Speaker 1: Good evening. And who am I here with you? Blondie?
Speaker 1: What's up?
Speaker 2: You can't hear yourself?
Speaker 3: I couldn't hear myself up?
Speaker 1: Okay, you want to open up the show? You want
Speaker 1: me to open the show? You listened to Cindy Stump
Speaker 1: on top of his nails on WBZ. Who's radio ten thirty?
Speaker 1: And who's in the uh studio? What's your name?
Speaker 2: Mike E V?
Speaker 1: You sure?
Speaker 2: Yeah?
Speaker 1: People know you Mikey V.
Speaker 4: From Kiss one on waight but today from A tween
Speaker 4: h two. So we're kind of doing a little curveball.
Speaker 1: Okay, with one a curveball? So you are Mikey V
Speaker 1: from Kiss one?
Speaker 4: Wait, yes, I do Afternoon Drive on Kissing my brother
Speaker 4: as the v Bros.
Speaker 5: Okay, and Luke Canskimur, SVP of Lending at A twenty
Speaker 5: h two Capital.
Speaker 1: Can you tell that he's a DJ's putting the mic,
Speaker 1: he's marking here, you know, take your hand and swim
Speaker 1: it into the mic in about five minutes? Okay, all right,
Speaker 1: Mikey tell me what's going on when you're not are
Speaker 1: what we'll call you DJ celebrity on Kiss one? Await, right,
Speaker 1: you're doing what real estate?
Speaker 2: Yeah?
Speaker 4: A lot of real estate, a lot of lending. I've
Speaker 4: gotten lending a long time ago. It's always in my
Speaker 4: like passion alongside radio and entertaining for sure.
Speaker 1: So you love radio and you love real estate.
Speaker 4: Yeah, I definitely love my job at kissing when I
Speaker 4: love entertaining and making people smile.
Speaker 2: But what I've learned too well through that we're.
Speaker 1: Affiliated w so only four studios down in the real world.
Speaker 2: Okay and there hear my boss action.
Speaker 4: No, but what I also learned at one point was
Speaker 4: you can build a huge network, you know, through doing
Speaker 4: things like being a radio personality, doing clouds, me out
Speaker 4: and about and actually that world. Being a radio DJ
Speaker 4: is what led me into lending ten.
Speaker 2: Twelve years ago.
Speaker 1: So that opened the doors.
Speaker 2: Yeah, I was actually out.
Speaker 1: So now being a DJ is more about networking, not
Speaker 1: just being a DJ, like when in my days, DJ's
Speaker 1: just that's what they did. They were just DJs, And
Speaker 1: I know, you remember like Sunny Joe.
Speaker 4: White and all these guys. I mean, I don't know
Speaker 4: that personally, I know, but I know that. I mean
Speaker 4: they're legendary kiss on awake guys, they were.
Speaker 1: But yeah, how it's like they walk down Newbury street
Speaker 1: and they would just get stopped like they were a celebrity.
Speaker 2: It was like justin Bieber walking down.
Speaker 1: Yeah, that's how it was.
Speaker 2: And now I.
Speaker 4: Think it's more of like a three to sixty and
Speaker 4: even more of a hustle to build that brand because
Speaker 4: people's attentions is grabbed from so many different places. Right, So,
Speaker 4: back then when Sunday Joe White was on Kissing to Wait,
Speaker 4: you know, the only way to get the word out
Speaker 4: about anything or to become like semi famous was through
Speaker 4: radio or TV. Now we have these iPhones, we have TikToker,
Speaker 4: have Instagrams. Your attentions so different places. So it's a
Speaker 4: much harder job to build a brand like a guy
Speaker 4: like Sonny and Joe White.
Speaker 1: Did because that was yeah, that was the only outlets.
Speaker 1: But then again, everybody wants to be famous on these podcasts,
Speaker 1: and how many really make it?
Speaker 4: Yeah, well that's a funny thing, right. The barrier to
Speaker 4: entry for a podcast has become so low. It's very
Speaker 4: easy to go home and buy a USB cast phone,
Speaker 4: a roadcaster, you know the lingo already?
Speaker 2: Look at you?
Speaker 1: How do I not do? What do we really have
Speaker 1: here in the studio? Okay, Yeah, anybody can home is
Speaker 1: very make all the noise and the Yeah. I sit
Speaker 1: on the board of Chatter, which is a social audio.
Speaker 1: So they all have broadcasters. Yeah, and they're like, Cindy,
Speaker 1: we get a road caster and I'm like, nope, I'll
Speaker 1: just stay on my iPhone, thank you very much. So, okay,
Speaker 1: talk to me about what's going on in your sector
Speaker 1: of real estate right now?
Speaker 2: Both you guys, what's your direct question?
Speaker 1: Well, what is your company? What do you actually do?
Speaker 1: Explain to people? You're in the lending business, right, but
Speaker 1: some people don't even understand what that means. So you
Speaker 1: got to think about just a normal person listen to
Speaker 1: the show going, Okay, what does that mean?
Speaker 4: What?
Speaker 2: Yeah, I'll let look grab the lending side of it all.
Speaker 5: Yeah, I'd say the easiest answer to that is that
Speaker 5: we're just a non traditional lender for real estate investment.
Speaker 1: Okay, let's take it back. What does non traditional mean
Speaker 1: to you?
Speaker 5: Non traditional meaning like, we are not a stuffy bank.
Speaker 5: We're not you know, the bad word.
Speaker 1: What's the bad word? Hard money?
Speaker 5: I don't know think that's a bad word.
Speaker 1: That's the only word I've ever known.
Speaker 5: That's the I told you it's.
Speaker 1: Gonna he's gonna boof you in the back of the
Speaker 1: head if you don't move forward, because see the DJ, it's.
Speaker 2: Tough to tell a guy a microphone here.
Speaker 5: Yeah, what is this built for? Like the people that
Speaker 5: went to the tiny school.
Speaker 1: Yeah, so lower hold on, maybe if we lowers cheer
Speaker 1: because Mike's all now seriously like, this is this thing.
Speaker 1: He knows how to work this mic.
Speaker 5: We're good.
Speaker 1: Now, you're good. You're comfortable.
Speaker 5: I'm very comfortable.
Speaker 1: So now you can deliver because you know.
Speaker 5: Now let's get uncomfortable.
Speaker 1: Let's get uncomfortable. Yes, he's a hard money guy, right,
Speaker 1: And that's a Boston with an R that I just
Speaker 1: pronounced because typically I would say hot, got it? I said,
Speaker 1: got it? How's this one? I said to one of
Speaker 1: my guys, gotta got a guy? He goes, what, I go,
Speaker 1: there's three people to conference stable, gotta got a guy.
