Bankers Create Individual Loans Based on Trust and Assets for Premier Clients
By PAT BRODERICK

San Diego Business Journal Staff


Rancho Pacifica in Carmel Valley.
“The wealthy are going to do what the wealthy are going to do when the wealthy are going to do it.”

That is the mantra of Norma Nelson-Wiberg, the prominent branch manager of Private Mortgage Banking for Wells Fargo Home Mortgage in Rancho Santa Fe.

“They are not impacted by what they hear in the media,” she said. “If they plan to buy a house in the summer, they buy a house in the summer. If the market gets soft, they get a better deal. If not, they pay more. If interest rates get high, they have more to write off.”

But wealthy home buyers still need special attention, and this is what the private banker has traditionally done for them.

“Lending industries, like Fannie Mae and Freddie Mac, didn’t have a place for the self-employed, high-end buyer,” said Nelson-Wiberg, part of the bank’s wealth management team. “They were required to fit into a box.”

Michael Taylor, sales agent for Dougherty Taylor Premier Estates — Prudential California Realty, includes among his major markets ultra-posh Rancho Santa Fe and Del Mar. Last year, he said, about 60 percent of his transactions were in the $2 million-plus range.

“At the high-end level, it’s all about quality of personal service,” he said. “It’s like the difference between shopping at Kmart and going to Nordstrom. The private banker does the same thing.”

Trudy Stambook, a partner with downtown-based Centre City Properties, and a luxury real estate home specialist, estimates that she’s handled hundreds of millions of dollars worth of transactions during the course of her 27-year career.

“I’ve only had positive experiences with the banks,” said Stambook, who is a member of Seattle-based LuxuryRealEstate.com, a purveyor of high-end listings. “The banks and lenders that understand the high-end luxury buyer have been fabulous to work with, and have really provided invaluable service, not only to me, but also to home owners to achieve their goals.”

Lenders for the luxury-home buyers don’t only consider personal income, she said, but factor in their entire portfolios.

“For the seller, it’s not significant if the buyer is writing a check or someone is getting financing,” said Stambook. “It’s always cash to the seller in the luxury market. But to buyers, I find it’s their relationship to the lenders that is very important. There are so many programs and loans that can be structured to meet their needs.”

Relationship Banking

Echoing that sentiment is Michael P. Morgan, senior vice president at Wells Fargo’s Wealth Management Group in San Diego, who bills himself as “senior relationship manager” — which he considers to be the essence of private banking.