West Bloomfield partners open Farmington Hills mortgage biz

With an increased demand for refinancing and new home loans, a group of West Bloomfield residents last year launched their own mortgage broker business, Estate Financial, in Farmington Hills.

Estate Financial
Estate Financial partners are (clockwise from top left) Amaan Siddiqui, Marcus Dikhow, Julian Denha and Tristan Denha. (contributed photos)

While the pandemic has them working remotely, Estate Financial partners maintain an office at 32000 Northwestern Hwy., Ste. 130, in Farmington Hills for customers who prefer to meet in person.

Jon Aldred for Farmington Hills City Council

Founders Amaan Siddiqui, 24, Marcus Dikhow, 25, Julian Denha, 27, and Tristan Denha, 24, have backgrounds in the mortgage industry, hotel/hospitality, commercial real estate, and accounting/finance.

Demand high for mortgages

Julian Denha said demand is especially high for refinancing services, and Estate Financial’s founders saw that as an opening to enter the market.

“We decided that with rates this low, we should open up our own shop. Companies are out there charging such high overhead,” he said in a press release. “We decided Estate Financial could come into this market and treat it like the Walmart of the mortgage broker industry: Increased volume with reduced fees. We don’t want to refinance just to make money. We want to get everyone into the best loan possible for the long term.”

Estate Financial began operating based strictly on referral business, but in just a few months, has processed over 50 refinances and 20 new home loans.

“Now, it’s gotten to a point where we’re referral-based because of how we do business, not just who we know,” Dikhow said.

Digital shift

Estate Financial offers an online application and instant decision, with a quick follow-up from team members. The company now employs 18, with remote workers in other states and more hires expected this year.

“We fully embrace the digital shift in the industry, and also stay in touch with borrowers on a daily basis,” Siddiqui said.

“By the end of 2021, we will see how COVID affects the economy. The housing market is still expensive, and houses are over-inflated,” Dikhow said. “The Fed is keeping rates low for now to stimulate economy, but later this year rates may go up. When that happens, it encourages borrowers to buy.”

Having expanded to states like Colorado, Virginia and Florida, the partners plan to pursue licensing in more states.

“We are bringing a new energy to the mortgage business and creating a buzz that can only grow in the years to come,” Denha said. “The sky’s the limit for where this company can go.”

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