Originate Report - May 2019

THE OFFICIAL MAGAZINE OF GERACI

MAY 2019

Cities to Watch:

BiCoastal Capital Capital You Can Count On Briana Malkoon (R) with Co-Founders Alexandra Yellin and Ben Stoodley

New York City Also Inside

May: ENHANCED Retirement ACCOUNTS

The Rise of

Industry Spotlight:

Michael Schumacher

Private Capital

LENDERS Learning the

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contents MAY 2019

Features

14 Self-Directed IRAs–Untapped Capital with Near-Endless Possibilities

22

Clay Malcolm, New Direction Trust Company

16 Tips on Becoming a Private Lender Mustafa Kadri, Esq., Geraci Law Firm

18 Six Figures in Six Minutes Dan Kryzanowski, Rocket Dollar

20 The Rise of Private Capital Lenders and Why It Matters for Real Estate Investing

14

12

Ryan Roberts, Sr. Director of Marketing

Who to Know 6 Profile

Briana Malkoon & BiCoastal Capital Charles Peckman, Originate Report

12 Industry Spotlight

Michael Schumacher

Enact Partners

20

In Every Issue

17 Industry Job Watch

22 Cities to Watch

New York City, NY

Charles Peckman, Originate Report

25 Upcoming Events 26 Loan Home

16 www.originate.report 3

4 Originate Report | May 2019

CEO Geraci LLP

ANTHONY GERACI Anthony@Originate.Report Vice President Geraci Media

RUBY KEYS Ruby@Originate.Report Editorial Director

MAX BERGER Max@Originate.Report Art Director

PAM HUBER Pam Huber Designs

CONTRIBUTORS Mustafa Kadri, Esq. • Dan Kryzanowski Clay Malcolm • Charles Peckman Ryan Roberts

FOUNDING UNDERWRITERS

Letter from the Editor

Welcome to our May Edition of Originate Report!

“By three methods we may learn wisdom: First, by reflection, which is noblest; second, by imitation, which is easiest; and third by experience, which is the

MARK HANF President, Pacific Private Money

bitterest.” – Confucius

This edition is themed around Broker Exchange 2019, a brand new event from

Geraci that connects lenders with brokers in the non-conventional real estate

ORIGINATE ONLINE www.originate.report

GERACI ONLINE www.geracilawfirm.com

space. This deal flow conference will offer brokers and lenders a combination of networking, education, and certainty on different business deals and capital

raising opportunities. You’ll have a chance to meet this month’s cover story and

a few of our article writers there! We hope you’ll join us at the Statler Hotel in

Dallas on May 9-10. Please visit geracicon.com if you are interested in attending.

Interested in advertising in Originate Report? Please reach out at Submissions@Originate.Report For Advertising Submissions, Article Submissions, and Inquiries contact Submissions@Originate.Report

ORIGINATE MAILING ADDRESS Geraci LLP 90 Discovery, Irvine, CA 92618 PHONE (949) 379-2600

To Your Success,

Max

Max Berger

Originate Report Editorial Director

GERACI CONFERENCES www.geracicon.com

www.originate.report 5

Capital

PROFILE

You Can Count On Briana Malkoon & BiCoastal Capital

“W

Briana Malkoon

By Charles Peckman, Originate Report

ell, I guess this all really started in

founders of the company. Although the three had done

“Any time you leave something that is a well-oiled

looking to start something new.”

there was something that “clicked” when they met for

she said. “We were all working at companies that are

a coffee shop. We were three people

Briana Malkoon, the co-founder of BiCoastal Capital, has possessed an entrepreneurial spirit for as long as she can remember.

Long before establishing the San Diego-based firm that specializes in private money designed “for investors by

investors,” she was just a girl growing up in a small town in Massachusetts. This locale, where violent winters are

met with tranquil, humid summers, allowed Malkoon to

dream of starting her own venture. Dream, that is, when she was not working on her father’s car lot.

business with each other independently, she added,

the first time. “I know this is kind of crazy,” Malkoon recalled of their first conversation, “but do you want to start a company with me?”

“I think the common thread between the three of us is

we love real estate, specifically the lending side, and for me, I always knew I wanted to own my own business,”

she said. “I knew I wanted to branch out and work for myself, when and where I wanted to. I’m from the East

Coast, and I fell in love with San Diego, so I wanted to start a venture that allowed me to travel across the

In addition to experience in the private money field and

versity of New Haven; then she moved to California,

dra and Ben also had people in their lives who instilled

where she geared her experience towards real estate and

lending – although Malkoon began in marketing foreclosures and distressed properties, she eventually found herself in the private money sphere.

Despite these advancements in her career, Malkoon’s

time at her father’s business – partnered with an independent spirit – beckoned her to a fortuitous coffee shop meeting with two other young professionals

and done very well for themselves, but we all have very strong work ethics. We knew if we kept fighting, we’d get through this.”

This work ethic, Malkoon added, manifests itself in Bi-

Coastal’s ability to innovate. While so many companies

helped inspire us to venture out on our own,” Malkoon said. “Alexandra’s father owns his own businesses, and her father’s best friend is in private money lending, my

father owned his own business, and Ben’s dad was a blue-collar, hardworking guy.”

creating something from the ground up, Malkoon said

6 Originate Report | May 2019

companies, so they probably could have stayed there

“The bottom line is, we all had someone in our lives who

co-founders of BiCoastal Capital.

similarities Malkoon said she noticed between the three

and Alex were top loan originators at their respective

a vision for traveling off the beaten path.

With this entrepreneurial spirit in mind, the three set

The company came to fruition, in part, because of the

ker and was working with a number of companies, Ben

je ne sais quoi of business savvy, Malkoon said Alexan-

in the private money space. These private money pros,

Alexandra Yellin and Ben Stoodley, would become the

well-respected in the industry; even though I was a bro-

country.”

After learning the art of closing a deal in that setting, Malkoon continued her business education at the Uni-

machine, there is always a lot of apprehension there,”

out on building BiCoastal. Despite the excitement of

there is always a certain amount of risk – and hesitation – with a new venture.

Ben Stoodley

stick to the status quo of the private money sphere, her company takes an active effort towards re-inventing itself and the services it offers.

“We’re all very innovative in the way we think about business. We saw that the three of us could be very suc-

cessful because of our history and work ethic, but we

also saw a lot of things that were frustrating for us when we were not our own bosses, and when our hands were tied in a lot of ways,” she said.

