Send the link below via email or IMCopy
Present to your audienceStart remote presentation
- Invited audience members will follow you as you navigate and present
- People invited to a presentation do not need a Prezi account
- This link expires 10 minutes after you close the presentation
- A maximum of 30 users can follow your presentation
- Learn more about this feature in our knowledge base article
Do you really want to delete this prezi?
Neither you, nor the coeditors you shared it with will be able to recover it again.
Make your likes visible on Facebook?
Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.
Atlanta Home Loan
Transcript of Atlanta Home Loan
- Initial investment of $40,000
- Operated the company from his home Summer 2002 - Company grew rapidly
- 4 telemarketers and 8 loan officers who all worked from their homes
- Established banking relationships which allowed clients to borrow at wholesale rates
- Rates varied according to client FICO scores The Company - Leads were bought from list brokers
- Telemarketers called people on the lead lists to assess their interest in refinancing
- The lists were then passed on Al who distributed them to the loan officers
- Loan officers helped with the applications and ordered an appraisal and credit report - Admitted for EMBA in California, Al had several options for AHL
- As the company was appraised for
$600,000 and was continuing to grow, he decided to find someone to operate the
business in his absence Back to School
- June 2002 A Partner- July 2002 - Impressed by Joe's sales ability and being people oriented, the two reached a verbal partnership agreement
- Joe would invest $8,400 and be entitled to half of the profits
- Al soon found out Joe was irresponsible and terminated the agreement while appointing a new manager that lasted 3 days prior to rehiring Joe A New Partner and licensing agreement
- Sept 2002 - As Joe neglected his responsibilities once again, Wilbur, an acquaintance of Joe, was then hired and given the use and privileges of AHL until Al returned - While continuing to monitor the business, Al came to a dispute with Wilbur in the hiring for additional processors Monitoring from California- Late Sept - Wilbur soon used the signed cheques that Al left to Letitia to write $11,700 of themselves
- Despite Al attempting to prevent this, Wilbur managed to release the stop payments and cashed the cheques Subsequent Events - Al attempted to terminate the entire staff of his company but failed to do so
- Citizens Bank & Trust (CBT) requested for no documentation and enabled Wilbur to transfer the funds from AHL's corporate name to this new account Aftermath 1 - Police and FBI gave the case little attention due to the small amount of money involved
- Al had lost his business while Wilbur had further filed for a warrant for Al's arrest Aftermath 2 - Al had lost at least $15,000 in licensing fees and was forced to revoke AHL's mortgage banking license
- Incurred bills that he was unable to pay and resorted to selling his home Finale Group A
Chan, Kwan Yiu Kevin