Kitsap Peninsula Business Journal
08-24-2000
Drake Mortgage now Bay Mortgage
   The Silverdale office of Drake Mortgage has been acquired by Longview-based Cowlitz Bank and is now part of its Bay Mortgage subsidiary.

The name may have changed but the local faces haven’t. Longtime mortgage banker Randy Gelhaus is still the office manager with Brett Green continuing to serve as production manager and Carol Lindberg as senior loan officer.

The company became part of Bay Mortgage when Stan Drake elected to sell only the Silverdale branch as part of a restructuring of his company. The local office was extremely profitable, and according to Gelhaus, Drake was approached by Bay, who was actively seeking a way to break into the Kitsap Market without starting an office from the ground up

Bay currently has three other mortgage offices in Bellevue, Seattle and Vancouver in addition to the Silverdale branch.

By affiliating with Bay, Gelhaus said that the company can now expand its menu of offerings to include land loans, construction loans, 203K rehab loans and commercial real estate financing in addition to its bread and butter of FHA, VA and Conventional home loans.

Gelhaus also said that the company specializes in filling specific needs for its customers. “It’s the hand-crafted, custom-built approach to a loan verses the factory loan,” he stated. “With the affiliation with Bay, we now have access to many more financial options, so we can do more to fill the specific needs of our clients in their unique circumstances. And after all, giving the customer what they want and need is what this business is all about.”

Bay Mortgage can be reached at (360) 308-0959.