Some of these situations, she said, revolved around the

potential to close a large deal – despite the potential lucrativeness of the business, however, she couldn’t

add much input because of her relatively low position.

Malkoon, along with Alex and Ben, took their experi-

ence at different companies and created a framework of what they wanted BiCoastal to look like.

“We took notes of what we liked and didn’t like at our

previous jobs, but also what our potential clients were looking for in the lending industry,” Malkoon said. “We

talked to them about what they liked and what they thought we lacked, and we took those conversations to-

wards founding BiCoastal. We tried to bring out all of our best success stories and make sure that we followed suit.”

“Now, more than ever, it is important to show empowered women in business,” she said. “What’s great about us is we all want each other to do as good or better than the other.” - Alexandra Yellin BiCoastal co-founder Alexandra, who studied hospi-

tality management and international business, echoed Malkoon’s sentiments, adding that there are many advantages to working with a smaller team.

“It helps that there aren’t 1,000 different departments and so much bureaucracy,” Alexandra said. “We each

have defined roles within the company, and together we’re very successful with that. There are three heads

and we each have specific roles, but we use a checks and balances system so two out of three of us need to check off on everything. There’s a good balance of power, decision, and knowledge.”

Another challenge, Malkoon added, revolves around representation in the hard money field. With two out of its three co-founders as women, she said it can be dif-

PRODUCTS • FIX AND FLIP • BUY AND HOLD • REFINANCE • NEW CONSTRUCTION

ficult to attend conferences and events in a male-dom-

inated field. Despite this potential obstacle, Malkoon takes it in stride.

“Now, more than ever, it is important to show empow-

ered women in business,” she said. “What’s great about

us is we all want each other to do as good or better than the other.”

Alexandra also said she takes pride in working for a ma-

jority female-owned venture. She said she initially want-

ed to become a stockbroker on Wall Street, but added she was fed up with the amount of dishonesty and lack

of transparency in brokering. When she met Malkoon, Alexandra said she knew it was the beginning of a valuable friendship and partnership.

“When I first met her, I was empowered to see a young female in the industry,” she said. “The two of us met

and became instant best friends overnight – we started

working together and our connection took off. In the first few months of our partnership, we closed millions of dollars together.”

BiCoastal Capital: Continues on pg. 8

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www.originate.report 7

BiCoastal Capital: Continued from pg. 6

Although BiCoastal has only been in business for a year-

and-a-half, Malkoon said the “small but mighty” team is constantly finding ways to improve its services.

“I think something you’d hear from our customers is

that we’re very loyal,” Malkoon added. “I know that sounds cliché but it’s true – we put our hearts and souls

into a deal, and if something falls through we feel that loss, we don’t view our clients as a piece of paper.”

This loyalty, Malkoon said, is also paired with a fresh

perspective on lending. Many companies, she said, get

comfortable with a certain set of investment types and slide into periods of comfortability that do not yield the best results for their clients. Malkoon also said because

BiCoastal is still a relatively small firm, this gives her the ability to take a personalized approach to client acquisition and retention.

“We’re a very relationship-based company, and we look our potential clients in the eyes and say ‘we know we can do this, and you can count on us’.”

- Briana Malkoon “A lot of lenders will sweep loans off their desks and say ‘no way,’ but we will spend hours on the phone with our

clients being very creative with the structure of a loan and how that will work,” she said.

It is this perseverance, she added, that helps the phrase

embossed on the company’s website ring true: capital you can count on.

“The reason we came up with that slogan is because

there is a huge complaint in our industry that lenders may complete 75 percent of a loan and then will begin

trading it or requoting it,” Malkoon said. “It’s a constant complaint you hear in this industry, and that’s some-

thing we swore we would never do that as a company – we’re a very referral-based company, so a lot of our

clients will say to their colleagues or friends ‘I have not been let down by BiCoastal,’ and we definitely thrive off of that.”

Although it would be easy to assume that “capital you

can count on” is just a phrase to the co-founders of

BiCoastal, Malkoon said this is not the case: one key

differentiator of BiCoastal in its founders eyes is the face behind the deal, as opposed to the company name

that obscures any apparent lack of competency. When

8 Originate Report | May 2019

dealing with seasoned buyers and potential clients alike,

Malkoon said more often than not these professionals

have pre-existing relationships with her, Alexandra, or Ben.

“We’re a very relationship-based company, and we look

our potential clients in the eyes and say ‘we know we

can do this, and you can count on us,’” she said. “We might not be with the old company or lender we were

with, but once we’re ready to go and give the green light, and if we’re good, you’re going to be good. We

haven’t lost one client, and I think that is because of the relationships we have.”

One thing is for sure, Malkoon said, the name of her company in and of itself results in a taxing – albeit incredibly rewarding – experience.

“Our biggest markets have been California and Massachusetts,” she said. “I lead a lot of the East Coast deals, as do Alex and Ben, and this morning I was up at 5:45

working with the East Coast. So there are a lot of 16hour days, especially with a startup company, but that is

to be expected. And at the end of the day, I can look at what we’ve managed to build.”

Born and raised in Maine, Stoodley started his first business, in home repair and landscaping, when he was

18 years old. This taste of working for himself, he said,

was all he needed to kickstart an entrepreneurial career.

He has been in hard money lending for seven years, and said he initially met Malkoon while he was working as

a loan originator. Since then, the two have been friends and co-workers. Although Ben said he has been involved

with a number of startups, there is something unique about the atmosphere at BiCoastal.

“It’s been a great experience so far,” he said. “My person-

ality is ‘I want to get to the next level faster,’ there was a learning curve with the back-end side of the business,

but once I had that knowledge – and pretty much right away actually – I knew that we would be hitting the

ground running. I’m not surprised with the consistent growth we’ve seen because of the strength of our team.”

This growth, Malkoon said, is proof that if the right minds get together, anything can be accomplished. She

also said Ben’s background in structural engineering is a sizable asset to BiCoastal.

Alexandra Yellin

tion of slowing down. One of the largest signs of success

thus far, she added, is the company surpassing its total 2018 gross sales in the first quarter of 2019 – it also has experienced consistent month-over-month growth.

“We’re three younger people – I think a lot of people

look at us like ‘they’re inexperienced and they’re not going to go very far,’” she said. “There are a lot of people who doubt up-and-comers. But being noticed now, being put on the map, helps us move forward.”

