Mark Gagner

So I have personal friends and family that loan me money at they're making similar interest rates and points.

And I use them because they'll go to higher leverage without wanting any equity in the deal.

Yeah, it's debt.

So they get whatever is in the promissory note that we agreed to.

Yes.

Has that ever happened?

And we're in Northern California.

Everything gets sold here.

So I only once, I didn't have to go to them, but it just took longer to sell.

And I ended up losing a little bit of money on the deal myself, but my lenders never lose money.

How many months?

Well, this one probably took about four to five months to sell, which is a crazy amount of time.

Again, in this market, typically we're putting houses on the market.

And running two weekends of open houses and accepting offers that second weekend.

And they consistently sell in almost all cases in that kind of timeframe.

No, it's really not that cost because you're assuming that I just held it for a year.

That's an annual cost.

But in actuality, so those interest rates are annualized.

But in actuality, our deals are running anywhere from four months on a relatively fast project to can be up to a year, but typically four to six or seven months.

Oh, got it.