Speaker 1: Is like, Cindney, what are you asking me?
Speaker 2: Guy?
Speaker 1: Gotta got a guy, got got a guy? And Mike
Speaker 1: McKay's and he goes, I think she's saying, you gotta
Speaker 1: got a guy? And the guy going, what do you bolt?
Speaker 5: Say?
Speaker 1: Wow? I said that sounds terrible, but that's why I
Speaker 1: should have a gutter guy. But I said, you got
Speaker 1: to got a guy, you know, because it's just like
Speaker 1: real fast, I got a phone. They needed to gut
Speaker 1: a guy. Go, hey, I got a guy. You got
Speaker 1: to got a guy. He's a huh. I'm sorry, I
Speaker 1: say so. I said hard yeah.
Speaker 5: Yeah, well you're saying with a real r. So hard money.
Speaker 1: Yes, hard money.
Speaker 5: We don't shy away from that term.
Speaker 1: You kind of get like it's actually a better term,
Speaker 1: because the term really was a worse word than that
Speaker 1: back in my day.
Speaker 5: Right, street money or treat money ever.
Speaker 1: Right, and then when you didn't pay, you got your
Speaker 1: legs broken at least, No hard money guys aren't doing that, right,
Speaker 1: they're keeping the book straight, and you don't pay, we'll
Speaker 1: full close on you. Will do it the legal weight.
Speaker 5: Right, and and so will a bank by the way, too,
Speaker 5: like everybody closes when you don't pay the bills. Like
Speaker 5: the hard money stigma of oh wow, like those guys
Speaker 5: are going to break my legs if I don't pay, Like, yeah, okay,
Speaker 5: that travels.
Speaker 1: How long has that lasted?
Speaker 5: That hasn't been a thing. I mean since I've been
Speaker 5: in the industry, which you know, I'm not as seasoned
Speaker 5: as other people, but I've been here for at least
Speaker 5: ten years in the real estate space, and that's not
Speaker 5: then a thing in the last decade. So I don't
Speaker 5: know if I can't speak before that.
Speaker 1: Well that we know about my generation was you're a
Speaker 1: little tough in the streets out there. Oh yeah, you
Speaker 1: heard hard money.
Speaker 4: I ain't doing that well again, and Luke can talk
Speaker 4: about it too, But like the hard money and breaking
Speaker 4: your legs is one thing, but really what it means
Speaker 4: is we're evaluating the hard asset. So really the loan
Speaker 4: is based off of, hey, this asset doesn't have value
Speaker 4: and can we lend against it? Nothing to be with
Speaker 4: like hard knuckles or like a hard fight. The definition
Speaker 4: of hard money evaluating change asset lending and should be
Speaker 4: called over that's actually company.
Speaker 1: But we do call you guys like breakers. We just
Speaker 1: call you guys like hard money, guys like oh because
Speaker 1: the guy.
Speaker 5: Okay, I like, there's a reason for it.
Speaker 1: Okay, you could explain the rationale behind hard money. And
Speaker 1: I'm gonna because our listeners that are listening to right
Speaker 1: are all demographics in thirty eighth stays, so a lot
Speaker 1: of people think hard money guys, are you know, make
Speaker 1: this much money? The points, the spreads, blah blah blah
Speaker 1: against traditional lending, And of course you guys are making
Speaker 1: more money and not making more money. Your spreads are
Speaker 1: higher and I don't know, we'll talk about that and
Speaker 1: your points. But typically guys like me wed go in
Speaker 1: and borrow from guys like you for a short period
Speaker 1: time until they got their traditional banking in line and
Speaker 1: then take you guys out and put their traditional banking
Speaker 1: in place. Then there's some guys that will stay developers, builders, whatever,
Speaker 1: builders really will stay on for the whole one year
Speaker 1: or two years, however loan it's going to take them
Speaker 1: to build out, but they're going to pay more money.
Speaker 1: But sometimes it's deals that banks can't close as fast
Speaker 1: as you guys can, or maybe there's a hiccup on
Speaker 1: his credit report or her credit report. Right, they gotta
Speaker 1: be politically correct. Yeah, so there's many reasons why you
Speaker 1: guys as it needed out here for a lot of builders.
Speaker 5: Yeah, there's a use for it when it's the best fit,
Speaker 5: and there's plenty of examples of when you want to
Speaker 5: use it and when you shouldn't. We see it as
Speaker 5: kind of like a scale of somebody who's first getting
Speaker 5: into it might need somebody who's a little bit more
Speaker 5: flexible than a bank to start getting into real estate,
Speaker 5: so maybe a hard money is a good option there.
Speaker 5: That person often leaves us for the bank after they've
Speaker 5: done four or five projects, and then you know, the
Speaker 5: bank starts slowing them down again, and the bank says, hey,
Speaker 5: you know, you've got too many deals out, You've got
Speaker 5: so much money. You know, with us, we want to
Speaker 5: hold off on your next one until you sell another one.
Speaker 5: So then they come back, and that's like the beauty
Speaker 5: of the life cycle for us is when we come
Speaker 5: back around as a scaling tool, and that's a professional operator,
Speaker 5: somebody who's coming in and can really deliver on their products.
Speaker 5: So yeah, those I all that.
Speaker 1: Thought were going off for break and we'll be right back.
Speaker 1: This is City Stumbo Toughest Nails on WBZ News Radio
Speaker 1: ten thirty and welcome back to Toughest Nails. I'm City
Speaker 1: Stumpo and you are Sammy Okay and.
Speaker 2: Luke and mikey V.
Speaker 1: And I just noticed something. You're across what how many
Speaker 1: stations behind?
Speaker 4: So my show, my brother is on one hundred and
Speaker 4: twenty eight cities every single night in.
Speaker 1: The country, one hundred and twenty eight cities.
Speaker 4: Every single night. Yeah, So we do afternoon drive on
Speaker 4: Kiss one O eight, two to seven. Yeah, And then
Speaker 4: after that show is done, we have producers that then
Speaker 4: pulled that audio and then send into all all of
Speaker 4: our affiliates throughout the country. So then oh, Air, you
Speaker 4: know if you're in Roanoke, tull Sa Heart for Connecticut, Cleveland, Denver, Austin,
Speaker 4: anywhere you're.
Speaker 2: Going in the country.
Speaker 1: Got it. How did you two meet?
Speaker 4: We met in a kind of a funny way. I
Speaker 4: had just kind of started a twenty two and I
Speaker 4: was out in a boat throwing a party. We have
Speaker 4: a friend who like sells boats, so like once a
Speaker 4: year he'll tell the story to his boss, like, oh,
Speaker 4: Mikey IV might buy this like two million dollar boat,
Speaker 4: which we all know I'm not buying a freaking two.
