Wells Fargo Loan Paradox
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Moiz tells a story about the absurd lending requirements he encountered at Wells Fargo during the 2010 financial crisis.
"When my father was buying real estate in 2010, I was an attorney and all these wealth managers tried to talk to attorneys. I went to them and said, 'Look, I need a loan for $500,000. My family bought $1,000,000 of real estate, we just want 50% LTV.'
Wells Fargo responded, 'The only way we're going to give you a loan is if you give us $1,000,000 in cash, then we'll give you a $1,000,000 loan.'
I told them, 'I don't understand if you guys know how money works, but if I had $1,000,000 in cash, I wouldn't come to you for a $1,000,000 loan.'"
Moiz Ali
Moiz Ali is the Founder of Native. Launched in 2015, Native is the fastest growing CPG company in the United States, and has over 1 million customers nationwide. The company was acquired by Procter & Gamble for $100 Million in November 2017, the first acquisition by P&G in nearly ten years. Prior to founding Native, Moiz was the Founder and CEO of Caskers, a flash sales site for spirits. Moiz graduated from Harvard Law School in 2009. In addition to his work at Native, today he is an active investor in over 100 startups, and a speaker on stages across the world.