Subprime Entrepreneur At It Again

Founder of EquiFirst starts new wholesaler

February 16, 2006

By PATRICK CROWLEY

So far Bradley has hired about 30 people — including four key executives — and eventually plans to have more than 200 employees, he told MortgageDaily.com.

“We’re bringing a new approach,” Bradley said. “Our whole goal is to make transactions paperless … with an online portal so mortgage brokers can get pre-approvals and full approvals and underwriting quickly and seamlessly online.”

“Our motto is ‘prompt, simple, friendly.’ Prompt with a decision, simple with no hassles and friendly service,” he said.

Bradley said the company’s system will be “good for customers” because it will provide “more choices, easier process and faster closings.”

The company is based in Charlotte but will add some regional branches “down the road,” Bradley said.

Senderra will handle mainly subprime and Alt-A loans. Bradley would not divulge his target for the company’s volume.

“We’re still refining our projections on volume,” he said.

Senderra is running help wanted ads on several Internet career and job sites. For instance on CareerBuilder.com Senderra is advertising for account executives and closers at $35,000 to $50,000 a year; a compliance manager at $70,000 to $100,000 a year; and a senior recruiter at a salary of $50,000 to $70,000.

Bradley said he has hired four top executives who bring more than 60 years experience from companies such as GMAC, Accredited Home Lenders and Wachovia Securities.

Bradley was trained as an accountant and dabbled in real estate. He founded EquiFirst in 1990 after working in the amusement park business. He sold it to Regions Financial Corp. of Alabama in 1998 for an undisclosed price. Bradley stayed on through the end 2004, and then took time off to ponder his next move.

He coached youth baseball, traveled to Africa to climb Mount Kilimanjaro and began talking to friends and investors about starting another wholesale mortgage company.

“This industry needs a new way to do business,” he said. “Our approach is to give brokers what they want, not what we want to sell them. We’re going to be high tech and high touch. Each broker will have a personal lender assigned to them. We’ll be available 24/7.”