Ben said although it can be difficult to mull the trajec-

tory of a new venture, he said BiCoastal will continue to grow as it becomes more comfortable with existing clients and branching out on both coasts.

“I’m really excited to see where BiCoastal takes us in the future, the possibilities are endless,” he said. “Our goals

are quite big and lofty. We honestly want to change the

entire industry and confidently believe we are on the path to do so. In a few years, you’ll see BCC as one of

the elite lenders on both East and West coasts, known for its innovation and dedication to improve.”

Looking forward, Malkoon said she is excited to continue on the path of growing her company. Her biggest

regret, she said with a slight chuckle, is “that I didn’t start BiCoastal sooner.”

Malkoon said the private money field is a crowded one and getting noticed is tough, but BiCoastal has no ambi-

CONTACT: For more information on BiCoastal Capital, visit https://www.BiCoastalloans.com

You have knowledge. You have ideas.

Let us showcase your voice.

Currently we’re looking for articles showcasing: Business Development • Fintech/Newest Loan Programs • Automation in Today’s Evolving Society • Upcoming Trends & Changes • Marketing & Outreach Essential Tools & Technologies • New Legal Issues and Regulations.

Another idea? We’d love to hear that, too.

Write for us. Email submissions@Originate.Report for more information.

www.originate.report www.originate.report 9 9

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SPOTLIGHT

Industry Spotlight: Michael Schumacher President, Enact Partners

12 Originate Report | May 2019

Originate Report: How have you seen Enact Partners grow and expand in the last few years? ichael Schumacher: Like many in our space, we’ve seen significant growth over the last several years as a result of favorable economic conditions. However, we also have a great team that works hard every day to judiciously execute our business strategy. This combination has allowed us to maintain steady growth in terms of assets under management while deliberately scaling our infrastructure for future growth.

M

OR: What has been one of your biggest successes and one of your biggest failures in your career?

MS: My biggest career success has been helping to build our great team at Enact Partners. And I mean we have a great team. Personally, I’d be hard pressed to lay claim to any success or idea that was exclusively my own.

They’ve all been an adaptation that came from others sharing their ideas, talents and experiences.

As for failures, I’ve made plenty of mistakes in my career and I will certainly make many more. I don’t see my mistakes as failures; they are great teachers and the only real failure is not seizing the opportunity to reflect and learn.

OR: From your point of view, what is the most compelling reason to consider starting a mortgage fund?

MS: The fund model is compelling to us primarily because it’s compelling to our investors and our borrowers. If it wasn’t, we wouldn’t have done it.

For our investors, it simplifies their life, gives them more control and less administrative hassle as compared to a loan-by-loan model. While both models have merit, the fund represents an opportunity for investors to compound growth by reinvesting their monthly proceeds, keeping their money working consistently, diversifying risk, consolidating reporting and streamlining paperwork and their taxes. Having a third-party audit also gives them comfort and confidence in the health of the company and its investments.

For borrowers, speed and certainty are important. Borrowers take comfort in knowing the dollars they’re counting on are already in the bank and the deal can be closed without delay.

OR: What is something that most people don’t know about your company?

MS: Most people don’t know that it started through personal investing. A friend of mine had been investing in trust deeds for many years and introduced me to the concept. I was a commercial land developer and investor at the time and thought it sounded fun and interesting.

After some research, I invited another investor friend to split the first loan with me. The loan went well, and a third and fourth friend wanted in on the next loan, and so on. That fourth investor friend, by the way, is Aaron Roth who has been my business partner from almost the beginning. Today, our business continues to grow organically through word-of-mouth, just like it did at the start.

OR: How has your company vision evolved from Day 1 to Today?

MS: Candidly, when I started investing in trust deeds with some investor friends, there was no vision. I wish

Michael Schumacher, Enact Partners

I could say it was more deliberate but it wasn’t. It’s like how garage bands get started. I had a common interest with some friends who wanted to invest in something tangible and avoid the volatility drag attributed to Wall Street’s financial products.

Once we realized a broader audience appreciated our product, the vision changed dramatically. I still think this industry is fun even though we moved out of the garage long ago. Today, we are sharply focused on creating the best product and experience we can.

OR: What are some of your goals for 2019?

MS: Some of our 2019 goals include smoothly transitioning our investors into the fund as existing loans mature, and upgrading our technology infrastructure to better serve our business. We’re also planning on adding a loan originator or underwriter to our team. Know any?

OR: What does success look like for you?

MS: Success is a stable loan portfolio, regardless of the real estate cycle. Success is when our investors trust us enough to introduce their friends and family. Success is when a repeat borrower calls us for help financing their next project.

OR: What is one piece of advice you have learned and carried with you throughout your life?

MS: Spend the time to truly understand the perspective and goals of others first.

OR: What mistakes have you seen others make in this industry? How does Enact Partners avoid making those same mistakes?

MS: I’m seeing some companies loosen their underwriting standards due to increased competition and decreasing yields. It’s hard for me to say if this is a mistake or not; time will tell. Regardless, it’s not a trend we intend on following.

OR: What advice would you give to someone who is trying to raise capital for a mortgage fund?

MS: If you are in a place to seriously consider a mortgage fund, then you’re already doing something right.

Stick with what you do best and design the fund in a way that serves the investors first, not the Manager. And don’t change your product just to attract new investors; if you take good care of your existing investors, others will follow.

CONTACT: Michael@EnactPartners.com www.EnactPartners.com | 760-450-7017

www.originate.report 13

ment investor would essentially be the same, except the

FEATURE

investor would need to coordinate the transfer of funds from his or her IRA custodian. This can occur relatively quickly via wire transfer or ACH, as many self-directed

IRA custodians have begun embracing technology at a

greater pace. Any and all subsequent investments would also have to come from the account, and any payments would have to return to the account.

Investors who want to tap the debt market can also

participate via private or public equity investment in

the lender’s entity. They may also buy shares in a fund

of a lending company, if said company were inclined to offer such investments. Keep in mind that retire-

ment account holders may have longer investment time horizons, especially if that account holder is under the

age of 59 1/2. Therefore, IRA investment may give the lender the opportunity to deploy those funds for a longer term.

