Tim Herriage
speaker
155 appearances
2 recordings
2 series
first heard Dec 2024
last heard Apr 2025
Tim Herriage’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah, so the crazy thing is, man, I get excited about this still, even though I've been dreaming of it for over two years now, and we just now launched the crowdfunding raise that allows us to let the everyday investor own part of it. So I got fed up a little bit. There's a ton of debt funds out there, like debt. DLP and all these other groups.
I mean, you can invest in their debt fund if you're an accredited investor. And then the problem is you only own the loans they give to that fund. And if that fund goes belly up, they can walk away and just form a new fund or they can use that fund to get where they're going and then get rid of the fund. And you have no upside, no continued interest in it.
So I was looking at it. I was like, okay, I've never done a crowdfunding before. I was like, how can I make it where it's available to everyone? Even my customers just getting started. How can I make it available to everyone and not just Wall Street? I've made a lot of money with Wall Street.
And it would be really easy to go raise $5 million from Wall Street. I mean, I had a guy at the conference I'm down here for on Tuesday offer me $20 million worth of buying loans. Yeah. We don't need money. The entire vision... is to make... So with the crowdfunding, you don't have to be accredited. I mean, you can put it on a credit card. Yeah, yeah. And buy shares in Ternus.
And it's Ternus Incorporated. It's like the real company.
Right? I mean, it's the company that owns all the sub-companies. And we're starting an insurance company, a servicing company. We will raise some debt funds because I've got some rich buddies that would love to drop, you know, a million bucks in and make a 10% cash flow type yield. But for now... Before I did any of that, I had to make sure it was available to the masses.
I would rather have 1,000 shareholders own 1,000 shares than three institutions own 10% of my company and get to tell me what to do. That's right.
Yeah.
Well, and don't forget, you put it on Instagram last year. We have a really small package. It was like the best, worst compliment ever. It's like Tim Harris has a small package. It's great. I'm like, I think. I guess. Right. But we don't have to securitize our loans. Yeah. So I just have to make sure that if you don't pay me, I can foreclose.
So my loans can be more simple and straightforward, much more like a traditional hard money. And it's great like that because I already have capital partners like we will give you millions of dollars, but you're going to need to pull credit. I said, no, I don't. I don't because- My partners, Bill and Tom, and I have enough money to not need Wall Street's money.
But I also don't because I now have shareholders that understand that the credit... frankly, is your liquidity, the money you have in the bank. Do you have the money to get the project started? Because I'm going to loan you all the rehab and to pay the interest. That's it. That's your credit. And the asset is the collateral. And having bought thousands of houses, I'm still just an asset guy.
I was talking to my mentor, Jeff Tennyson. He took Lima One from like $100 million a year to $3 billion a year. he's my CEO coach. And I was like, we haven't brought this yesterday down here in Miami. And he was like, dude, you've got to make sure you don't lose that as you grow the company. That's right. Like you have to keep it. It's asset based lending.
Well, and it's also important. This is probably a good part to talk about. We really live, eat, breathe and sleep our core values. And I'm a Marine, so kind of dumb. Sometimes we need acronyms to figure shit out. So our core values is stars, speed, transparency, accountability, respect and service. And when I talk to my team about it, I've been on the other side of the table so many times.
Time kills deals. And if I yank you around or don't give you an answer quickly, even if the answer is no, I'm doing you a disservice, right? And transparency. So many times lenders will collect that app or let you order that appraisal, and they know it's going to be hard to get done. I would rather say, dude, you need to keep looking for money, and we'll do our best to figure it out.
But, like, this is not a yes. It's a no. But there may be something there. Let us go look at it. But for now, keep looking. It's funny, 13, 14 months into it, we get so many people that just love our transparency because they're – They're like, they'll call you back. Hey, real quick, can you tell me if this one will work for you?
Because we already told them no twice, but they know that they can get a no from us so quick that they might as well bring us every deal. And we'll just quickly tell them yes or no. Yeah. And the other thing is, is if we say yes, funny story. your second loan you did with us.
You texted me on a Monday morning, nice and early. You're on the East Coast. I'm in Central Time. You get up at like 4 a.m., so then I think I woke up to your text at like 6, and it's like, Harage, what the fuck? Because we were supposed to close that day, and apparently somewhere downstream there was a problem. What it was was
Our capital partners, we have different pools of money that we pull from. And one of the partners that was going to fund that loan was like, wait a second. If we fund this loan for Colby, it'll put us where he is over 10% of the money we have outstanding with you. And that's a violation of your warehouse line. And I was like, well, shit. Why didn't we catch that?
Well, we didn't catch it because it was the first time it had happened. That was in April of last year. We'd only been originating loans for two months. We hadn't had time to get to that point. But I quickly said, hey, We fucked up. Give me a minute. Let me figure it out. We had to pull from our own cash to get the deal funded.
But part of that is, you know, we don't retrade people and we're going to do what we say. We're going to hold ourselves accountable.
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