Tim Herriage

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.

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.

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.

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.

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?

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.

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

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?

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.

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.

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.