There are certain IRS stipulations that an IRA holder must follow to take advantage of this investment mod-

el, but they’re hardly inhibitive. Prohibited transactions

Self-Directed IRAs – Untapped Capital with Near-Endless Possibilities

By Clay Malcolm, New Direction Trust Company

H

rules generally surround self-dealing between an individual and his or her account. In other words, you could

not borrow money from your own IRA, repay the loan

with interest, and retain the tax benefits of the account on those earnings. Other disqualified persons include lineal family members such as parents, children, and their spouses, as well as any fiduciaries to the retirement account (i.e. someone directly affiliated with your IRA

custodian cannot profit from your IRA’s investments).

Non-lineal family members like siblings, cousins, or

other non-relatives such as friends or business partners are non-disqualified and perfectly able to participate in

ow much or how little an individual per-

debt, but they may not want to originate loans them-

depends on one’s comfort level. Some may

achieve a key mutual benefit.

As long as an investor maintains proper separation be-

contributions to their IRAs, 401(k)s, or health savings

If you’re looking to issue new loans but don’t have the

never conducting IRA business with disqualified per-

professionals. Others who understand that they are pro-

be the answer. You may already try to utilize individu-

sonally controls his or her finances largely

be more comfortable making automatic

accounts and leaving the investment decisions to the fessionals in their own regard may be more inclined to

take the wheel and exercise true control over how their tax-advantaged retirement dollars are invested.

The knowledge that retirement plan holders can invest

their accounts away from Wall Street and into alterna-

tive assets has become more mainstream. As such, some

loan originators have adopted their familiar business

models into their retirement strategies. With a self-di-

rected IRA, you can qualify borrowers and make final

decisions on loan durations and interest rates, all while enjoying the same tax-deferred or tax-free benefits of

Traditional IRAs, Roth IRAs, or other such savings plans.

However, some self-directed retirement investors may want to capitalize on a seemingly persistent demand for

14 Originate Report | May 2019

selves. This is where loan originators and investors can

capital on hand to do so, self-directed IRA holders can al investors as a means of replenishing capital for new transactions, but it can be tough to rack up the funds you need from small allocations one person at a time.

This can be frustrating for you as a lender in need of money and for the prospective investor who wants to get involved for more than just a few thousand dollars.

On the other hand, those same people may have five-,

six-, or even seven-figure balances in their retirement accounts, and that money is just as eligible to go to work as loan capital as the money in a person’s wallet.

Someone using non-retirement money might meet with you, agree to terms, and complete whatever paperwork you deem necessary. He or she may then write a check

or transfer funds from a bank account, and the transaction is initiated. The process of onboarding a retire-

an IRA investment.

tween his or her IRA money and non-IRA money while sons, said investor can be a resource of loan capital that you may have never considered. Education-based IRA

providers are making it easier than ever to fund alternative investments with retirement dollars, so now may be the time to get started.

ABOUT THE AUTHOR:

Clay Malcolm is Chief Business Development Officer at New Direction Trust Company, a custodian of self-directed investment accounts that hold alternative investments.

Mr. Malcolm provides preliminary and continuing education to anyone interested in promissory notes, real estate financing, and other loan structures as assets in IRAs, 401(k)s, and other such tax-advantaged or taxable investment plans. CONTACT:

cmalcolm@ndtco.com | 877-742-1270(Ext. 113) | www. ndtco.com

Revenue diversification

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•

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Concierge across product offering with underwriting, training, service and support Dedicated call center for loan origination support and fund control Marketing materials provided including product tear sheets, pitch decks and web banners

In today’s market, refinancings have limited availability and there’s not much new housing inventory to lend against. For mortgage Brokers, this means the obvious; there are a lack of transactions in the market to profit from.

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Think of it as a new product offering which results in the diversification of your potential revenue. All of this is well within reach, and much easier than you may think.

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Traditional Realtors and Mortgage Brokers have the misconception they need an NMLS license to be a lender in this product space. The main point in dealing with a private lender is while they primarily fund SFR’s, these loans are governed under commercial guidelines.

Thus we are not governed under RESPA, TRID or TIlLA. These loans are funded only into business entities allowing 7-10 business day closings and can pay anyone under a Brokerage license a referral fee or commission on the HUD at closing.

There are two avenues a Brokerage launching this type of product to Real Estate professionals can expect to see. You can be a Correspondent Partner (the lender would fund in your name)

http://triumph.capital/brokers

or an Origination Partner (the client would see the lender’s name on the HUD). Most deals are funded under a single set of product guidelines allowing training, underwriting and servicing to be easily understood.

CORRESPONDENT PARTNER (CP): You look and feel like the lender, a complete white-label product.

ORIGINATION PARTNER (OP): Traditional Broker + lender relationship, lender shows on HUD. A full concierge service for Broker partners handling everything from A-Z is an entirely new model for private lending and Mortgage Brokers / Real Estate professionals. Working with a direct lender enables Mortgage Brokers to keep the lion’s share of the profit and have the potential to earn from the yield spread as well, all while monetizing on much more frequent lending transactions, instead of the normal 5-7 year customer lifecycle.

There many private lenders chasing this strategy and it’s safe to be wary of who to work with.

While choosing a partner, look for someone who understands the business and has a strong reputation for closing transactions. You’ll also need support with marketing materials. Having the right documents and product tear sheets (one-pagers) for conversations, trade shows, etc. is helpful in positioning the opportunity with your existing book of referral business from Realtors.

For more information call

877-450-9741

ROB JENNINGS robert@triumph.capital

GEORGE O. FLINT goflint@triumph.capital

www.originate.report 15

FEATURE

Tips on Becoming a Private Lender

By Mustafa Kadri, Esq.

F

ollowing the housing crisis of 2008, bank mortgage lenders were buttoned up tight as a drum, leaving many real estate investors out in the cold. A significant component of the economic crash was reckless real estate speculation. After the crisis, banks were reeling from their past mistakes and generally shied away from investment real estate transactions, or at least made them very difficult to close. Enter private lenders.

Private money lenders soon stepped in to fill the gaps the banks left after essentially abandoning in the industry. Those with a high net-worth began funding developers and real estate investors through hard-money loans. There were two types of investors into this growing new market – pooled investors, or those who invested in a hard money fund, and direct investors, or those who preferred to directly fund hard money transactions.

The private money industry is booming because those with idle capital who are willing to become the “bank” can make extraordinary profits while building a network of financial professionals. However, if the business is not set up correctly, a private lender risks missed payments, defaulting borrowers, foreclosure, and possible loss of capital.

16 Originate Report | May 2019

If you are thinking about becoming a private lender, consider the following issues before you commit funds.

