John Aitken & Bryce Angell: Young lending entrepreneurs

In the space of three years, young entrepreneurs Bryce Angell and John Aitken have turned $20,000 and a credit card into a $12.6 million mortgage-lending business, Bryco Funding Inc.

Their downtown San Francisco office looks almost like a stock-trading floor, staffed by 20-something young men — of 135 employees in that office, 67 are loan officers whose average age is 27. They also have a 15-agent real estate office and a five-member South Carolina office.

The loan job appeals to people not afraid to take the risk of working on 100 percent commission, they said, though they provide benefits and hourly wages for officers, the latter of which comes out of their commission once they have sales.

“We’re very, very motivated,” Angell said.

The pair met while working as loan officers for the Mortgage Center in the East Bay. Angell, who’d already had a career as an entertainment lawyer and had his real estate broker’s license, realized that mortgages were earning him more monthly income than senior partners at his old firm. He saw even greater money to be made in opening up his own shop. He approached Aitken, a Bay Area native whose father owns the Peninsula Swim School in Redwood City.

“We had the most in common,” Angell said. “Second of all, he was the best salesman in the company. We both at that time realized we had the same goals.”

Their firm targets sub-prime lenders. To get it started, Angell moved in with Aitken, slept on the couch and convinced his credit-card company to up his limit from $10,000 to $30,000. They added that to their own $20,000. They had no other investors and made work calls with their cell phones. Angell convinced a bank to give them a $3 million credit line. Now they have $30 million to $40 million in warehouse credit lines available.

“When we call up [a potential mortgage buyer in a cold call], we can say, ‘We’re the lender,’” Aitken said.

To find the best talent, the pair are willing to hire loan officers with no experience in the field but who demonstrate sales skill, and then put them through intensive “Bryco University” training and pair them with high-earning mentors. Sales is a demanding profession, Aitken said.

“Your whole character’s put on the line every single day,” he said.

The pair also provides good earners with a manager training program, enabling them to become “team leaders” of other lenders, earning a percentage of their commission.

The pair hope to go public within a few years. The company recently was approved to lend by the federal Department of Housing and Urban Development, enabling them to lend in all 50 states.

kwilliamson@examiner.com

businessBusiness & Real Estate

Just Posted

ose Pak and Willie Brown at an event in 2014. 
Rose Pak and Willie Brown at an event in 2014.
Willie and Rose: An alliance for the ages

How the Mayor and Chinatown activist shaped San Francisco, then and now

San Francisco supervisors are considering plans to replace trash cans — a “Renaissance” garbage can is pictured on Market Street — with pricey, unnecessary upgrades. (Kevin N. Hume/The Examiner)
San Francisco must end ridiculous and expensive quest for ‘pretty’ trash cans

SF’s unique and pricey garbage bins a dream of disgraced former Public Works director

Giants right fielder Mike Yastrzemski is pictured at bat on July 29 against the Dodgers at Oracle Park; the teams are in the top spots in their league as the season closes. (Chris Victorio/Special to The Examiner)
With playoff positions on the line, old rivalries get new life

Giants cruised through season, Dodgers not far behind

Golden Gate Park visitors may take a survey about options regarding private car access on John F. Kennedy Drive, which has been the subject of controversy during the pandemic.<ins> (Kevin N. Hume/S.F. Examiner)</ins>
Your chance to weigh in: Should JFK remain closed to cars?

Host of mobility improvements for Golden Gate Park proposed

Drivers gathered to urge voters to reject an initiative that would exempt Uber, Lyft, and other gig economy companies from state labor laws, in San Francisco in October 2020. (Jim Wilson/New York Times)
What’s the role of unions in the 21st century?

As membership declines in California, economic inequality increases

Most Read