many, and folks are a lot more cautious now than before.”
But he said now many qualified buyers have been looking to purchase homes, while few homeowners want to sell.
Benjamin said he returned to local real estate as a loan officer until opening the Benicia branch of RPM with a staff of four. He said he expects the office to grow about 25 percent in the next five years.
“When I decided to return to retail lending, I had a strong sense that Benicia needed additional lending resources, and it has been my goal since 2012 to open a branch of a reputable mortgage banker in Benicia.”
In assessing the current real estate landscape, he said, “This shortage of available properties is driving values up quickly, and that is scary for many. I try to keep it in perspective by looking at where we were at the peak and where we are now. Affordability in real terms is at an all-time high.”
He said only a spike in rates or an economic catastrophe would derail the recovery.
“Given these reasons, I feel we’re in a good place at the moment,” he said.
The open house will be from 4-7 p.m. Thursday, May 23, at RPM Mortgage Benicia, 376 First St. Refreshments will be served, and those stopping by will have a chance to win an iPad mini.
The Benicia Herald’s weekly Benicia Business Beat column is an opportunity for local businesses and companies to tell our readers about such news as moves, grand openings, awards, promotion of employees, staff changes and changes in goods and services.
Submissions need to answer the questions who, what, when, where, why and how, preferably in the body of an email, and provide contact information.
Deadline is 3 p.m. Friday for news items that will appear in the next Tuesday edition’s Benicia Business Beat. Please email news releases and accompanying high-resolution photographs and logos to beniciaherald@gmail.com, and put “Attn. Business Beat” in the subject line, as well as the name of the business.
The Benicia Herald also appreciates area companies’ advertising patronage. For advertising services, call 707-745-0733 or email adsbenicia@yahoo.com.
— Donna Beth Weilenman
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This is all very exciting but just what is there to take in at an open house for a mortgage company
Coffee and cookies?
I’m there !!!
We’ll have much better refeshments than coffee and cookies.
I have a question for you Guy. Is your business based on walk or drive by traffic?. Would you and other like business be better of in a financial business park or sector of the city that is devoted to that type of business?. Now I do know in years past many downtown business areas were very diverse. From men, womon.dept stores, chain spec stores and drug stores. Along with soda fountains, lunch counters, liquior, magazines, bail bonds etc.. But that was in the past and they all served a purpose on a single street downtown area.; I do believe that First Street is a a pure retail street and not a small town business section from 1930/60. It should be devoted to retail sales tax business only. We are in a different world than 1930/60. This city must change the rules. Sorry Guy this is not a statement picking on you. Just an updated sales tax approach to the success of First Street. Now I do hope you can prove me wrong and explain why your type of business will bring in added retail sales tax. .By the way how much sales tax would your business bring in?: Just a thought.
Why should private property owners have maximizing sales tax as a major consideration?
What salaries are paid in the financial services industry? Who pays higher wages, a realtor or a restaurant?
Would you encourage your kids to pursue opportunities in an industry based on tourism or professional services? Retail is great for politicians who spend sales tax receipts. Not so great for the minimum wage earners that retail tends to support.
According to another recent article in the Herald, Diwntown Benicia Businesses want to have a motorcycle weekend on First Steet. The reporter states that motor cycle enthusiasts make in excess of $100,000 and spend $1200 per day. Who believes that the average biker makes mare than the average Benician? Who believes that a biker spends $1200 per day when at a motorcycle show? Who wants more transients visiting more tattoo parlors
and fewer people looking for homes and mortgages?
First, I won’t even waste 2 minutes of my time, checking your figures on income and spending by the average “biker”. I will say that the average new Harley Davidson sells for between $15,000 and $20,000, and the parent company, Harley-Davidson, Inc., is selling these bikes at a pretty good pace. The stock (HOG) has nearly doubled in price from a year ago, so someone is buying them. Maybe we should think about a Harley dealer downtown? I am curious, however, why out of one side of your face you call said event-goers, “motorcycle enthusiasts”, then turn around and refer to “transients visiting tattoo parlors”?
By the way, neither a mortgage company, nor a tattoo parlor will run away with any foot traffic figures,
or repeat customers.
The city is trying to make First Street a destination. Financial service type of business are not destination type of business. All types of business have the lower end and the upper end of wage earners. Do you think a receptionist at a morgage company is a high paying job or a bank teller. All types of business have many support folks that are not high paid employees. In many cases they are entree level positions with an opportunity to build a career or a job while trying to get a college degree. Tom sales tax, house taxes is what support this city, county, state and for sure the federal government. Do you have a better way. All business can be part of the city service make up. But at the same time should be placed where they will do the most good and offer better opportunity for all types of business . As and example: Antique Row, Financial Services Center, Professional Services Center {Doctors, Lawyers etc.}. I do believe the city is moving in that direction but is not there get. It will be a good move for all. Until then we will live with what ever goes into a vacant building.
Actually there is a synergy that occurs when you have a mix of businesses in a downtown area. My buisiness benefits the retail and restaurants downtown as when prospective residents come to my office they get to see all the wonderful things happening down here. In addition, you would be surprised how many folks live in Benicia and never come down to First St. Once again, when they come down to my office they see all the activity downtown and then return to visit our shops etc. So in fact my business is a draw that does help the downtown overall. Not in a big way like say a Walmart, but then again, do we really want a Walmart downtown? It is really about balance, as it stands today, the limited amount of professional service businesses downtown do not have a negative impact on the core of what is happening down here. Just imagine how many vacant store fronts would be here if we were all forced to leave. Would that be a benefit to the area? As far as my office is concerned, this partivcular spot has been an office location for as long as I can remember, so it’s not like we displaced a merchant.
Guy they come to your office for one reason only. It is not a daily or weekly need. A city of 28,000 and you think a mortgage office is a big draw. Most folks only use mortgage as needed. A retail store will get repeat business all the time. Retail stores is what brings the folks downtown. One could say that the fact that there are far two many financial offices downtown is a good reason not to go downtown. The need to use these business is limited where as retail could be a daily and weekly need. The more diverse retail stores on First Street the better off all other retail stores will be.