Albuquerque mortgage broker Mike Kelly, who spent five decades in local real estate finance, dies at 78

Steven Michael "Mike" Kelly, an Albuquerque businessman who spent more than 50 years in the city's mortgage industry, died March 21, 2025. He was 78. Kelly was born August 15, 1946.

Kelly moved to Albuquerque in 1973 and devoted the following five decades to growing Realty Mortgage & Investment Company. The firm began as a residential mortgage brokerage and later originated commercial financing as an affiliate of Q10 Capital. According to his family, both Kelly and his company were recognized as leaders and top performers in mortgage finance.

A U.S. Air Force veteran, Kelly earned a bachelor's degree in business administration from the University of Texas and an MBA from the University of New Mexico's Anderson School of Management.

His family described a man who brought the same intensity to work and leisure. He spent long hours preparing loan submissions on behalf of his clients, and just as many days skiing double black diamond runs in Durango, biking the Bosque Trail, and fly fishing on the San Juan with his best friend, Mark Yarbrough.

Kelly was also active in civic and community causes. He was a member of First Presbyterian Church and, according to his family, played a pivotal role in the church's expansion. They said he made friends easily across all walks of life and liked to host and entertain.

His family said he was a risk-taker whose gambles produced both spectacular successes and spectacular failures. They credited his grit and resilience for his recovery from several significant personal and professional setbacks. They also said his personal relationships could swing between highs and lows, but often recovered through what they called his sometimes inexplicable force of personality.

The family also remembered his taste for quality and refinement, saying he sought out the finest linens, artwork and wine and was eager to share them. They joked that he may have been the only person they knew who laundered his own sheets, and that Whole Foods had lost one of its best customers.

Kelly shared his life with three women, according to the family. Ida Kelly, the mother of his children, supported the early growth of his business. Jane Dillon brought her design expertise to their homes and experiences. Susan Howarth Kelly shared his love of cycling, cooking and pets.

He is survived by his daughter, Channing Kelly, and her children, Lleyton and Steinar, and by his son, Robert Kelly, and Robert's children, Jack, Harper and Mason. The family said Kelly cherished time with his grandchildren and that they are grateful the grandchildren are old enough to remember him.

Kelly died at home, in the neighborhood where he felt most comfortable. His family said they were shocked by his death, as he had seemed to believe he was invincible. They said they will remember his diligence, independence, stubbornness, sense of adventure, athleticism and generosity. Information about services and a place to share remembrances is available at www.themichaelkelly.com.