Speaker 2: Million dollar boat. And then he'd be like, hey, Mikey,
Speaker 2: invite a.
Speaker 4: Bunch of friends and some girls. Let's have a part
Speaker 4: in this boat for your like show off of the boat.
Speaker 4: So I had filled this boat with a big party,
Speaker 4: and Luke had bought a boat from this guy as well.
Speaker 4: So Luke had like pulled up in his bubble, Oh
Speaker 4: what's going on over there? And then we invited him
Speaker 4: on a joint.
Speaker 3: Million dollars owned his boat.
Speaker 1: He didn't know.
Speaker 5: I had one of those boats that you drive up
Speaker 5: to a big boat, which is not the smartest coat
Speaker 5: to get you want you want to get into the
Speaker 5: other boat.
Speaker 4: But then the second he said he was working at
Speaker 4: a much bigger lender, like a three billion dollar fund
Speaker 4: out of Cleveland, and uh, he said he did lending.
Speaker 4: And the second he said that, my brain like turned
Speaker 4: party mode, Mikey completely off and we talked shop on
Speaker 4: this boat while the craziest things. We talked shop for
Speaker 4: like three hours on a boat. And then that kind
Speaker 4: of grew to we became there preferred mezzanine debt, did
Speaker 4: the bigger fund that he was working at, and then
Speaker 4: we did that for I don't know if that was
Speaker 4: six months or a year, but it got to the
Speaker 4: point where I was like, let's just team up, leave
Speaker 4: your big fund, and uh, let's start a thing from
Speaker 4: the ground up. And actually around that time is when
Speaker 4: you gave me advice to get out of a certain
Speaker 4: space and lending, and we had the perfect opportunity to
Speaker 4: kind of dive into the space that you recommended that
Speaker 4: we got into.
Speaker 1: How many years ago that you called me for advice?
Speaker 2: I was like, that was two years ago? But how
Speaker 2: long ago?
Speaker 5: Did?
Speaker 2: I mean?
Speaker 4: These years since COVID have like evaporated in my head,
Speaker 4: so I don't even know brain, Yes, like I don't even.
Speaker 2: Know how long ago.
Speaker 5: It's got to be around the same time.
Speaker 2: Yeah, I think I think it was very similar. I remember,
Speaker 2: like I was working close with Luke.
Speaker 4: You gave me that advice, and then remember in that
Speaker 4: same time frame, me and Luke are like, let's just
Speaker 4: start this and we have another partner, Josh, to start.
Speaker 1: A ground up, to start charging a one nine hundred number.
Speaker 1: Call Cindy for advice.
Speaker 2: That's it, we would call it. Goes.
Speaker 3: You don't sleep as it is, you want to sleep
Speaker 3: even less?
Speaker 1: Well, I'm up anyways, get everybody. It's like the craziest
Speaker 1: thing like those you know Instagram and Facebook, me whatever, right,
Speaker 1: and then her friends and Chad's friends and then my
Speaker 1: friend's kids like can you can you yep? Sure? Have
Speaker 1: you kid call me? Yep? Have you ky call me?
Speaker 1: Like I have all the answers. I kind of do
Speaker 1: have all the answers.
Speaker 4: You have a lot of answers, and I think your
Speaker 4: times avery valiable, valuable. So people wanted that with you,
Speaker 4: But I think for you, it's about like, how much
Speaker 4: time do you have to give that when.
Speaker 1: I retire again?
Speaker 3: Right?
Speaker 1: Because you don't want you should ask your daughter, is
Speaker 1: your mom ever going to retire? I feel like she
Speaker 1: just needs to be No, no, no, I'm never going
Speaker 1: to tie. You know, people were listening to radio. Can't
Speaker 1: see you hit she because you're saying you're retiring. It
Speaker 1: is a lie. It is I'm just gonna die with him.
Speaker 3: No, it started with back nine. Now we're back three.
Speaker 3: Then it's gonna be back on the two, back three.
Speaker 3: We're not allowed to say she's sixty.
Speaker 1: Then the competitors fifty nine forever, the competitors only age
Speaker 1: she does it. The competitors her friends like her age group,
Speaker 1: will say, is your mom ever going to retire? Because
Speaker 1: it can't go against your mom every time I'm speaking
Speaker 1: against your mom, right, And I remember being that age
Speaker 1: maybe younger, and going, oh my god, can this guy
Speaker 1: get out of the business already?
Speaker 2: Yes?
Speaker 1: So I felt that way too. Yeah, because he had
Speaker 1: a bigger name than I had. I was twenty three,
Speaker 1: twenty four to twenty five. He's in his forties.
Speaker 5: You know.
Speaker 1: I'm like, he's not going anywhere anything. I'm sure right.
Speaker 3: I don't want to go anywhere that you can't go anywhere.
Speaker 1: I don't want to go anywhere. Okay. So now you
Speaker 1: guys come together, You leave a bigger company, you take
Speaker 1: a risk to come here. I guess right, Yeah, I
Speaker 1: have a smaller company.
Speaker 5: Yeah, I mean especially with our product now, I mean
Speaker 5: we came on. The product that we run our business
Speaker 5: on today didn't exist, so it was brand new.
Speaker 1: Okay. So to people, you find the people people finding you,
Speaker 1: how is this all happening now?
Speaker 5: As far as our current base, most of them are
Speaker 5: folks that I've been working with for the last several years,
Speaker 5: and a lot of word of mouth, a lot of
Speaker 5: oh hey, who'd you get your money from? On this one?
Speaker 5: How they treat you, how to go? And you know
Speaker 5: that snowball effect has been our biggest So.
Speaker 1: For anybody that's listening right now and they need to borrow,
Speaker 1: they want to do a deal, like, cite them a deal,
Speaker 1: Cite how this goes down.
Speaker 5: Yeah, it's we focus on one before residential, so we
Speaker 5: don't do anything departments.
Speaker 1: I always tell people, dumb it right down right. The
Speaker 1: best thing you can do is take it right down.
Speaker 1: Somebody's mother's listening, father, whatever. We talk a lingo and
Speaker 1: we can get into our lingo and slowing those people. Right.
Speaker 1: So let's hypothically say I have a kid. I really
Speaker 1: know nothing about real estate, but they keep coming home
Speaker 1: at twenty one twenty two, Mom, dad, you gotta let
Speaker 1: me money. I can do this, I can do this,
Speaker 1: I can do this. And then parents are going, oh,
Speaker 1: I don't know body like you know. I know you're
Speaker 1: twenty seven to twenty eight. They're listening right now, and
Speaker 1: other people listening break it down very slowly. We come
Speaker 1: to you. Sammy comes to you. She wants to buy
Speaker 1: a three family. Right, let's not even call plexus because
Speaker 1: even that can throw people up. Sure they want she
Speaker 1: wants to buy a two family, three family. She wants
Speaker 1: to buy a ground up. Do you do ground up?
