Lenders with a planning perspective

First Western Trust (Nasdaq: MYFW) is the only homegrown, publicly held Colorado bank

BY MIKE ALCOTT
FIRST WESTERN TRUST, SENIOR VICE PRESIDENT
RELATIONSHIP BANKER-LENDING

Mike Alcott

As a senior lender at our First Western Trust DTC office, it’s my privilege to work with a very bright and capable group of professionals to help drive a solutions-based approach for my clients. One area that I focus on is a specialized, complex lending scenario. In my experience, working with an entrepreneurial clientele means that no two lending needs are the same, and I need to be both creative and flexible in providing lending solutions. First Western’s credit decisions are local, and made by financial experts who know our markets and take the time to meet with borrowers. We are responsive to timing issues with respect to real estate transactions and transitioning commercial banking relationships.

This past year, our team has worked with many clients on new tax laws and how to structure their new loan to maximize deductions. The new tax law made changes to how mortgage interest deductions are applied, and we helped many of our clients find mortgage solutions that worked best for them. These solutions might include placing a mortgage on a second home rather than foregoing the interest deduction on a home equity loan. Moreover, interest-only mortgages have proven to be a desirable outcome for primary and secondary homeowners looking for some flexibility.

It’s important to me and my team that we take a deep look at a client’s financial picture to ensure we provide the best possible lending solutions. Throughout the years, I’ve found that clients now want an all-inclusive banking relationship. They expect a banking team that provides a holistic approach to their lending, banking, wealth planning, insurance and retirement needs. These days, clients are well versed in what the competition has to offer from a service, product and pricing perspective. My responsibility and that of my team is to develop solutions that serve what our client wants to accomplish. Backed by our team of experts in Denver, our mission is to provide outstanding service and products to our local community.

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