"Our investment in the new property in Guam and the mortgage center relocation demonstrates our commitment to the people of Guam and our continued presence here " Steven Teruya president and chief operating officer of Finance Factors; said. "We are pleased to be a member of Guam’s business community."
The location shift from Marine Corps Drive across Hospital Road to Chalan San Antonio in Tamuning may also be the precursor to a more significant transition for the Hawaii-based company. In June Finance Factors announced its intent to change its banking charter which would allow the company to offer traditional retail services such as checking and savings accounts. While no final decisions have been made this would be a historic move for the 54-year-old company.
Services on Guam are slightly scaled back from services offered to the Hawaii customer base which includes CD and IRA accounts. "When we first applied for permission to open a branch in Guam Guam did not have a designation for a company like Finance Factors. So the only option for us back then was to open a Loan Production Office " Maureen Lichter vice president and director of marketing for Finance Factors; said. Expanding into other products for the Guam customer base is something Finance Factors will look into if the banking charter change becomes a reality.
Finance Factors will have a weeklong open house from Nov. 3 to Nov. 9 to celebrate its new location and 10-year anniversary of providing residential and commercial real estate loans to Guam customers.
For now Guam’s customers will be able to enjoy the comforts of the new business location conveniently only blocks away from the former location. The parking lot expansion and custom-made office furniture items are just a couple of noticeable improvements to the old Dejima fishing store that the public can see during the open house. Finance Factors will provide refreshments giveaways a drawing for televisions and limited offers on special home loan discounts to help mark the occasion.
Interior renovations include a full kitchen bath and laundry facilities. These amenities along with a 500-gallon water tank and backup generator were added to the facility to accommodate employees in the event of a typhoon or similar disaster.
The company declined to disclose the purchase price and cost of the renovation. Plans include the leasing of space and when fully operational Finance Factors estimates the property will exceed their minimum targeted return on asset of 1%. The property includes an additional 2 400 square feet for future expansion if necessary. The lease agent for space within the Finance Factor building is Century 21.
In honor of its 10th anniversary in Guam Finance Factors donated $5 000 to Erica’s House a Soroptimist International project that provides parents and children a safe haven while complying with Child Protective Service mandates. MBJ