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
Because we've got to make sure we're staffed with asset guys and gals. Right? People that really understand real estate. I can figure the rest out. Yeah. With finance people. I just need to make sure we're making good loans on good houses and good neighborhoods. Yeah. It's... Guys...
Last night, right. And so that's one of the reasons, Justin, that we're selling shares is I am insanely obsessed with technology. Yeah. We are implementing machine learning into everything we do from even sizing or reconfiguring loan offers. So if you're a new person and you're buying a heavy rehab and you've never done a deal and you're borrowing money from your dad to get it done,
We will do that loan. No doubt. But you're going to prepay six months of interest, and we may lower your loan to 65%. Yep. Well, we've now, for six months, we've been building and testing this automatic little robot that takes in those data points and says, and will give the customer a quicker answer to those what we call exceptions. Yeah. Right?
If you're just buying a normal 3-2-2 brick house that needs paint and carpet, and you have money in the bank, like- Here's the money. Super easy. Yep. We've got to be able to say yes to some other things. And we're using AI and machine learning to do it. One thing that I'm super excited about is we download all call transcripts every night and we load it into the machine learning engine.
I love that. And my IT guy, my VP of technology, has figured out a way to wait towards our top producing salespeople in those call transcripts. Because we're designing a chatbot that basically can underwrite your deals online and answer your questions. But we want to wait towards the... guy or gal that's actually getting stuff closed. Yeah. Not the maybe dipshit that's going to get fired. Right.
That's right. We're using VAs for a lot of stuff. So we're just like the customer. It's like VAs and this and that. Yeah. But, We're downloading their inbox every day. What questions are they getting asked? How are they being answered? Are there common threads? Does it point to a part in your process that needs to be fixed?
If 80% of the customers ask the same question, you've got a massive problem on the front end.
massive is not massive, but for me it's massive because, again, my core values, speed and transparency. I need to be able to tell you everything as fast as possible so you can make an educated decision for your business and your family. So part of this fundraise, if they go to invest.turnus.com, it breaks down the use of proceeds.
We're going to spend $2.5 million on funding loans and there's like, I don't know, half a million. You have to reference the thing on just pure technology development. We're trying to It's so fun to build something on new technology and not be stuck on old technology. So that's another reason that we decided to raise the capital when we did is to improve in every way we can as fast as possible.
And all investments involve risk. I've had some really good friends in the industry call like, hey, what do you think the projected return is? I'm like, I can't say that.
Like you should, if you can't afford this, you should just expect, you shouldn't do it.
And you should expect that the minimum investment is like a thousand bucks. If you can't afford to lose that thousand dollars, don't buy, don't invest. Yeah. But if you want to be supportive of a company that is insanely obsessed in the customer experience, you should definitely check us out.
Well, Google has an awesome saying. It says no one knows everything and everyone knows something.
And probably the thing I'm most excited about is the first shareholder meeting that's going to be in September where we bring together, you know, we do it somewhere really cool. Yeah, I already had it planned. You know, you bring together 500, 1,000 people that have all invested in the successful outcome of something. And the board and I are just super excited about
bringing them together and hearing them and doing little focus groups, doing surveys. Like I don't want to just have people invest. I want people to hold us accountable and be a part of the next evolution of financing for investors. Like I said, 10 years ago, these DSCR loans, we, B2R Finance, I ran the sales and marketing team there. We originated the first ever DSCR loan. almost 10 years ago.
It was in April. It may have been March, actually. It may have been exactly 10 years ago. Until that, it was only DSCR portfolio at B2R. And I went to the board at Blackstone. I said, look, 89% of the people that call us, even though like our website straight up says, don't call unless you have five freaking houses. 89% of the people that call say, I only have one. Can you help me?
I can't get money anywhere. And so Blackstone's like, fine, you can do $10 million worth of single asset loans. I'm a nerd. I'm a finance nerd now. In the securitizations, it's still called the SLP, which we came up with on the fly. It means single loan product. There you go. Because we had the entrepreneurial loan product, which was the five house portfolio.
And I had to call it something for the sales team. I was like, Brendan, what are we gonna call it? He's my VP of sales time. He goes, SLP is like, there you go. Still call that in securitization documents kind of funny, but, um, Yeah, man. Brian Partridge, who you've met, was kind of our number one sales guy at B2R back then.
He sold the first couple dozen of them, and we sold out in like three days. And you're like, oh. That's something. Yeah, and so we do DSCR as well, long-term rental loans. That is not a Ternus product yet. Since those have to be sold to life insurance companies or hedge funds or whatever because nobody has money to tie up for 30 years like that, that's still conforming to kind of –
The pain of normal, you know, you got to have credit and appraisal and all that. But, you know, we're closing them in two weeks. And that's kind of unheard of. Yeah. But we're doing that because my team is just, I mean, the reason speed is the first letter in stars and not the last is not only does time kill deals, but time will get you deals. So, like, today is the 20th of March.
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