Speaker 1: Do you do renovation lending? Only you do it all?
Speaker 5: Yeah, So we have a ground up product, we have
Speaker 5: a fix and flip product, and we have just a
Speaker 5: traditional bridge product to get in quick and then replace.
Speaker 1: Us with okay, you a bigger perfect So let's go
Speaker 1: the simple one that people understand fix and flip because
Speaker 1: they've been watching HGTV the it's easy do it right,
Speaker 1: Oh yes, we're so easy. Just look at the final reveal. Right,
Speaker 1: then you leave and the hot water comes out of
Speaker 1: the cold water and the cold water comes out of
Speaker 1: the hot water. Yeah, I've seen it all out there.
Speaker 1: But so Sammy comes to you and let's keep numbers,
Speaker 1: like we Massachusetts numbers are really ridiculous, right, Like people
Speaker 1: hear mass numbers and they're like, well, you can buy
Speaker 1: Because I do a lot of social audio, yea, you
Speaker 1: can buy a house here Cindy and Mississippi for two
Speaker 1: undred fifty thousand dollars.
Speaker 3: I'm like, well that's great, but posted the day, like
Speaker 3: the average like house pressure something is like eight hundred
Speaker 3: and something thousand.
Speaker 4: I go, I wrote back, where, yeah, where there's a
Speaker 4: park Where there's a parking spot right now for sale
Speaker 4: in Boston for eight hundred thousand dollars literally a parking spot.
Speaker 1: All right, So let's just choose numbers I've got. Let's
Speaker 1: just keep numbers simple, Okay, somebody's buying a fix and
Speaker 1: flip a two family here in Boston for one million dollars. Yep, Okay,
Speaker 1: what do they have to put down with you guys?
Speaker 5: So their down payment will be anywhere from ten to
Speaker 5: twenty five percent. So base that off of how big
Speaker 5: the renovation is going to be and how their credit is.
Speaker 1: Okay, So the better the credit, okay, the less they
Speaker 1: have to put down, better.
Speaker 5: The credit, the less they have to put down, and
Speaker 5: the simpler the renovation, the less they would have to
Speaker 5: put down. Okay, good credit and easy renovation is going
Speaker 5: to get you that ten percent down number. And then hey,
Speaker 5: if you credit and wow, you know my renovation is
Speaker 5: let's say it's fifty percent of the purchase price. You're
Speaker 5: putting five hundred thousand dollars into this million dollar house.
Speaker 5: That's a big rento.
Speaker 1: So that's an easy renovation to some of that knows, well,
Speaker 1: they look, just stay there with me, Stay there with me.
Speaker 1: So it's five to ten percent down on purchase price, right.
Speaker 5: No, no, no, no, ten to twenty five I mean ten?
Speaker 1: Oh, it's ten to twenty five percent on purchase price.
Speaker 1: I'm sorry, want to say five? Yeah, I'm used to
Speaker 1: my Okay.
Speaker 2: You have five percent loans? I don't know.
Speaker 1: Okay, so yeah, I can get this. But at the
Speaker 1: end of the day, so they're putting ten to twenty
Speaker 1: five percent down on the land, right yep, on the purchase,
Speaker 1: then they need to do the construction low money with you?
Speaker 1: Is that one hundred percent or eighty percent of construction
Speaker 1: you doing?
Speaker 5: So we always will structure the loan amount off of
Speaker 5: the amount we think you're going to sell it for.
Speaker 5: So let's say, if you're going to buy that house
Speaker 5: for the million, you're going to put five hundred thousand
Speaker 5: into it, so you have a cost basis of one
Speaker 5: point five million. I'm going to ask you, what are
Speaker 5: you going to sell this house for? So if they
Speaker 5: go and say, hey, I'm going to sell this house
Speaker 5: for two and a half million dollars, yeah, I'll look
Speaker 5: at it and say, okay, I don't want to lend
Speaker 5: you any more than seventy percent of that two.
Speaker 1: Well, what makes you believe that they're going to pull
Speaker 1: that much money for the house. What makes sure they
Speaker 1: have got ay, have a million dollar profit in the deal.
Speaker 5: Well, then that's that's the underwriting component of it. So
Speaker 5: this first initial easy conversation is what are your numbers
Speaker 5: and the I'm going to take that information and go
Speaker 5: verify it. Okay, we'll look at it and I'll know
Speaker 5: pretty quickly if it's in Greater Boston just buy the address.
Speaker 5: Oh you're crazy. You're not going to sell it for
Speaker 5: two and a half million dollars you know on that street.
Speaker 5: There's just no way or okay, yeah that makes sense.
Speaker 5: There's there's plenty of.
Speaker 1: Two hours, so you have to keep your pulse on
Speaker 1: the market at all times one hundred percent.
Speaker 2: And then on top of that, a third party appraise. There.
Speaker 4: Praise is the ARV and a IV of it, So
Speaker 4: which is the after a pair of value? If somebody's listening,
Speaker 4: like what's worth of the A? And they also evaluate
Speaker 4: the current value of the product products We're not just
Speaker 4: we do our own underwriting, but also we always have
Speaker 4: a third party to go out and appraise it.
Speaker 1: Okay. I that's why I say when it comes to appraisers,
Speaker 1: right like, I don't know, you got to use them. Yeah,
Speaker 1: that's what bangs depend on. But in my brain, I'm
Speaker 1: the appraiser. Like no, I would look at a deal
Speaker 1: in three seconds and go you're not writing it or
Speaker 1: you're writing it right. I'd be the worst person to
Speaker 1: have on your board because I'd be like, yeah, that
Speaker 1: ain't gonna work well.
Speaker 5: And that's that same regard, Like I challenge you to
Speaker 5: look at it as that first time flipper because I
Speaker 5: look at that for that first time or somebody who's
Speaker 5: new to the space who you know, you want to
Speaker 5: really simplify it, that appraisal is a tool. Right. They're
Speaker 5: not as good as you. They haven't seen as many
Speaker 5: projects that you've seen and gone through that that process
Speaker 5: one hundred times over. They get that appraiser and they
Speaker 5: look at shoot, okay, maybe.
Speaker 1: Now hold that I thought we're going to break. I'm
Speaker 1: Sindny stumbling and listen Toughest Nails on w BZ. They'll
Speaker 1: be right back and welcome back to Toughest Nails. I'm Cindy,
Speaker 1: and I'm here with Sammy, and I'm here.
Speaker 2: With Luke and mikey V and mikey V.
