When Phil Sollomi, owner of Scottsdale Private Lending, attended his first AAPL Annual Conference, he brought his father with him. It was clear to our team that Phil took after his father, Phillip Sollomi Sr., both men who take pride in hard work and have incredible business acumen.
Phil’s father was the founder of Wishbone Salad Dressing. He originally sold it by the bottle at their family restaurant in Kansas City, The Wishbone. The WWII Veteran had created a dressing so popular that it was the No. 1 salad dressing in the World when he sold it to Lipton Tea Company in the 1950s.
Now you can learn more about the personal drive that has fueled Phil’s success in private lending, something that he takes great pride in:
How long have you been an AAPL member?
What AAPL benefit do you MOST value?
I love working with fellow private money lenders across the country that I have met at various conferences. Private Lending is a very unique lending space, and to have an association like AAPL that is dedicated to serving and promoting our industry is amazing.
Why did you become a member?
To network with fellow members of AAPL and to stay up to date with the latest trends and legislation that affects our industry.
What is your favorite AAPL memory?
The first AAPL Annual Conference I attended in Las Vegas. To meet the staff at AAPL in person who I had talked to on the phone and communicated by email was a lot of fun. The content presented at the conference was great and the people I met for the first time have become friends and colleagues.
Why did you decide to enter the private lending profession?
I started out in conventional mortgage lending in 1987 and one of the top private lenders in the Phoenix area became my No. 1 referral source. I closed at least 4-5 loans a month through their referrals. In return, I paid them a very generous referral fee. After about three years, they hired me to come over to the world of private lending and I was intrigued by the opportunity and accepted. I was at that company for over 17 years.
What are some accomplishments you are particularly proud of?
I have served on numerous private lending boards throughout my career. I currently am secretary of APLA (Arizona Private Lenders Association). This industry has been very good to me and my family. I love the opportunity to give back with my time and energy. I have been in private money now for over 28 years and feel I have a solid reputation in the industry for being knowledgeable, honest and forthright. I am very proud of that reputation and work hard for my customers and investors.
What is your favorite book, and why?
“The One Thing” helped show me to not focus on being busy but focus on being productive. I am a one-man company, and this book helped me in so many ways from becoming more disciplined and staying away from trying to multitask, which the author says trying to multi task is merely an opportunity to screw up more than one thing at a time!
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