Learn About the Market

The majority of hard money loans are for real estate investors, or “house flippers.” Before you commit money to real estate investors, take the time to educate yourself on the “flipping” industry, along with the many benefits, and, of course, the pitfalls that accompany lending in this space. The first step is being able to evaluate and understand every deal that crosses your desk. You will need to know how to assess the neighborhood you are investing in, realize the potential of the property that you are financing, understand zoning and permit issues that may become obstacles to the investor, and familiarize yourself with construction costs and time frames.

Most successful private money lenders invest locally. A local perspective provides them with insight into the housing market and zoning, as well as the ability to visit the property location and better evaluate its potential.

Take Only Calculated Risks

Private lending can be extremely lucrative, with monthly interest payments regularly flowing into your bank account. However, what happens if the payments stop coming? Some investments may require a deferred interest payment – where your money is tied up in the

rehab – and you won’t get paid until the project is complete and the property sold. Can you stomach the wait?

What about defaults? Do you have the resources to go after a defaulting borrower? If you don’t think you can stomach the ugly side, then private lending may not be right for you. If you are unsure about a transaction you are considering, consult an expert. Call someone you know who is in the business and don’t be shy about running the agreement by them before you make that all-important decision of whether to fund the deal.

Build an All-Star Team

You can’t do everything on your own, and so you should work on building a stellar team of educated professionals to help you build a successful private lending business. If you are considering direct lending, then it is a good idea to have industry consultants look over deals to make sure you are being adequately compensated.

Enroll the help of a good accountant and legal team to ensure your contracts are water-tight, and that you are correctly calculating the tax liability into your cost of doing business.

Probably the most important thing to consider when entering this business is having the intestinal fortitude to keep pushing forward. There will be times when you will second guess a decision you may have made on a deal that went south. However, if you have confidence in yourself and your team, you will quickly overcome those little bumps in the road and be on your way to building a thriving priCONTACT: m.kadri@geracillp.com vate lending business.

O: (949) 3792600 www.geracillp.com

INDUSTRY JOB WATCH

Look Wh o’s Hiring!

Looking to fill a posit Originate ion? Adve Report’s rtise it he In d re in u stry Jobs of thousa to get it in nds of qu front alified can didates.

Contact u s at (949) 629-396 1.

Money360, Inc., Ladera Ranch, CA Commercial Real Estate Loan Underwriter must be able to evaluate loan opportunities, including, the real estate collateral securing the proposed loan, the surrounding market and demographic area and the adequacy of the loan structure of the transaction and/or relationship. Primary duties include the underwriting of commercial real estate and bridge loans, reviewing loan documents, spreading financial statements, evaluating borrow/guarantor financial support and management, and developing rationale for pricing decisions. The role will be responsible for all aspects of a proposed loan from the time the borrower executes the term sheet through closing. Interested parties should contact Paul Cleary.

CONTACT: paulcleary@money360.com | www.money360.com

www.originate.report 17

FEATURE

Six Figures in Six Minutes.

Is raising funds from enhanced retirement accounts really this easy? Yes! Real estate is the most common asset type across the $116B

in SDIRAs, and has been for the past forty years since SDIRAs were created and legalized in the 1970s.

Individuals may also signup for a SDIRA or Solo 401(k)

in as little as 5 minutes, with the account fully funded (and dollars in your pocket) within 7 days.

To note: The deal sponsor should neither incur any fees,

nor have to provide additional paperwork to a third party. The sponsor should simply receive a check, re-

gardless if the funds come from the investor’s piggy bank checking account or her Solo 401(k).

“Six Figures in Six Minutes” Six minutes of

your time should generate six figures of new funds. Us-

ing data from a real world example of a well-known figure in the Geraci community, let’s assume that your audience (i.e. distribution list) is 100 investors that expressed interest in your offering.

On your next monthly newsletter you include a brief

Funding Your Next Deal through Enhanced Retirement Accounts

By Dan Kryzanowski, Rocket Dollar

C

paragraph informing your audience that they may use

their retirement funds to invest in your next deal. Half

your audience opens and reads your email as they are excited about your offering. Of these 50 folks, 80% were previously unaware about a Solo 401(k) or SDIRA.

Now amongst the 40 individuals, (at least) 10 will give serious thought, with 3-5 likely tapping into their “old

an anything compete with the Finally, there is a cultural shift, as the average American retirement” dollars to write you a check. Best of all, for U.S. National Debt? While the $22 demands options, control, and speed. The days of the one or two of these folks (e.g. using his liquid funds Trillion is a comically large number and marginal deficit ($45,486 per second,

yikes!) of little benefit to the average American, there is

an ally out there with twelve zeros that can materially impact your life - the Individual Retirement Account.

60/40 (60% stocks/40% bonds) “set it and forget it” are over!

to pay for private school tuition), the SDIRA or Solo

401(k) may be the only funds available to invest in your next deal.

How can SDIRAs benefit the real estate community? As there is an increased desire, and at In summary, in less than six minutes, you educated and times demand, for assets that you can literally see and

empowered your investor, with your investor expressing

How are IRAs being used today? Why is touch on a daily basis, individual investors are awaken- gratitude for guiding them to take back their share of this changing? A majority of the $9.5T in indi- ing to take back their share of the “forgotten trillions”. the “forgotten trillions”, now sending you a check or

vidual retirement accounts (more commonly known as IRAs) is “stuck” in stocks and bonds. This is of little sur-

Concurrently, there is an astronomical opportunity

into a rollover IRA, assuming that they are limited to a

who simply inform their audience that they may use

prise, as many people simply transfer their old 401(k) small number of stocks, bonds, and funds.

That said, people are getting skittish on the backend of this bull market, and many bonds returns remain stagnant with a flat yield curve.

Secondly, more folks are pulling back the curtain on the Wizard of Oz (i.e. high fee funds, advisors that still

charge based on asset balance), now openly questioning if they can generate similar - or greater - returns, with complete transparency into their investments.

18 Originate Report | May 2019

wire for your next deal.

($9,500,000,000,000 and growing) for deal sponsors

their retirement dollars to participate in (the sponsor’s) next deal.

Deal sponsors, along with other fundraisers, need to

simply inform their current and future investors and

lenders that they may rollover funds from a traditional IRA into a self-directed IRA (SDIRA) or Self-Directed Solo 401(k). Once informed, the individual is now em-

powered to invest (or lend) as much of their “old IRA” funds into your next deal.