Speaker 1: I love that name, mikey VA.
Speaker 3: It's probably going to be on his headstone, just like.
Speaker 1: His nails. Yeah, we do the same thing over and
Speaker 1: over again.
Speaker 5: My favorite mikey V thing is that his Instagram titles
Speaker 5: Oh yeah, Mikey v on Air and so many I'll
Speaker 5: be out at a property or meeting of lunch and think, oh,
Speaker 5: your your business partners with Mikey von Air, right.
Speaker 2: Van here, that's actually true story.
Speaker 1: I got a guy go ahead.
Speaker 4: My ex girlfriend her parents thought my last name was
Speaker 4: von Air for a while, Van Air because people think
Speaker 4: it's von Air, but it's Mikey v on Air. But
Speaker 4: if you don't know me, like personally, you might read
Speaker 4: it quickly and be like von Air.
Speaker 1: All right, so cool, pick up where we left off.
Speaker 5: Uh yeah. So I was saying that that appraiser can
Speaker 5: be a really good tool for what they're doing if
Speaker 5: they know what they're doing. Sure, if it's somebody who's experienced.
Speaker 5: And for the most part, we use a select list
Speaker 5: of folks that we've worked with for years and have good,
Speaker 5: you know, understanding. I can call them and say, hey,
Speaker 5: you know, this is really what they're trying to do.
Speaker 5: Make sure we have the same picture of what these
Speaker 5: clippers are going.
Speaker 3: Like a month ago and we battled it out and
Speaker 3: he really wanted me to do his job for him,
Speaker 3: and he kept telling me it was wrong, and I
Speaker 3: was like it was sold in twenty twenty, or reselling
Speaker 3: it it was built twenty twenty. He tried to debate
Speaker 3: me on that. I went all the way back to
Speaker 3: when the guy bought it. Historical permit was pulled COO
Speaker 3: to prove to him that he was wrong because he
Speaker 3: told me he couldn't use anything that was built in
Speaker 3: the last ten years.
Speaker 5: Was he like trying to insist that it wasn't like
Speaker 5: a Sea one or C two CONVII condition told me he.
Speaker 3: Couldn't get it a praised out for one seven five
Speaker 3: zero for a townhouse in Newton that was built twenty twenty.
Speaker 1: I was that in praise. I called you. I'm always
Speaker 1: calling you no.
Speaker 3: No, like he was a praising out the property for
Speaker 3: the buyer. And he kept telling me he could not
Speaker 3: find the compst that worked, he couldn't use anything new
Speaker 3: because he actually thought because public records at twenty eighteen
Speaker 3: that that's when the house was built. Twenty eighteen was
Speaker 3: when the developer bought it, got a two year delay
Speaker 3: historical and all that.
Speaker 1: So why are you always doing everybody's homework for them?
Speaker 3: Because otherwise he would have told me it wasn't going
Speaker 3: to praise.
Speaker 4: Out At that point, she's a selling agent, right if
Speaker 4: that's going to praise out and the buyer can't get
Speaker 4: along always educating these.
Speaker 3: The problem is he wasn't doing his work the right way.
Speaker 3: He was just going by basic facts.
Speaker 1: And only with what sold end up doing for you.
Speaker 3: It praised that finally shut up.
Speaker 5: Okay, but it goes to show you want something done right,
Speaker 5: you gotta do your judge.
Speaker 1: That's exactly right.
Speaker 5: We live in that same world. We've dealt with plenty
Speaker 5: of different situations with the praisers that were, hey, you
Speaker 5: know you're missing a unit man, like this is a
Speaker 5: three unit conversion, and you disappraised this as too. You know,
Speaker 5: of course the arev's off because you've missed seven hundred
Speaker 5: thousand dollars. Like that happens. People make mistakes. If you're
Speaker 5: not paying attention, you will get screwed.
Speaker 1: And I have an a praise that called me last night. Right,
Speaker 1: can you talk up? Okay, I can't tell you where
Speaker 1: the property is, but can you tell me what Woodland's what?
Speaker 5: I like?
Speaker 3: I love that question.
Speaker 1: Okay, buddy, listen comments down here. Okay, you want information
Speaker 1: from me, but you always tell me where your property
Speaker 1: is okay. I think we got to hang up the
Speaker 1: phone right now. No, no, miss, we don't nobody. I'm
Speaker 1: not playing the game. So what do you want to know? Well, Papa,
Speaker 1: where's your property? Because I'll give you three mores, three
Speaker 1: more that are under agreement. They're going to close any day.
Speaker 1: They're going to help you. Like yeah, but I can't.
Speaker 1: I'm like, all right, buddy, I gotta go click. And
Speaker 1: the reason it's like.
Speaker 2: Some of them so rude, and the reason again it's
Speaker 2: their mind evers listening.
Speaker 4: Why we're talking about appraises is because we're evaluating how
Speaker 4: much money we could give on a loan, how much
Speaker 4: HYH two could lend on a certain loan, and we're
Speaker 4: saying we base that off of the after pair of value.
Speaker 4: But yeah, so we do our own underwriting, and then
Speaker 4: the appraiser is just another third part that goes in
Speaker 4: there to verify her to look at certain things. But
Speaker 4: then Luke can explain more about we like to be.
Speaker 4: So again we're talking about a two family home that's
Speaker 4: purchased for a million. They're doing five hundred thousand dollars
Speaker 4: of work and they're going to say they could sell
Speaker 4: at the end of this for we're just making up
Speaker 4: numbers here. But so we evaluate what we can lend
Speaker 4: based off of the value of the finished product, and
Speaker 4: we would give a certain amount towards the purchase and
Speaker 4: then the rest would become as an add value to
Speaker 4: that unit, which is in jaw systems.
Speaker 1: Okay, So basically, if I was sitting in your shoes,
Speaker 1: I really wouldn't cure what their profit margin is. I'd
Speaker 1: care more that I've got enough down payment. The stroke
Speaker 1: is down. It's called a stroke, right, the stroke is down,
Speaker 1: and you can carry the juice. That's Boston terms for
Speaker 1: put the money down and pay the interest and pay
Speaker 1: the interest. Okay, as long as you have the mighty
Speaker 1: put down which takes you out of harmful ways, then
Speaker 1: you're secure. Yeah, so that's looking at twenty five thirty
Speaker 1: percent down.
