GREETINGS FROM ICELAND

It was my wife’s idea to take a cruise around Iceland. At the beginning, I wasn’t very enthusiastic. However, after seven days cruising around this remarkable island, I have to admit—as is often the case—my wife was right.

This was not a typical cruise. The company we sailed with, HX Expeditions, operates a small ship carrying only about 400 passengers. There are no casinos and very little traditional entertainment. Instead, the focus is on exploration and learning. Scientists and expedition leaders give lectures about wildlife, marine life, birds, and the natural environment, and much of our time is spent outdoors experiencing Iceland firsthand.

During the week, we experienced rain, snow, strong winds, and icy conditions— The weather during our trip was far from favorable. It was unusually cold, and as they say in Iceland, the weather can change several times a day. We dressed warmly and were provided with waterproof jackets. We were also advised to bring waterproof pants and special boots because many of our excursions involved inflatable rubber boats.

sometimes all on the same day. Surprisingly, those challenging weather conditions made the trip even more memorable and special.

It’s impossible to fully describe the experience. You really need to come and see Iceland for yourself. We met people who had visited Iceland before by car and traveled around the island independently. While that certainly has its appeal, I found exploring from a ship like this incredibly convenient. No matter where you go during the day, you return to a comfortable cabin, a good meal, and wake up the next morning in a completely new destination.

Will I come back to Iceland? For me, one visit was probably enough. But if you have never been here, I strongly recommend it.

Today, for example, we traveled by rubber boat to an area surrounded by magnificent snow-covered mountains. It was also a bird sanctuary, especially known for puffins. The puffin is a colorful and fascinating bird, and you’ll see photos of it among the images I share. Thousands of puffins nest here, and people travel from all over the world just to see them. But Iceland offers much more than puffins. We observed many other bird species and spent time immersed in the fresh, clean air. At times, I felt almost intoxicated by how pure and refreshing it was. The food was excellent, and we met many interesting people along the way.

I strongly recommend Iceland to anyone looking for a unique travel experience. Thank you, and enjoy the images.

YES, WE CAN DO IT

A few days ago, I received a phone call from a real estate agent I’ve worked with for many years. He asked a simple question: “Can we find financing for a 15-unit apartment building that was originally built as a condominium?”

Apparently, the potential buyer went to a different mortgage broker who told him that he could not finance it. After the call, I made a few phone calls, sent a few messages, and received an answer from one of our banks: yes, we can finance this project.

This is a typical situation. Many of the inquiries we receive are along the lines of, “Can you do that?” and, most likely, our answer is going to be yes.

I am currently working on a construction loan for a project that has already started building, and we secured a line of credit of half a million dollars to finish it. I’m also working on the acquisition of a commercial building in a different state. One of my clients, whom I am helping now, is refinancing her home to pay off her ex-spouse. Another client asked me if I could get her financing because she wants to buy a coffee shop—not the building, just the business—and my answer was yes, we can do it.

So, regardless of the project or its scope, there is a good chance I can help. Most financing needs to be secured by real estate, but we also arrange lines of credit for businesses.

So, give me a call at (415) 225-7920. You’re welcome to ask me if we can do it. There’s a good chance that I’ll tell you yes.

OUR TRIP TO ICELAND

When I mentioned to friends about our upcoming journey to Iceland, I heard many different reactions. Some said, “Oh, I’ve always wanted to go to Iceland,” while others who had already visited excitedly shared stories about their own experiences.

I am writing this on our second night in Reykjavík, the capital of Iceland. Iceland was officially settled in the 10th century, making it a relatively young European country. Throughout its history, it was under Norwegian and Danish rule, and during World War II it was occupied by American forces before becoming fully independent afterward.

After spending two days here, we find Reykjavík to be a charming city. With a population of about 140,000 people, it feels comfortable, welcoming, and easy to navigate. The people are friendly, most speak excellent English, and the restaurants have been wonderful. Downtown has several main shopping streets offering local gifts and Icelandic products.

We already visited two museums, and tomorrow we are planning to explore the photography museum, which should be especially interesting. For my wife and me, coming here also gave us a chance to overcome jet lag from our long trip from San Francisco before boarding our cruise ship tomorrow for the next stage of the journey.

Stay tuned for more of my stories from Iceland.

Meanwhile enjoy images of:

• people standing in line to buy hotdogs,
• young future famous painters practicing their graffiti skills,
• and your favorite writer and photographer having a good time.