ABOUT THE AUTHOR:

Dan serves as EVP at Rocket Dollar and Capital Partner for Pinnacle Storage Properties.

Dan has raised “six figures in six minutes” numerous times across the self-storage, multi-family, and residential worlds. His professional mission is to guide individuals to take back control of their retirement dollars and empower sponsors raise more money faster. Visit with Dan at Broker Exchange in Dallas and Captivate in Las Vegas.

CONTACT: dan@rocketdollar.com |

512.779.0843

You’re going places.

Don’t stop until that place is the top.

If you’re a loan originator looking to build your business and gain insight from the nation’s top mortgage brokers, bankers, lenders, and lawyers, Originate Report is for you. Distributed to 35,000 professionals in the private lending industry every month, this is where you come to see and be seen.

To discuss submitting original articles, or for general Originate Report questions, email us at submissions@originate.report.

behind you all the way. find us online at www.originate.report www.originate.report 19

FEATURE

The Rise of Private Capital Lenders and Why It Matters for Real Estate Investing

By Ryan Roberts, Sr. Director of Marketing

T

hings have changed dramatically since the crisis of 2008. Spurred by a collapse of the housing market, the most financially tumultuous time in recent history drove large-scale, well-known banks to pull the e-brake on real estate lending. While the jury is still out, there’s no denying that the crash of the late-2000s was exacerbated by banks handing out mortgages to risky borrowers who, frankly, couldn’t afford them.

So, suffice to say that, even to this day, those latter-mentioned banks are still quite hesitant to give out speculative loans. It’s like selling the same jug of milk within the same financial bounding box. You either fit within the parameters of that box or not. However, it’s this exact hole in the market that’s allowed Private Lenders to enjoy a massive second wind of popularity.

20 Originate Report | May 2019

Lending From Non-Bank Intermediaries

Private lending has turned the tables on the traditional banking industry’s foremost product: Loans. Ten years since our nation’s most recent economic downfall, investors, from all industries and niches, having poured literally billions into companies and business that have been deemed by “Big Banks” to be too trivial or volatile to lend against.

Well, it’s turning out that this is an incredibly lucrative, healthy, growing market. Money flowing in is feeding the ten-year-long trend of private lending. In fact, it’s valued at $500 billion, according to figures recently published by Bloomberg. The numbers are only growing, quarter after quarter; by 2020, it’s estimated that private lending could top $1 trillion. Much of which is within a completely unregulated financial market.

Tech-savvy Entrepreneurs are jumping on the proverbial train to, quite literally, capitalize on this boom, all while making it easier for small-scale borrowers to find applicable lenders. Jordan Selleck, for example, created DebtMaven, which is like a financial Tinder of sorts, is matching borrowers with lenders. These types of tools are yet to exist at scale in the real estate investment sphere.

Now after just two years, almost 500 lenders are signed up on the platform, ready to match with a growing amount of Private Lenders on the hunt for lending opportunities. “They’re hooked on deal flow and willing to pay,” Selleck told Bloomberg in regards to his lenders.

“It’s grown at a crazy pace.” It’s not the same type of lending were used to, but a great analogy of the overall market trend.

What This Means For Real Estate Investing

Since the financial crisis of ‘08, non-bank intermediaries—i.e private equity firms, hedge funds, and other private capital lenders—are continuing to flourish, making up a greater proportion of all global real estate assets. For private real estate lenders, this surge of private capital is amazing news.

“So, just why is private credit so intriguing to the lenders? Well, it all boils down to yield and regulation (or lack thereof).”

So, just why is private credit so intriguing to the lenders? Well, it all boils down to yield and regulation (or lack thereof). Ten years ago when the central bank, essentially, came to a standstill, profits from loans all but disappeared. To this day, those large-scale banks are still struggling to pull yields from those same-era loans.

To the contrary, those who are in the business of private lending can see incredibly lucrative returns. All-in yields of around 8 percent are normal with these loans, sometimes accruing even higher profit percentage rates (spread, interest, junk fees). When you compare that to the dismal 4 percent regularly touted by investment-grade firms and corporate bonds, it’s no wonder why private collateralized lending is enjoying its current hay day.

For outsiders, e.g. borrowers who are looking for loans collateralized by real estate assets, the benefits of these Private Lenders are nearly endless. For one, credit ratings are often not nearly as important in underwriting, due to the collateral and high-security nature of those loans. It’s obviously not the borrower that’s anchored to the loan. It’s the asset. Rates are also typically higher on these financial products.

A caveat to the risk vs. reward profile.

find those individuals sourcing investment opportunities in the real estate market?

They self identify as investors, yet in most cases have little to no capital.

Upwards of 60% of these “real estate investors” (purchase decision makers) are realtors themselves, or hold a real estate license. They defer to Private Lenders to save deals falling out of escrow or even to poach an investment opportunity with their advantageous position in finding that property first.

Deal flow isn’t about the borrower. Given that private lending is anchored to a physical asset makes lending an entirely different game. It’s no longer about the credentials, income, credit or liquidity of an individual - but their aptitude and ability to hunt and gather strong investment opportunities on behalf of a private lender. Contrary to industry standards these “borrowers” are your sales team. In the coming months or even years, keep your eyes peeled and stay fully focused on this market opportunity.

ABOUT THE AUTHOR: Ryan Roberts

is a Sr. Director of Marketing for a San Diego based joint venture real estate investor and operator. The firm’s principals have a combined 40+ years experience in property development and real estate finance. Parent holding companies portfolio totals 10M+ square feet and is valued in excess of $1.4 billion.

For the last 8 years of his career, he’s worked with the world’s leading companies and venture-backed startups across various qual/quant marketing functions. Prior, he held software engineering roles for large-scale e-commerce ventures.

Ryan’s extensive technical background, rooted in product management, hardware, and software development lends well to a scientific approach in marketing. 1M units shipped, $22M in retail sell-out on products created.

CONTACT:

(616) 635-9732 or ryan@e1even.com

Also, unlike bonds, private loans aren’t generally traded in the open market, meaning their interest rates and financial fragility will stay intact over the duration of that loan. These loans, too, aren’t commonly held on the books of a private lender.

It’s common to see heavy paper trading of these debt instruments between private financial institutions the second they are funded. It’s a capability that lenders with lower capital costs can enjoy the luxury of profiting from.

Why is this important? Well, in a very compact nutshell, it means this: Your loan (or loans) aren’t bunched together with other financial assets associated with a said private lender. So, heaven forbid that private entity goes under, your loan is associated with company quotas, revenues, etc. when they do inevitably file and fold -- the assets still stand.