Speaker 5: Yeah, our side, we get super comfortable on that. But
Speaker 5: we still want to see profit in the project because
Speaker 5: if somebody at any time, yeah overnight, we all know
Speaker 5: anything there. If we look at if we do a
Speaker 5: deal because oh, well, the leverage makes sense on the loan,
Speaker 5: but there's really no profit in it for the developer,
Speaker 5: I'm not doing that deal and say no, to that
Speaker 5: every single time because they're not going to be motivated
Speaker 5: to finish it. And I don't want to go for
Speaker 5: cs on property. We can. We have all the paperwork
Speaker 5: to allow us to do it. It sucks. Nobody wants
Speaker 5: to deal with that. The only people that win in
Speaker 5: the construction are the attorneys. And it's yeah, we're not
Speaker 5: building houses and flipping stuff. We don't want to own
Speaker 5: your property. We want you to he he knows.
Speaker 1: I just bailed a guy out about a year and
Speaker 1: a half ago, huge huge deal and tell them like, dude,
Speaker 1: just get rid of it. I can't. I can't. I
Speaker 1: can't take a hit on the on the books, right.
Speaker 1: I'm like, okay, so you're gonna pay me all this
Speaker 1: money rebuild the whole house. We had to rebuild the
Speaker 1: whole foundation. What a Yeah. This builder that he'd let
Speaker 1: money to was just a pure idiot. We poured a
Speaker 1: whole new foundation.
Speaker 2: So he stepped in for the lender. So you took
Speaker 2: over the project.
Speaker 1: No, it was that thing was rough, plumped, rough, electrical,
Speaker 1: rough HVAC. Except none of it would have worked. The
Speaker 1: windows and doors were not put in properly. We ripped
Speaker 1: out everything right down the studs again, we did everything,
Speaker 1: had a poor new foundation, new slab. Now the house
Speaker 1: is great, but paid that and he made money. Sammy
Speaker 1: made the guy money was so good.
Speaker 5: Fact do you have to go to go forward? And
Speaker 5: it sounds like you had to go all the way back.
Speaker 1: Well, when you're talking about having to pour a new
Speaker 1: foundation over another foundation, take out a slab and put
Speaker 1: a new slab in, do the undergrounds over again. Yeah,
Speaker 1: you're talking about But.
Speaker 4: The reality situation was so that lender needed to secure
Speaker 4: their money, right, so they had money.
Speaker 1: Out that they were I think the problem with that
Speaker 1: lender was whoever he was sending out to look at
Speaker 1: completion of work performed. That person was screwing up, so.
Speaker 2: He wasn't evaluating the draws. So they're lending money on.
Speaker 1: They gave the disbursements, but they were giving the dispersements
Speaker 1: too fast and whoever they were sending out to look
Speaker 1: because you got to send somebody else to look and
Speaker 1: make sure the works performed number one and perform correctly
Speaker 1: number two. This is where he dropped the ball.
Speaker 4: But the truth of that situation right, and so that
Speaker 4: lender got in that situation of the developer who was
Speaker 4: doing poor work and got stuck. Was able to replace
Speaker 4: that person with you. Sam was able to sell the house,
Speaker 4: and that person protected their money and got their money
Speaker 4: protected them.
Speaker 1: There was no way without my brand on that develop
Speaker 1: that house.
Speaker 3: Nothing on that street had ever sold at that price point.
Speaker 5: So you guys bail them out. They owe you a
Speaker 5: big time for that. Yeah, good.
Speaker 1: So too. And if you don't pay and you're a
Speaker 1: week behind, you break legs. We walk right off and
Speaker 1: I'm not coming back there.
Speaker 3: And the buyer was best friends with the previous person
Speaker 3: that bought a house from here.
Speaker 1: Ah, so I want to tell ship. But okay, so
Speaker 1: we've kind of explained to people right exactly how it works.
Speaker 1: Now let's talk about some other things here. Are you
Speaker 1: doing business differently since interest rates have gone up? Are
Speaker 1: you more careful right now? You're watching the market? There's
Speaker 1: a lot of what we call right now is uncertainty
Speaker 1: in the market. Is that making you nervous at all
Speaker 1: on the lending end? Are you guys talking and saying
Speaker 1: like okay, caros are hitting up and like, you know,
Speaker 1: what are we gonna do?
Speaker 5: Say the best part of the uncertainty that we have
Speaker 5: going on right now is that at least the uncertainty
Speaker 5: has been consistent. It's not like it's it's been uncertain now.
Speaker 5: And if we're probably getting close to two years of this,
Speaker 5: like oh man, interest rates are high. Oh no, this
Speaker 5: is happening. Oh, lumbers up, lumbers down. This is like
Speaker 5: that's become the status quo, which is helpful to an
Speaker 5: extent when you have a level of predictability at least
Speaker 5: something to go off of, so you know where your
Speaker 5: thresholds are.
Speaker 1: And I think you've seen the stock market's time to
Speaker 1: accept that uncertainty right now. And there's always a like
Speaker 1: in the last seventy days to the other uncertainty that's
Speaker 1: come into the program too. Right, So but again we
Speaker 1: need interest rates to drop, right, Yeah, interest.
Speaker 5: Drop, Buyers get more excited, people spend more on property.
Speaker 5: You know that that system works really really well for
Speaker 5: that system. Yeah, that's that's a good formula for us.
Speaker 1: Because the spreads are the same. The spreads are the same.
Speaker 1: You're going to make your same spread, all of us.
Speaker 1: We're all making our same spreads, right, So we just
Speaker 1: would really rather have a healthy real estate economy.
Speaker 2: And I do think there would drop.
Speaker 4: I don't think anybody should be waiting for him to
Speaker 4: be three and three and a half and a half
Speaker 4: percent agame. That's not happy, not realistic. I think I
Speaker 4: think it would settle it in the five, which I
Speaker 4: think that's acceptable, realistic number. The tough thing is everybody
Speaker 4: who has a three percent, a three percent loan on
Speaker 4: use never going to sell I rented out, never going
Speaker 4: to sell it.
Speaker 1: Correct. All right, hold that thought. We're going to break on,
Speaker 1: Sindy stumboint you listen to Toughest Nails in WBZ and
Speaker 1: welcome back to Toughest Nails on WBZ. And I'm Cindy,
Speaker 1: and I'm here with Sammy and.
Speaker 4: Luke Fumbho, thank you, and mikey v fum H two
Speaker 4: and kiss.
Speaker 1: He's going to wear two hats. You wear one hat.
Speaker 1: I got to wear twelve hats, seven hates.
