Member of the week: Jeffrey Loyd, Mortgage Broker

Jan 12, 2007

Our member of the week is Jeffrey Loyd. Jeffrey works as a mortgage and real estate broker. A look through Jeffrey’s website will give you an idea of the numerous services he provides. Jeffrey has a wonderful section on how mortgages work, including a mortgage glossary, a mortgage calculator, a checklist for those seeking a mortgage, and much more. To learn more about Jeffrey, check out his blog and his profile.


1. What has been your most interesting project?

My most interesting project is one that I’m currently working on. It’s obtaining the financing for the coop conversion of a beautiful building in the landmark section of Brooklyn Heights. This is challenging because of the need to have financing for some renovations and the ability to pay down the mortgage substantially so as to not overly burden the buyers with a high maintenance. Once I accomplish this, I’ll be able to market the properties as a Real Estate Broker, so this is going to be a very hands on project for me.

2. Why did you decide to go freelance?

I decided to go freelance because I felt that as a Mortgage Broker and Real Estate Broker, I could better service my clients by remaining independent. If I worked for one bank, all I’d have to offer my clients would be what my bank offered, and that would not be in the best interests of my clients.

3. What tip would you give to a new freelancer or someone who is considering going freelance?

The best tip that I can offer, is to have some savings to cover you during those initial start up months. It’s hard to get business while juggling to pay the rent. You just won’t be able to concentrate enough, I think. It’s best to have 6 months reserves, 3 months minimum. Other than that, I suggest setting yourself up to present yourself the most professionally. Get a fax, or efax, get your own domain for email, if not a website. Don’t miss an opportunity to brand yourself, and always work on your elevator speech. An elevator speech is that sentence or two that instantly tells another person what you can do for them.

4. What is your favorite spot in the city in which you live?

New York City buildings are what I enjoy the most. My favorite is the Woolworth Building.

5. What is your inspiration? It’s hard to define my inspiration. I get a lot from others in my business, watching what they do--both good and bad. One of the people I find inspiring is Tamir Sapir, who started in New York City as a taxi cab driver and through hard work, grit and intelligence has put together a portfolio of more than 7 million square feet of prime commercial office space in Manhattan, including 11 Madison Avenue.