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
Wake Up to Wealth · Unveiling Real Estate Investment Strategies with Tim Herriage · 18 Dec 2024
podcast
10 years ago, there was no institutional capital available, no Wall Street money available for us. Now, 90% of the products out there, Wall Street capital. And it's gotten all the way away from what we want really as a customer. As a customer of a lender, we really just want feed. We need you to move as fast as we do.
transparency just tell me the truth right and then dependability and dependability is all about like if you say you're going to close next friday damn it you need to close next friday because like we just talked about in the last part we already got plans for that money right we're we're ready to go to the next thing and so turnus my new company is actually latin for threefold because i really broke it down to those are the three things lenders should provide that they're not
And as my mentor, Jeff Tennyson said at our offsite this week, that's the main thing. And I'm really focused, Brandon, on keeping the main thing, the main thing, not about points and fees. Don't call me and ask me my rates because I'm going to ask you, when do you need to close? Right. Don't ask me about my LTV because I'm going to ask you, you know, how many times are you doing this?
Like points and fees are what we've been trained to talk about because that's We don't understand what we really need. And so in turn, we're just focused on we're a balance sheet lender. We don't use banks. It's all our own money. We do have a debt fund, but we're not looking for money there. We have plenty of that.
And we're really just trying to turn the industry on its head and put the customer back at the front of the desire, right, instead of Wall Street's demand for the no. So, look, it's tough. We're changing things. When I tell people we don't pull credit, they laugh and say that I have a bad credit culture.
When I tell people I don't get an appraisal, they laugh and think that I have a bad credit culture. For me, I bought thousands of houses. If I'm loaning you a hard money loan or an asset based loan on the deal you bought, what do I care what your credit score is? I'm loaning to your company and I'm going to take the house if you don't pay me back.
Well, you and I went round and round about that a couple of years ago. But look, I mean, if I can make a decision after my experience buying houses, right now it would take me less than five minutes to decide if I wanted to buy a house by running costs and looking at pictures.
Why can't I make a lending decision on that when I've got a partner in the deal, the borrower, that's putting up the money, the energy, and the effort to do it? And so we're really just... We're going really deep into making, we say we loan the way you buy, right? You buy by looking at comps and looking at pictures and making a decision. So I have to be able to do that too. And it's hard.
People lie. People send you old pictures, things like that. Of course. We're using technology to help with that, but it's a noble mission and it's something that I am going to do and we're figuring it out as we go building the car on the highway. But we're really focused on trying to become the people's lender and always putting the customer's needs ahead of our own.
Our website, Ternus.com or my Instagram at Tim Herridge. We offer 100 percent financing in eight states. It's Texas, Oklahoma, Arkansas, Missouri, Ohio, Georgia, Tennessee and North Carolina. And the reason we only do those states is they're all nonjudicial foreclosure states where if you don't pay me back, I can go get the house and do what I've been doing for 20 years.
We'll expand Maryland's on the target. There's 23 nonjudicial foreclosure states. We'll be in all those by early next year. And, you know, we offer DSCR loans. It's kind of silly. It's because two thirds of the people that call need a DSCR loan. So it's kind of like, OK, we'll offer that.
But one of our struggles and I challenge all the entrepreneurs, this man, one of our struggles is that process is out of our control. Wall Street drives that process because it's a 30 year loan. And we at the leadership level talked about. ways we can change that. For now, we help the customer, but we're really clear, this is not a Turner's product. We're selling this to Wall Street.
So we do have to pull credit and get an appraisal for that. But I think I'm going to be able to work on that too, eventually, once we prove that loaning based on the asset can be and should be different than loaning based off of the person's maybe credit score or personal income.
When I die, Brandon, I plan to be broke on the last day of the month and extremely rich on the first day of the month. And I plan to be able to do that without ever worrying about it or working at it. So to me, wealth is knowing you cannot outspend your return and your income that's already on its way to you.
So for me, wealth is being broken on the 31st and richer than 99% of the world on the first without doing anything.
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