Speaker 5: Just one hat for me. Now, Cindy, I want to
Speaker 5: tell you about our new product at H one H
Speaker 5: two that we're really excited about. We talked about it
Speaker 5: a little bit when we were mentioning the down payments
Speaker 5: for a first time flipper or a new flipper previously. Really,
Speaker 5: up until this past month, we've never offered loans to
Speaker 5: a first time flipper before, and if we did, it
Speaker 5: was always going to be at that twenty five percent
Speaker 5: down margin for the first time. We've changed that project
Speaker 5: product dramatically now, so it is ten percent down if
Speaker 5: the credit score for the borrower is over seven to
Speaker 5: twenty and the renovation is thirty percent or less of
Speaker 5: the purchase price. So buying for a million, why do
Speaker 5: we do it? The data behind the credit scores has
Speaker 5: been really really accurate. So if we're looking at somebody
Speaker 5: who's saying, hey, you know, are they are they going
Speaker 5: to pay us back? And the credit scores there, we
Speaker 5: like that if the credit that that seven twenty.
Speaker 1: Are, so that seven twenty makes you feel that you've
Speaker 1: got stability.
Speaker 2: With that client, Yeah, I think that's a credit Ye, we.
Speaker 1: Should comfort level. They care about their credit, they don't
Speaker 1: want to blow their credit, and yeah.
Speaker 5: They don't want to blow their credit. And then that
Speaker 5: margin of thirty percent of the purchase price being the
Speaker 5: maximum of the renovation shows us, Okay, hey, this project
Speaker 5: shouldn't be overwhelming for somebody who's newer into this space.
Speaker 5: So it did need some help or some guidance to
Speaker 5: get to the end of it. They're not going to
Speaker 5: get foreclosed on, and I'm not going to own that asset.
Speaker 5: I'm going to be able to introduce them to somebody.
Speaker 5: It says, hey, talk to this GC, He'll help you
Speaker 5: through this thing. Because you don't have that far to go.
Speaker 5: You can get that.
Speaker 3: I like this.
Speaker 5: I like this.
Speaker 1: So basically, you're helping new people, new men and women,
Speaker 1: young people whatever, get in the business without getting over
Speaker 1: their skis and going, oh my god, I took on
Speaker 1: a bigger project than I should have. So basically, what
Speaker 1: you're saying is this type of product's great for a
Speaker 1: lot of cosmetic work without having to get into the
Speaker 1: nitty gritty electrical h VAC, plumbing, blah blah blah. Maybe
Speaker 1: you fix a bathroom, kitchen, whatever, but you're not going
Speaker 1: so deep that you've got to change out all the
Speaker 1: mass day codes and get overwhelmed. That's a great I
Speaker 1: like that. That's very smart.
Speaker 5: Who thought that classic fix and flip? That was all
Speaker 5: Mikey's I like that.
Speaker 1: That's your third hat. But that's great because there are
Speaker 1: guys that have to start somewhere and they got to
Speaker 1: learn the knowledge, and they learn the knowledge by taking
Speaker 1: the action right, and it came.
Speaker 5: From the idea of you know, we're trying to grow
Speaker 5: and scale our business, and everybody who's worth lending to
Speaker 5: in the market today already has a lender. So the
Speaker 5: amount of times you can break somebody away and bring
Speaker 5: them over to you that's worth lending to is hard.
Speaker 1: But what you can do that's not how I just
Speaker 1: got to lower your rates.
Speaker 5: Well, believe it or not, it's not always about rate either, but.
Speaker 1: We know sometimes a lot of times it's relationship.
Speaker 5: But okay, we can build those relationships, right, we can.
Speaker 1: Create that and start with them now and grow with them, help.
Speaker 5: Me into it. And now they're growing, they're scaling, they're
Speaker 5: doing the projects that you know these bigger developers and
Speaker 5: flippers are, and they're they're riding along a side, you know, Stiles.
Speaker 4: The key, the key to it is a guy can
Speaker 4: walk away from that and say, H twenty h two
Speaker 4: help me start my business. H twenty two game my
Speaker 4: first loan. When people feel that, and that's the truth, right,
Speaker 4: they feel more loyal to you. So the goal for
Speaker 4: that is to start building the next level of developers
Speaker 4: and have them be H twenty two focus and know
Speaker 4: that they can come to us through their money, and.
Speaker 1: Look at I like the way you guys are thinking.
Speaker 1: Because loyalty is everything. Okay, So if you're loyal with
Speaker 1: them and you stay with them, especially if they get
Speaker 1: you a little bit of a trouble and vice for us,
Speaker 1: so you build together the right No matter how much
Speaker 1: you can advertise or put stuff up on Instagram, nothing
Speaker 1: beats will ever be Why I say to Samantha's word
Speaker 1: of mouth. Period, you can put everything you want on
Speaker 1: social media. If your reputation is not good, it ain't good.
Speaker 1: It doesn't matter. So that's a great idea, and I
Speaker 1: like the built of that. Yeah, because what you're saying
Speaker 1: also is that it's hard to take clients away from
Speaker 1: other hard money guys. What are you saying?
Speaker 5: It's hard to take them away when they have a
Speaker 5: good relationship. So we've recently tried to get some business
Speaker 5: from folks in a very similar situation. They did their
Speaker 5: first loan with another lender in Boston five years ago,
Speaker 5: and now we've got a better product than that lender does.
Speaker 5: We put it in front of them and showed them
Speaker 5: apples to apples. Hey, you're paying less with us, you're
Speaker 5: bringing less money. We win in every single spot. But
Speaker 5: the guys that ah, I just I can't bail on
Speaker 5: my guy here. I'll do the next one with you,
Speaker 5: but we're too far into the process on this one
Speaker 5: for me to switch oka. But from moving forward we'll go.
Speaker 5: So we'll win that by product with our product eventually.
Speaker 5: But that's harder sale when you've got somebody who knows
Speaker 5: that the guy.
Speaker 1: Stood up and I and I understand where that guy's
Speaker 1: come from. I think, what and being a development builder
Speaker 1: for thirty seven years, okay, you really want to keep pushing.
Speaker 2: It's crazy. For thirty eight years and she's fifty nine.
Speaker 1: Fifty nine, thirty eight years, it's seven years. Okay, I
Speaker 1: don't know, but whatever it is, it's been thirty seven years.
Speaker 1: She loves to push it. So when I start out, yes,
Speaker 1: I was loyal to the bank I was with, right
Speaker 1: because I knew the money would get there on time.
Speaker 1: That's the big one, the disbursements, right. And then when
Speaker 1: he sold the bank, he took me to another bank.
Speaker 1: I'm like, yeah, this is not going to work, doctor
Speaker 1: Lee like the bank that brought him out. That's a
Speaker 1: long story. That's a great story, but it's a long story.
Speaker 1: Then he brought me over to Village, and I've been
Speaker 1: loyal to Village for the rest of my career. Right,
Speaker 1: So it was two banks that I've been loyal to.
