He's come a long way since being figuratively stranded at an intersection
Texas-based commercial broker Jay Johnson is poised for growth seven years after entering the industry.
Johnson, the founder of parent company Foster & Elston Inc. dba as Texas Equipment Finance, spoke with Mortgage Professional America to discuss his plans for the future. For the past three years, he has focused on equipment financing, but recently launched a new division offering lending to those needing financing to launch a franchise or buy an existing business. Named North American Commercial Mortgage, the new division will be headed by CEO Rose Falcon
“I would not be CEO at North American Commercial Mortgage if it were not for Jay Johnson giving me an opportunity,” Falcon told MPA. “He has truly and positively impacted many families like mine with his patience, kind heart, knowledge, and his drive to succeed in life. And, let me tell you, Jay Johnson is not finished yet.”
He found himself at a crossroads
It’s a long way from his tentative beginnings. Johnson told MPA he secured a residential mortgage license before being thwarted after the Great Recession. He then got into the construction field but grew weary of it after some time.
“When I started in this Industry in 2016 or so, I was a subcontractor in Chicago, and I did a lot of residential work for investors. Prior to me coming into this industry in around 2016, I was a subcontractor in Chicago, and did a lot of residential work for real estate investors.”
He had grown tired of the work, he acknowledged. “I was tired of construction work,” he said. “I’d be at someone’s home doing tile work until 11pm. The client didn’t care. They just wanted the job finished.”
He then found himself at a crossroads – both literally and figuratively – while in the Windy City. “I remember a couple of months later, my work van broke down in Chicago at a pretty busy intersection at Foster & Elston,” he recalled.
Making lemonade out of those lemons, he named his company Elston & Foster, having thought it had a nice ring to it even while stuck there. “It came from that struggle,” he said of his entry into commercial brokerage. “I started thinking about the mortgage industry out of the struggle of it all.”
An eye toward hiring women, vets and minorities
Johnson said he’s keen on hiring women, veterans and minorities – a particularly resonant goal given that he is Black. “There’s not a lot of women represented in it,” he said of his industry. “I want to change that with my company. I want women and minorities to learn this space and help earn clients.”
Still, he offers a bit of advice to those who want to make it in the industry: “It’s not about the money,” he said. “It’s about doing right for that customer, and the money will follow.”
Johnson said the motto is part of the corporate culture at his firm and he inculcates it with his employees. He said ethics are at a premium in a business based on commissions to which some might cast a wary eye. “I don’t get everything right,” he said, “But I can look at myself in the mirror knowing I am taking care of my clients and I always have. I’m going to stand tall on that. It’s what’s best for the client, not what is going to make us wealthier.”
Johnson envisions staging meet-up groups for those seeking to become business owners. “Rose is a teacher by trade, and one of the best communicators I’ve ever met,” he said of newly minted CEO Falcon. “She’s a connector and connects with people very well. My vision is for us to hold small business seminars and educate people. I think that’s the biggest way we can make an impact. If we can spread the word to prepare people, they can build a foundation for success.”
He acknowledged the downshift in the economy of late – exacerbated by inflation and high interest rates. But he counts on the cyclical nature of the industry to eventually right itself, and tries not to focus on the negative. “I tune out all the noise because it would discourage anybody,” he said. “I focus on my own economy for myself, my team and family.”
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