It just so happens the larger banks are also noticing a favorable risk vs. reward profile -- and investing heavily. Prior Blackstone, KKR and Goldman Sachs employees have created young startups and are amongst industry veterans that have amassed $9.5 billion in private investment assets over the past few years.

The Future of Fix & Flip Collateralized Lending Is Ripe For The Picking

Private lending is booming and likely on the cusp of a major market shift. Especially within the housing market. The unregulated nature of our industry probably won’t last. However its favorable to lenders and even real estate investors who don’t check the normal financial product (QM) lending boxes.

Realtors are taking financial compression, Mortgage Brokers are seeking product diversification in a softening QM market and Private Lenders are in an arms race to secure market share. Big financial institutions rarely touch our funding scenarios or our financial products, but are clearly interested in a nicely packaged upside.

There are ~1.3m realtors in the US. The profound market question is, how do you

www.originate.report 21

CITIES TO WATCH

Cities to Watch:

New York City

By Charles Peckman, Originate Report

W

hat is there to say about New York City that hasn’t already been said? The answer, quite frankly, is not much. De-

Cowboy, a myriad of rather frightening muppets, and street performers of every variety, to name a few.

spite this rather sizable pitfall, it is clearly worth dis-

It is no wonder why thousands of young professionals

certainly this metropolis, which is the most populated

around the globe visit as well. Even though I originally

cussing ‘the city that never sleeps’ ad nauseum. And

in the United States, lives up to its catchy moniker many times over.

hail from Chicago, it is hard to be anything but speech-

millions of people have flocked to this city to start a new

less amidst the grandeur of New York City.

New York (or the Big Apple) isn’t necessarily known as

or an exhilarating night in a Broadway Theater, there

State Building, a monument to the industrial age and

urban boom of the early 1900s. To your left, the Statue of Liberty – a gift from France that welcomed millions of immigrants (including my great-great grandpa) to the United States. Far above your head, One World

Trade Center; not only a monument to the well-oiled business epicenter, but also a reminder of a dark Tues-

life, find their passions, and fall in love with the beautiful monotony of machines and people hard at work.

From the Statue of Liberty to tours of Ellis Island, the

city has the ability to humble any visitor with the trials

is certainly an activity for every possible mood you

Nightlife

feel. Of course you could peruse the floors of the New

York Public Library, where the smell of old books and freshly-brewed coffee is met with the sight of aspiring (and seasoned) authors, playwrights, and literary crit-

ics pounding away on their keyboards. If you are an art-lover, however, do not fret – New York City is home to many world-renowned museums, including the Mu-

seum of Modern Art, The Met, the Whitney Muse-

less days perusing New York’s eccentricities; the Naked

become entranced by the eccentricities of post-modern

22 Originate Report | May 2019

but modern in terms of its roots – for hundreds of years,

Whether you fancy a leisurely walk in Central Park

day morning in 2001. Between the monotonous meetings and cumbersome conferences you can spend count-

for hours upon hours.

New York, despite having new in its name, is anything

Must-see locations

a boring place to hit the town. To your left, the Empire

becomes incredibly easy to stare at these works of art

flock to this city every year, and millions of people from

Often considered the financial capital of the world and the epicenter of the performing arts and publishing,

expressionism or are a student of the “Old Masters,” it

um of American Art, and so much more; whether you

and tribulations of its ancestors.

Because New York is split up into five boroughs (which

were combined to form the city we know in the late 1800s,) each area of the city has its own “vibe” in terms of nightlife. From the hectic, fast-paced feel of Man-

hattan to the cultural influences of the Bronx, even the longest day of meetings and most tired of feet will still

yearn to walk the streets of the sleepless city all night.

Steeped in the tradition of secret meeting places during

New York City: Continues on pg. 24

www.originate.report 23

New York City: Continued from pg. 22

Prohibition, New York is home to some of the world’s

best speakeasies (basically secret bars.) Death & Co.,

for example, is nestled in the East Village and sorts its menu by the strength of its drinks, and offers modern

fare and classic drinks alike. Located in the Financial District (but not sanctimonious in any way,) The Dead

Rabbit Grocery and Grog offers meticulously research vintage-inspired drinks (including, of course, cocktails made with Absinthe.)

New York also offers a myriad of comedic choices, with the Comedy Cellar and Gotham Comedy Club offering an endless supply of laughs. There is far too much

to do (at night) in New York to highlight here – the best advice you can possibly receive is to simply step out of your hotel and start walking – in any given direction – and you are bound to find something.

Dining

With cultural ties as wide as the Earth itself, New York

has a “few” restaurants to choose from. Known for its delicatessens (and their delicious pastrami) and its

many Michelin-rated hot spots, one thing is for certain – your taste buds will not be unsatisfied for long. Chef Danny Meyer’s Flatiron District tavern Gramercy may

not be the most inexpensive place to dine, but its ambiance, food, and service are known across the globe. The

Modern, with its French/American new fare, has views

that overlook the gardens of the Museum of Modern Art. To fully grasp this week’s dining hot spots in New

York, check out The New Yorker’s “Table for Two” col-

umn, where a cycling array of journalists describe their favorite spots.

Attractions

Aside from the art museums, theater, and historic sites, New York’s architecture is rich with history and mod-

ernism at the same time. With heavy influences from

the Art Deco era intermingled with glass and concrete (a rather recent proclivity of architects,) it would be a crime not to take advantage of a New York City archi-

tecture tour. The grandeur of these buildings is only met with their interiors, which house some of the world’s

best art, dining, and nightlife. If you’re looking for a well-known secret mecca for hipsters and vintage enthusiasts alike, Brooklyn Flea is bustling with dozens of vendors selling clothes, accessories, and mouth-wa-

tering bites to eat as you peruse the endless selection of vintage-inspired goods.

24 Originate Report | May 2019

New York City, NY Economy:

• Major industries: Finance, healthcare, real estate, media, publishing, and information technology • Minimum wage: $11/hour • Cost of living: 2.093 x more expensive than the national average (largely due to the cost of housing)

Housing:

• Median household income: $50,711 (according to 2010-2012 estimates from the U.S. Census Bureau) • Median home price: $681,000 • Home price change: 4.3 percent one-year change

• Home ownership: 31 percent (many properties, especially in the city, are rent-controlled) • Median rent price: $3,726 (for a two-bedroom apartment)

Job Market:

• Forbes List: Best places for business and careers #106 • Unemployment: 4.3 percent (according to the most recent data from the U.S. Bureau of Labor) • Job growth: 1.8 percent one-year change • Loan originator average salary: $84,448 (7 percent above the national average)

UPCOMING EVENTS

Upcoming Events Don’t be left out! Showcase your upcoming event here!