FYI: The outside temperature is about 10° C (50° F)

Enjoy and share!

ADDING A LINE OF CREDIT BEHIND YOUR FIRST MORTGAGE: HOW IT WORKS

Sometimes I get calls from clients who need a line of credit behind their first mortgage. Instead of taking a traditional second loan, many clients prefer a line of credit because it offers flexibility. You can draw only the amount you need and pay interest only on that amount, unlike a second mortgage where you receive the full amount at once.

Recently, we had a presentation in our office by Suzie De Leon from Angel Oak Lending. She introduced an interesting option for qualifying for a line of credit using bank statements instead of traditional income documentation.

One advantage of this program is that borrowers may not need to show large taxable income to qualify. By using bank statements to calculate income, some self-employed borrowers and business owners may have more opportunities to qualify for a combination of a first mortgage and a line of credit.

This type of financing can sometimes be easier to obtain if you have enough equity in your property. However, it is important to understand that payments may be higher because of the way these programs are structured.

If you need any type of mortgage loan, including a line of credit, give me a call — I may be able to help.

Thank you,

Manny Kagan,
Your professional mortgage broker since 1983
(415) 225-7920; mannykagan@comcast.net

WHAT IS SHAVUOT

Thursday night begins the holiday of Shavuot, which comes seven weeks after the Exodus from Egypt. After leaving slavery behind, the Israelites counted 49 days — seven full weeks — and on the 50th day stood at Mount Sinai to receive the Torah and the first Ten Commandments.

Shavuot also celebrates the harvest season, when the Israelites brought the first fruits of their harvest to the Temple in Jerusalem as an expression of gratitude. These two ideas — receiving guidance for how to live and showing gratitude for life’s blessings — are deeply connected.

One of the traditions of Shavuot is eating dairy foods: blintzes, cheesecake, yogurt, ice cream, and other milk-based delicacies. In honor of the holiday, I decided to get my own taste of celebration with ice cream from a small shop near Golden Gate Park called San Francisco Hometown Creamery. The homemade flavors were delicious, and as often happens in that neighborhood, there was a long line of people waiting patiently for their sweet reward.

Since you cannot taste the ice cream through reading these words, I can only tempt your imagination and hope this inspires you to take a trip there yourself someday.

Shavuot reminds us that freedom alone is not enough. Freedom must be accompanied by purpose, wisdom, and gratitude. Three images are from my visit to the Creamery.

Enjoy and share!

RELATIONSHIPS

This week, an old friend came to my office. We have known each other for over 30 years. Our relationship started when he became my client and I helped him obtain a mortgage. Over the years, that professional connection grew into a lasting friendship.

Since then, we have continued working together through different stages of life. Recently, I helped him refinance some of his properties. After his mother passed away, he and his brother needed guidance regarding the family property, and once again I was there to help.

Moments like this remind me that business is never only about transactions. It is about relationships, trust, and being present for people during important moments in their lives. The paperwork may change, the market may change, but what truly lasts are the human connections we build along the way.

One of the greatest rewards in life and business is looking back after many years and realizing that clients became friends, and professional relationships became meaningful parts of our journey.

Thank you to all the people who continue to place their trust in me through the years. It is something I never take for granted.

You’re welcome to click this link to watch my short YouTube video that echoes the story above.

KEEP DANCING

The title of my weekly post, “Fridays with Manny”, you are now reading, was inspired by the book Tuesdays with Morrie written by Mitch Albom. Later, I also came across another touching book, Morrie: In His Own Words, written by Morrie Schwartz himself.

Morrie was dying from ALS, often called Lou Gehrig’s disease, and in this little book he shared his feelings and experiences while going through this difficult process. When someone asked him, “If you had one day when you felt completely well again, what would you do?” his answer was simple: “I would go dancing with my wife.” Those words stayed with me.

Last Saturday night, my wife and I attended the wedding celebration of the daughter of our good friends. It was a joyful evening filled with music, laughter, and dancing. Two belly dancers performed incredible routines, even balancing swords on their heads. My wife later told me it was the best party she had ever attended because of the dancing.

I would like to share short poem from my recent book, 42 Encounters with Love:

KEEP DANCING.

Since my teenage years I have always loved to dance.
I still remember my first steps.
She was 12, I was 13,
And we danced — cheek to cheek.
I asked her for the next dance too, but she had chosen another boy.