Speaker 1: So I understand where the build is coming from. He's
Speaker 1: all about the dispersements. Is the money to get there
Speaker 1: on time? Are you going to come out there? Are
Speaker 1: you gonna, you know, be complete the top ballbusters? Are
Speaker 1: you going to come out there and bend with them
Speaker 1: a bit and understand that the work is ninety percent
Speaker 1: He's got to feed these guys. See construction all money
Speaker 1: is a weird thing. It really is when you think
Speaker 1: about it. You pay us after we do the work,
Speaker 1: got it correct, and you only get your best numbers
Speaker 1: out there. I get my best numbers. I can. I
Speaker 1: can stroke checks every week, but I can stroke your check,
Speaker 1: your check, but come down on your numbers. Right where
Speaker 1: if they that money's on the account. The other guy's
Speaker 1: waiting for his money. The plumber is waiting, The builder's
Speaker 1: waiting for his money. He's not going to get a
Speaker 1: better deal because he's floating. The plumbers floating they build her, right,
Speaker 1: they have their banks until you guys come out. So
Speaker 1: I would always say you have to be careful. But
Speaker 1: if you get to know your client and you know
Speaker 1: the work's gonna get done, he's running a little short,
Speaker 1: then you push it out your help it. Don't make
Speaker 1: a habit of doing that. But if you know the
Speaker 1: guy is a stand up guy and he's got to
Speaker 1: make payroll, and you know he's ninety percent where you
Speaker 1: want him at, you know ninety five percent, we're talking
Speaker 1: about a five.
Speaker 5: Percent yn't look at the asset right and you see, okay,
Speaker 5: you're selling this thing in two months, No problem, I
Speaker 5: got you. Don't worry about it.
Speaker 1: If that's how relationship sense.
Speaker 5: Look at something and say, hey, am I screwing you?
Speaker 5: Or you know, do I have an opportunity to help
Speaker 5: you out? And we're going to choose to help you
Speaker 5: out every time we can.
Speaker 1: And that's just do what bank do, the opposite of
Speaker 1: what banks do. Especially learn from the eight nine, ten
Speaker 1: eleven crisis. If those banks just hung on with their builders,
Speaker 1: everybody would have made money. If they had just deferred
Speaker 1: that interest for two years three years. Remember those guys
Speaker 1: were carrying that juice for two years. They needed another year,
Speaker 1: year and a half and they would have bailed out
Speaker 1: but instead you went in there in your full closed
Speaker 1: question them, question them, and that's what the bigger bank.
Speaker 1: That's why I'd rather be with somebody that's going to
Speaker 1: work with me.
Speaker 4: And that's the main thing about H YH two I
Speaker 4: think is you're really dealing with three owners right now
Speaker 4: in two or three employees.
Speaker 2: Do you have six people?
Speaker 4: So really, when you make a phone call, you're calling
Speaker 4: an H YH two owner for the most part, and
Speaker 4: they can make decisions.
Speaker 2: Then we can get it done and we can work
Speaker 2: with you. And we know every one of.
Speaker 4: Our clients right now on a person a person basis,
Speaker 4: so we can work through loans and work through projects
Speaker 4: for people.
Speaker 1: And that's why it should work. So that's a great plan.
Speaker 1: I like that plan because, like I said, you're building
Speaker 1: because you guys are young. Now, how what's the average
Speaker 1: age or somebody borrowing from you guys?
Speaker 5: I would have to guess, because technically we can't I think,
Speaker 5: look at an age when we make some of these
Speaker 5: decisions or I'm not supposed to that. I guess disclosed yes, perhaps,
Speaker 5: but I would.
Speaker 1: Say it's got to be I just want to know personally,
Speaker 1: like twenties, thirties, So that's that's the new guys out there. Now,
Speaker 1: what's about fifty old guys? If they come to you question,
Speaker 1: like why you have to come to me after you've
Speaker 1: been in the business for thirty years or twenty.
Speaker 5: We've got a handful of them on our books, for sure.
Speaker 5: And that's everybody's story is different. And that might be
Speaker 5: somebody who used to build thirty houses a year and
Speaker 5: was a big scaling builder doing a bunch of stuff,
Speaker 5: and hey, you know, I'm on the backside of my career.
Speaker 5: I want to do two or three a year. I
Speaker 5: don't want to deal with the banks. You know, it's
Speaker 5: too complicated. I'll pay the pay the juice. So you
Speaker 5: do what I got to do to make it easy.
Speaker 5: And that's totally fine. We have plenty of guys like
Speaker 5: that that do two or three projects and everything works
Speaker 5: out great. But you do have the gotcha's out there too,
Speaker 5: the guy who looks like the best thing ever on paper.
Speaker 5: I've built five hundred houses, you know, my credit seven fifty,
Speaker 5: I got all this money in the bank. And you're like,
Speaker 5: so why do you like that? If you all coming
Speaker 5: to me, if you called us to go ourrow and
Speaker 5: said hey, you know, like you would have a phenomenal
Speaker 5: answer and reason for it. But the other ninety nine
Speaker 5: point nine percent of people that would make that phone
Speaker 5: call wouldn't.
Speaker 1: No, they're playing right.
Speaker 5: It's just you'd find it eventually, you'd go through it,
Speaker 5: and you know it might be the day before you close,
Speaker 5: but you see, oh wow, okay, you know there's fifteen
Speaker 5: people waiting to you know, take this thing over the
Speaker 5: day that our REFI closes on this, because that's always
Speaker 5: what that loan is. It's never a starting a new project.
Speaker 5: It's a mid construction refinance with a you know, a ton.
Speaker 1: Of perfect told I thought we're going to break. I'm
Speaker 1: Citney Stumple and you listen to Toughest Nails and welcome
Speaker 1: back Toughest Nails on WBZ and I'm Sydney Stumpo and
Speaker 1: I'm here with Sammy and Sammy.
Speaker 5: Come on, Luke all Mikey.
Speaker 4: If you are buying or flipping houses, ground construction or
Speaker 4: fix and flips, we would love to be your your
Speaker 4: capital source H one h two capital. We would love
Speaker 4: to work with you, especially if you're a new time developer.
Speaker 4: Maybe you're electrician or a plumb when you're trying to
Speaker 4: get into the flipping space. We're here to help you
Speaker 4: out and we're pretty easy to hold them. The good
Speaker 4: thing is when you reach out to us, you will
Speaker 4: truly get an owner that lives right here in Boston.
Speaker 2: It's ready to do a deal with you.
Speaker 4: H H one h two Capital dot com is our website,
Speaker 4: pretty easy or on Instagram is always at H one
Speaker 4: h two Capital.
Speaker 1: You go, folks, have a great, safe weekend. This is
Speaker 1: Cindy Stumple. We'll see next weekend. Toughest Nails on WBZ
Speaker 1: News Radio ten thirty and Trust Mikey