Historically, in Monroe county, New York, there have been between 25 to 30 mortgage broker operations. These are clearly the competition for our business. We feel confident that Real Estate Funding Solutions will be able to do well in this competitive landscape because the size of the local pie is large enough to enable our firm to be profitable without having to fight for its market share too aggressively.Additionally, the total housing stock of residential property is about 260,000 homes. This includes single family homes, 2 unit, 3 unit and 4 unit properties.
Additionally, the total housing stock of residential property is about 260,000 homes. This includes single family homes, 2 unit, 3 unit and 4 unit properties. Even given 30 mortgage broker shops in Monroe county, that housing stock numbers implies that there are at least 8,600 units of property that can be financed by each mortgage broker. Even if 100 of these 8,600 units were to require a financing solution every year, there would still be plenty of business to go around for all the mortgage brokers of Monroe County, New York.
Further, we believe that both Ryan Armstrong and David Chen will be able to build a steady business because they both have substantial experience in the real estate financing business.
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