Less than 5% of financial small businesses are Black owned; Phoenix Mortgage Company shows success and growth during tough times
CHARLESTON, SOUTH CAROLINA, USA, March 30, 2021 /EINPresswire.com/ — Black-owned Phoenix Mortgage Specialist, Inc. is thriving amidst the Covid-19 pandemic. The Georgia based company is now expanding its services to South Carolina. “We are extremely excited to start servicing the wonderful residents of South Carolina,” says owner, Lucius Mack. “Homeownership is the gateway to creating generational wealth for American families. It’s the single largest asset most people will acquire their entire lives and we want to help dreams come true in every city in South Carolina.”
Phoenix recently received its South Carolina Consumer Credit License allowing it to operate both as a mortgage lender and mortgage broker in the state. According to economists, mortgage rates are falling drastically and consumers are taking advantage. Rates on 30-year fixed mortgages have recently dipped below 3 percent and it’s keeping Phoenix Mortgage extremely busy in Georgia, Alabama and now in South Carolina.
Growing a business hasn’t been easy for Mack. The devastating market crash of 2007 cost his first company, previously known as Diverse Financial Services, everything.
“It was heartbreaking,” reflects Mack. “We invested our entire livelihood into our business, and then it was destroyed.” That same tenacity to survive in 2007 is the same strength Mack now relies on. “It would have been easy for us to walk away and feel sorry for ourselves but we re-built. We re-named our company, Phoenix Mortgage Specialists, Inc. as a nod to the mythological bird, ‘The Phoenix,’ rising again from the ashes of the economic crisis.”
Of the nearly one million privately owned businesses, within the finance industry, less than 5% are owned by African-Americans, according to Census data. “I am deeply proud to be among the 5% of Black owners in this industry,” says owner Lucius Mack. “If little kids, particularly those who look like me, are inspired to work in this financial industry because of my work, then I am doing my part in society,” adds the husband and father of four.
During this economic downturn, Phoenix has been specializing in helping the under-served and often rejected buyers. “I was unable to close with several other lenders, but Phoenix got it done,” says new homeowner Shanae Bowles. From his company’s inception, Mack has helped thousands of families, with credit scores as low as 620, secure the American Dream. “While major lenders are tightening their strings during Covid-19, we deal with smaller lenders who are willing to be more flexible,” he says. And now that people are starting to receive their economic stimulus checks, Mack is encouraging people to invest in homes for their families.
For the second year in a row, Expertise.com has listed Phoenix Mortgage Specialists, Inc. as one of the Top 19 Mortgage Brokerage firms, out of 149, in the Atlanta area. Phoenix outpaced its competitors in all of the five major scoring categories.
Visit Phoenix Mortgage Specialists at www.phoenixmtgspecialists.com. For media interviews, or to book Lucius Mack as an economic, mortgage, or real estate subject matter expert, contact Tenisha@PerfectPitchMediaGroup.com.
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