His first business, largemortgageloans.com, arranged jumbo home loans for London real estate, helping him build relationships with high-net-worth clients. He said he had to sell his car and house to fund the company and slept in the office for the first year. It now handles finance inquiries of more than 2 billion pounds annually, according to its website.
After brokering mortgages for 17 years, Welch discovered there was a market for loans on others items. So he began negotiating with banks to provide these to his clients, too, and said he now has relationships with 300 banks worldwide.
“Wealthy people will always borrow money,” said Welch. “If you’ve got $10 million, you could have a nice jet, yacht, home and a holiday home with 60% leverage across all four assets. You just put a couple of million in each and your money goes further.”
This article was provided by Bloomberg News.