Tim Herriage

No way most lenders could close a DSCR by March 31st.

No way most lenders could close a DSCR by March 31st.

No way. We could. How? because we would be really transparent with you up front. We'd say, listen, we can do it. I need all of your bank statements today. I need your insurance today. I need you to pay for the appraisal today, and you need to make a call and follow up with the appraiser tomorrow and make sure the report is done tomorrow. Tomorrow's a Friday.

No way. We could. How? because we would be really transparent with you up front. We'd say, listen, we can do it. I need all of your bank statements today. I need your insurance today. I need you to pay for the appraisal today, and you need to make a call and follow up with the appraiser tomorrow and make sure the report is done tomorrow. Tomorrow's a Friday.

Then I'd have it in by Monday, and I'd have a full seven days. Once I have the appraisal, the credit report, the lease, the bank statements, I can get you into underwriting. Underwriting can clear in 48 hours. It can be done. The problem is most of our customers, we are unorganized and slow because we like to bitch about the lenders, not bitch about ourselves. I talked about this yesterday.

Then I'd have it in by Monday, and I'd have a full seven days. Once I have the appraisal, the credit report, the lease, the bank statements, I can get you into underwriting. Underwriting can clear in 48 hours. It can be done. The problem is most of our customers, we are unorganized and slow because we like to bitch about the lenders, not bitch about ourselves. I talked about this yesterday.

And I'm saying we, because I'm one of them, right? I mean, I bitch about lenders too. That's right. So, yeah, I mean, we are radically obsessed with changing the way business is done. And eventually we'll have our own DSCR product. Yeah. I mean, I see a world where we can do a DSCR product without credit. Have we done a DSCR through you yet?

And I'm saying we, because I'm one of them, right? I mean, I bitch about lenders too. That's right. So, yeah, I mean, we are radically obsessed with changing the way business is done. And eventually we'll have our own DSCR product. Yeah. I mean, I see a world where we can do a DSCR product without credit. Have we done a DSCR through you yet?

But the point is, it's not ideal, but we close them in two weeks all the time.

But the point is, it's not ideal, but we close them in two weeks all the time.

Man, I appreciate you having me.

Man, I appreciate you having me.

Yeah, man, that actually came up yesterday in a conversation with some of our buddies. It's just I think it's an all business. I mean, especially the fund manager business, which you and I both do a lot of. I mean, I think people just don't understand that you cannot undo what you do and you only get one shot at this thing because you can't buy a new one and you can't get rid of the one you have.

Yeah, man, that actually came up yesterday in a conversation with some of our buddies. It's just I think it's an all business. I mean, especially the fund manager business, which you and I both do a lot of. I mean, I think people just don't understand that you cannot undo what you do and you only get one shot at this thing because you can't buy a new one and you can't get rid of the one you have.

Yeah, you know, 20 something years ago, I got out of the Marine Corps, took a job as a project manager for a house flipper in Dallas. And within a year, I was in the acquisitions role. A year after that, I went out on my own. bought a home investors franchise. Well, actually, to be fair, married my wife who had a franchise. She was wholesaling houses to me at the time.

Yeah, you know, 20 something years ago, I got out of the Marine Corps, took a job as a project manager for a house flipper in Dallas. And within a year, I was in the acquisitions role. A year after that, I went out on my own. bought a home investors franchise. Well, actually, to be fair, married my wife who had a franchise. She was wholesaling houses to me at the time.

And, you know, we grew that to be number one in the nation, took all our licks in 08 and 09, miraculously stayed married through all that struggle, came out of that, kept buying houses, started a little thing called the REI Expo, sold that to Think Realty. I met Blackstone at a conference, started a B2R finance, which became Finance of America, which we IPO'd in 2021.

And, you know, we grew that to be number one in the nation, took all our licks in 08 and 09, miraculously stayed married through all that struggle, came out of that, kept buying houses, started a little thing called the REI Expo, sold that to Think Realty. I met Blackstone at a conference, started a B2R finance, which became Finance of America, which we IPO'd in 2021.

Kept buying houses, investing in multifamily, investing in commercial. Really liked the lending world. Executive director for RCN Capital, one of the top three lenders in the nation. I'm actually still on their board. They are more focused on broker business and correspondent lender business. I love retail. I love working with our people.

Kept buying houses, investing in multifamily, investing in commercial. Really liked the lending world. Executive director for RCN Capital, one of the top three lenders in the nation. I'm actually still on their board. They are more focused on broker business and correspondent lender business. I love retail. I love working with our people.