Years passed.
Then, when I was 19, I met a new dance partner
With whom I fell in love.
And now, 55 years later, Elfa and I are still dancing —
Cheek to cheek…

***

Now, you can see why my wife enjoyed the party.

Three images are from that night’s event. Enjoy and share!

CAN AI REPLACE MORTGAGE BROKERS?

Saturday night at the wedding celebration of our close friends’ daughter, I had two interesting conversations about AI.

First, I spoke with an 82-year-old retired tax attorney who told me AI will replace many attorneys. A few minutes later, another guest in his early 60s shared that he had just been laid off from Disney along with thousands of others. He simply said: “AI.”

That made me ask myself: Can AI replace me as a mortgage broker?

I asked both ChatGPT and Claude. Their answer was similar — AI can replace people who only deal with numbers and quote rates, but it is much harder to replace professionals who solve problems, guide clients through difficult situations, and build trust.

In San Francisco, many real estate agents know me as a “problem solver.” Over the years I’ve handled challenging loans, including financing in the Millennium Tower, by understanding the business, communicating with lenders, and helping clients stay calm throughout the process.

Am I concerned about AI? Not really.

Technology will continue to change our industry, but experience, judgment, and relationships still matter. That’s why I plan to continue working until our company celebrates its 50th anniversary in about eight years.

Stay around and let’s continue this journey together.

Manny Kagan

 

REVERE YOUR MOTHER

Over 3,000 years ago, the Torah reminded us: “You shall revere your mother and your father”(Leviticus 19:3). Elsewhere, it says, “Honor your father and your mother.” Why the change in order?

The Torah understood human nature and the structure of society at the time. In a patriarchal world, where the father’s authority was often emphasized, it made a point to elevate the role of the mother—to ensure she receives the reverence she deserves.

There is one thing every person in the world has in common: we all have a mother. From the earliest times, a mother’s role has been unique and profound. She nurtures the home, raises the children, and gives of herself endlessly to her family.

This coming Sunday is Mother’s Day—a reminder to feel deep gratitude for our mothers. They not only brought us into this world but cared for us, shaped us, and gave us life in every sense of the word.

But honoring our mothers should not be limited to one day a year—with flowers, chocolates, or a dinner invitation. It should live in our hearts every day, no matter how busy life becomes.

I was blessed to have two mothers in my life. Until the age of 20, my own mother cared for me. Then, after I married, I lived with my wife’s mother for the next 20 years. She, too, became a mother to me—caring, giving, and loving. We were inseparable.

She passed away almost 40 years ago, and I still remember her with deep emotion. Even now, I sometimes wish I could pick up the phone and wish my both of mothers Happy Mother’s Day.

If you are fortunate enough to still have your mother with you—please honor her. Call her. Visit her. Tell her what she means to you.

I share this message with love—for all mothers, everywhere.

Enjoy these images of three mothers that I’m happy to share with you.

HOW TO BUILD RELATIONSHIPS

I recently spoke with a representative from one of our mortgage banks. He told me that before joining the bank, he had spent 17 years as a mortgage broker—just like us. When I asked why he left the business, his answer surprised me: he said he couldn’t stand working with real estate agents.

I’ve heard this sentiment before, but I see it very differently.

I value working with real estate agents. First, they are an important source of referrals. More importantly, I see them as partners. We share the same goal—helping our clients achieve their dreams.

Good agents work incredibly hard. They find the right property, guide the client through the process, and stay committed all the way to closing. Of course, not everyone operates at that level. And yes, agents can be anxious about timelines—but that’s understandable. There’s a lot at stake.

From my perspective, success in this business comes down to communication and relationships.

I prefer real conversations—face-to-face or voice-to-voice. Recently, someone ,who works for the major bank, told me their bank only communicates in writing—emails. That may be efficient, but it’s not how you build trust.

Relationships are built through human connection.

When you take the time to understand people, when you find common ground, when you genuinely care—you create something stronger than just a transaction.

Every deal I’m working on right now requires problem-solving, patience, and collaboration. You can’t do that effectively without strong relationships—with clients and with real estate agents. That personal touch still matters. In fact, it matters more than ever.

To learn more about my most recent mortgage transactions, click this link to watch my weekly YouTube video. 

If you ever want to talk, ask a question, or just connect, just give me a call at (415) 225-7920.

Manny Kagan,

President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983