The Mar-a-Lago estate at the water’s edge in Palm Beach, Florida. The mansion was built by Marjorie … [+]
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Glenn Parada, the head of an eponymous mortgage empire that recently established its headquarters in Palm Beach, Florida, was born in El Salvador at the peak of the civil war known as “The Black Years.” When he was four or five years old, his father, an evangelical minister of the Assemblies of God Churches, obtained legal entry into the United States for his family, against all odds. Glenn and his family fled to New York City and later to New Jersey, in search of the American Dream.
After high school graduation, Parada served in the Army as an armored-tank crewmember and, upon his discharge, joined his brother, who was working in the mortgage industry in Rockville, Maryland during the subprime era. It was hard going, but Glenn persevered and learned the business, going on to become Vice President of Corporate Training and Director of Administration for two major lenders. He worked with several Fortune 500 companies before he founded Parada Mortgage in New Jersey in 2018. Now he has opened a new company HQ in Florida.
“Having the business located in Florida saves on state taxes,” Glenn Parada says.
Thus, a refugee, immigrant and United States veteran began the journey that brought him to “Billionaires Highway” in Palm Beach, squarely between Mar-a-Lago and Lake Worth. Parada Mortgage provides 15 to 20 mortgages a month for its clients, with an annual business volume of $20 million.
“My staff is entirely made up of veterans,” Parada says. “Many speak Spanish. I want to give my employees the same opportunities I had; I believe that it is important to provide jobs and skills to veterans.
“All other mortgage providers in Palm Beach are banks,” Parada says. “We find mortgages for people that the banks can’t, and we go above and beyond to help clients. I find loans for people regardless of their immigration status, and use unemployment to help them qualify for a mortgage.”
A great many of his clients are veterans, and a great many more are from the Hispanic community.
“They find me by word of mouth, and nearby Lake Worth has a huge Hispanic population,” he says.
Parada’s company still operates in New Jersey and, before the end of 2020, plans to open offices in Texas and California.
“Both are big places for veterans and for Hispanics,” he says. “Also, I will open an office in Maryland, where my real estate career began.”
Parada says he sees a lot of people purchasing distressed properties that are run down and need renovation.
“That’s a good thing for the community,” he says. “Both for the fact that the property will be upgraded, and especially, it means that a lot of workers will be hired. Carpenters, plumbers, painters, flooring specialists, HVAC technicians – all of it makes for better economic conditions for individuals and for the larger community.
“I am so glad to be a part of that,” he says.