Contact a.carter@geracillp.com for more information.

The Broker Exchange 2019 May 9-10 • Dallas, TX www.geracicon.com

Captivate 2019 August 21-23 • Las Vegas, NV www.geracicon.com

All event dates subject to change. Please visit conference websites for agendas and details. www.originate.report 25

LOAN HOME

Help Make Dreams Come True TYPES OF LOANS

AN LO M

XI M

MU www.atgcapitalfunds.com bobby@atgcapitalfunds.com Tarzana, CA

400K 3.5M √

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65-70/ 12-18

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Direct Lender

Fidelity Mortgage Lenders, Inc.

www.fidelityca.com psteigleder@fidelityca.com Peter Steigleder (818) 422-8879

Helvetica Group

www.helveticagroup.com loans@helveticagroup.com (310) 575-3301

50K 15M

Direct Lender

www.jcap.net info@jcap.net (949) 236-6600

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√ 55/30 √

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CB Real CALBRE 00388229

100K 10M √

50K

5M

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√ 75/30 √

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*All 50 States

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100K 50M √

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75/2

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AL, AK, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MO, MS, MT, NE, NH, NJ, NM, NC, OH, OK, PA, RI, SC, TN, TX, VA, WA, WV, WI, WY

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90/30

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2019

Direct Lender

AK, AZ, AR, CA, CO, CT, DE, FL, GA, IL, IN, AI, KS, KY, LA, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, SC, TN, TX, UT, VT, VA, WA, WV, WI, WY

Let Lenders know you found them in Originate Report!

Are you a lender? Advertise with Originate Report’s Loan Home and be seen by 35,000 industry professionals each month.

Contact our Loan Home director at (949) 629-3961.

26 Originate Originate Report Report || May May 2019 2019

√

Rev. 01.14.19

www.lockettnhomes.com Info@lockettnhomes.com

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* AZ, CA, NV

Direct Lender

Lockett-N-Homes

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CA, TX, WA

Direct Lender

JCAP Private Lending

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* = states lending in

ATG Capital

MA

MI

NI

LENDER

$ U Co mm M L O AN Co erci ns al $ um e Br idg r e Co rpo r Ac at io qu ns/ isi T No tion rusts tes s a / L nd ega Pu De l E rch ve ntit lop ies Re ased me ha nts b/ Bla Re m nk od e Se t Lo eled an co s / Re n no Jo d M va int ort ted Ve ga Fo ntu ge s rei r es g Ot n Na he t i on r als MA XL oa nCh urc to-Va lue he La s (% nd / Te (B mp ) / MA a le Au tom re/ C s/ S X Te rm y o Re otive mm nag (yr erc og s) tai u l (S ial e s /L En ho ot) ter p ta s/ Ga inm Strip s S en Ma t lls Le tatio ) isu ns re Ho (G sp olf it C Mi ality our s xe d-u (Hot es/ M Re se els) ari sid Pr na I o nd e ) Ra ntia per t ustri l a ies nc I l n v h Se es a estm lf-s nd e tor F nt Re ag arm Prop sta e ert s ies u Of rant fic s e

Let lenders know you found them in Originate Report!

TYPES OF PROPERTIES WE LEND TO

TYPES OF LOANS

TYPES OF PROPERTIES WE LEND TO

MI www.pacificprivatemoney.com loans@pacificprivatemoney.com (415) 883-2150

150K 5M

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70/30

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www.patchofland.com originations@patchofland.com (888) 250-2216 Sherman Oaks, CA 91403

Redwood Mortgage Corp. www.redwoodmortgage.com RMC@redwoodmortgage.com (800) 659-6593 San Mateo, CA 94402

Sandstone Capital, Inc. www.sandstonecapital.net josiah.p@sandstonecapital.net Josiah Puder (310) 909-8555 Ext. 1040

Sunset Equity Funding www.sunsetequityfunding.com lending@sunsetequitygroup.com (833) 786-7381 Los Angeles, CA 90010

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85/2

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100K 10M

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Direct Lender

*65% For commercial and mixed-use and 70% for multi-family and residential investment. 5 years (custom terms are available)

100K 10M

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90/2

Direct Lender

2M

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* CA

Direct Lender

50K

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AL, AK, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, AI, KS, KY, LA, ME, MD, MA, MI, MS, MO, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, TN, TX, VT, VA, WA, WV, WI, WY

Direct Lender

50K 50M

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NATIONWIDE EXCEPT ALASKA, SOUTH DAKOTA, NORTH DAKOTA

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90/2

2019

www.zincfinancial.com office@zinc.net Tom Valentino

3M

Rev. 01.14.19

Zinc Financial Inc.

50K

* CA

SFR

Patch of Land

√

* = states lending in

Pacific Private Money

XI M

NI

LENDER

MA

MU

M

LO

AN

$ U Co mm M L O AN Co erci ns al $ um er Br idg e Co rpo r Ac at io qu ns/ isi T No tion rusts tes s a / L nd ega Pu De l E rch ve ntit lop ies Re ased me ha nts b/ Bla Re m nk od e Se t Lo eled an co s / Re n no Jo d M va int ort ted Ve ga Fo ntu ge s rei r es g Ot n Na he t i on r als MA XL oa nCh urc to-Va lue he La s (% nd / Te (B mp ) / MA a le Au tom re/ C s/ S X Te rm y o Re otive mm nag (yr erc og s) tai u l (S ial e s /L En ho ot) ter p ta s/ Ga inm Strip s S en Ma t lls Le tatio ) isu ns re Ho (G sp olf it C Mi ality our s xe d-u (Hot es/ M Re se els) ari sid Pr na I o nd e ) Ra ntia per t ustri l ies al nc I n v h Se es a estm lf-s nd en t t Re orag Farm Prop sta e ert s ies u Of rant fic s e

Look for this Lender’s Ad in this issue of Originate Report

Direct Lender

AZ, CA, CO, IN, MI, NM, OH, TN, TX, WA

www.originate.report www.originate.report27 27

28 Originate Report | May 2019