So the Mayor's mortgage represents 4.3% of total loans.
Ask yourself, what percentage of your banks TOTAL LOANS (mortgages, car loans, business loans, equipment finance, HELOCS) is your mortgage?
The bank's website does not even list loans as a product. It just has a link called "Lending" that states:
Please call 850-455-7351 and ask for the Loan department for information. Thank you!
A review of Clerk of Court data for Hayward's Bank's mortgage modifications similar to the Mayor's interest only modification shows since the Mayor took office, the Bank has done 84 mortgage modifications. Most were these types of interest only loans.
In fact, 4 modifications have been done for the Mayor. 4.7% of all modifications.
Modifications such as the Mayor's have been done for several prominent business leaders as well as numerous modifications for AMFI and Five Flags banking group executives and employees.
In fact, a review of modifications like Hayward's reflects approximately $10,000,000 of the banks $23,000,000 in total loans are under the just this type of interest only never pay down your principle arrangement. (43%)
The $10,000,000 covers approximately 25 loans. So 25 loans are 43% of all the money the Bank has loaned out as of September 30, 2017. The Mayor's loan is approximately 9.8% of the present total under the interest only program.
The Mayors modified mortgage is the fourth largest interest only mortgage the Bank has.
- One is a high net worth business leader who sits on another related banks Board of Directors. Their estimated net worth is $ 5-10 million.
- A prominent local pediatrician with 44 years of practice. Their estimated net worth is $ 5-10 million.
- A retired insurance executive. Their net worth is estimated at $ 5-10 million.
- Salary - $100,000 and could be unemployed this year. Spouse's finances unknown.
- Underlying house listed for sale for 8 consecutive years. List price is $367,000 over the estimated value of the home.
- Real estate "development" the Mayor is a partner in owes the Bank's affiliated insurance company $4.8 million for a property with an estimated worth of $ 1.4 million.