Speaker 1: For thirty five years, Cindy Stumpo has been a female
Speaker 1: home builder with a passion for design, a mastery of detail,
Speaker 1: and a commitment to her crack. With daughter Samantha Stumpo
Speaker 1: by her side, I don't need my whole.
Speaker 2: Family on a date with me. That's a good note.
Speaker 3: It's goddemn weird.
Speaker 1: See. Stumpo Development is the only second generation female construction
Speaker 1: company in the country.
Speaker 3: You're crazy, You're a wacko, You're insane. I mean, it
Speaker 3: just doesn't end together.
Speaker 1: Cindy and Samantha welcome guests to explore the world of construction,
Speaker 1: real estate, development, design, and more.
Speaker 3: Unpredictable. Every time I think I know what you want,
Speaker 3: you switch it out. But that's what makes sure.
Speaker 1: Houses all your dy discuss anything that happens between the
Speaker 1: roof and the foundation.
Speaker 3: Nothing is off limits. You truly do care about everybody.
Speaker 1: She can yell at, you can scream, but when you
Speaker 1: get her alone, she's the best person on the planet.
Speaker 1: Cindy Stumpo is tough as nails.
Speaker 2: Yea and welcome to Siddy stump with Tough's Nails on
Speaker 2: WVZ News Radio ten thirty. I'm getting tired of that opening,
Speaker 2: by the way, okay, and a student tonight we have
Speaker 2: Nna Garrillell.
Speaker 4: John Kelly Wren, Tyler Winder.
Speaker 2: What do you too do? I'mna play like I don't
Speaker 2: know you guys. What do you too do?
Speaker 4: Yeah?
Speaker 2: What do you do?
Speaker 4: I run a real estate credit fund in Boston, lends
Speaker 4: to real estate developers.
Speaker 2: Want to talk to the mic, not me. I'm gonna
Speaker 2: torch your daddy. Go ahead.
Speaker 4: So I'm a private lender. I lend to real estate
Speaker 4: developers in the Boston area.
Speaker 2: Okay, And what's your raid's going for? Right now? As
Speaker 2: a hard running guy, I know.
Speaker 4: Every deal is different twelve to thirteen so twelve to.
Speaker 2: Thirty percent, and these guys can afford to pay this
Speaker 2: plus the land, plus the product, plus the labor and
Speaker 2: still profit out.
Speaker 1: Huh.
Speaker 4: Yes.
Speaker 2: Anybody getting into trouble, any clients or anybody know. Of course,
Speaker 2: of course there's trouble now.
Speaker 4: There's always, But there's always trouble. I would say historically,
Speaker 4: I think one difference today, and I think we talked
Speaker 4: about this before, is that the environment for development is
Speaker 4: getting tougher today than it was several years ago.
Speaker 2: I'm so glad everybody sing of my tune today.
Speaker 4: Okay, so one of the the we have the rates.
Speaker 4: But I think that's one thing. I think the other
Speaker 4: thing is the development cycle is longer. And so what
Speaker 4: we're seeing is developers are carrying projects for one thousand
Speaker 4: and that that the cost may be slightly higher and
Speaker 4: the sales price may be the same, But because the
Speaker 4: project is stretched out for longer.
Speaker 2: We're not pulling their money out and we're not pulling
Speaker 2: the money on the other end. And to get the
Speaker 2: special permits and to get the it's just cuckoo crazy.
Speaker 2: Oh but let's build them because we need them. But
Speaker 2: while while they're saying that they got our hands tied
Speaker 2: behind our backs, and that's what nobody understands.
Speaker 4: And so it's a tougher environment. And I think historically
Speaker 4: what we've seen a while ago is we saw developers
Speaker 4: make mistakes and things go wrong and the projects didn't
Speaker 4: do well. I think what we're seeing today is some
Speaker 4: developers are great developers, that they've been great developers, and
Speaker 4: today they're running into problems because of cash flow, the
Speaker 4: sales cycles slowed down, the development processes.
Speaker 2: Taking in one way, developer, it's a problem, guys thirty
Speaker 2: eight years of experience, over leverage and undefunded the two
Speaker 2: words that will bring you to your niece and you
Speaker 2: will taste your own blood. I've said this all along,
Speaker 2: said this my whole career. Over leveraged, underfunded period. Stop
Speaker 2: trying to be the biggest guy in the block, right.
Speaker 4: Yep, take on. I mean we advise our clients. Hey,
Speaker 4: you know you better have one or two projects well
Speaker 4: capitalized than three or four thinly capitalized.
Speaker 2: Bingo. I agree. And what are you doing, handsome boy
Speaker 2: over there?
Speaker 5: Hello, handsome boy in the corner, Tyler Winder. I have
Speaker 5: a real estate brokerage and also real estate developer, one
Speaker 5: of Sean's clients as well as we're developing single families
Speaker 5: and condo conversions and then around Boston.
Speaker 2: All right, so let's be honest. How's it going for you?
Speaker 2: Don't be passing any bologna like give it to us hogh.
Speaker 5: No one likes boloney. That's what we're all on here for, Okay,
Speaker 5: I hit her out on the head. It's the sentiment
Speaker 5: in the development world right now is it's extremely difficult
Speaker 5: to get a product from acquisition all the way to
Speaker 5: the end because the sale cycle is longer. There's a
Speaker 5: lot of green tape, red tape, yellow tape that we
Speaker 5: have to walk through every single step of.
Speaker 2: The parade tape.
Speaker 5: That's pretty much it is. Yeah, yeah, throw some parade
Speaker 5: taper in hereally, but all of the outside noise that's
Speaker 5: making a development project longer and longer and tougher to
Speaker 5: get to a certain point.
Speaker 4: It's really putting it.
Speaker 2: Keep numbers simple, Let's keep numbers simple. We know what
Speaker 2: I build in. What's your average average land price and
Speaker 2: average development price? Like, give me your average.
Speaker 5: Average usually like let's call it a million dollars of
Speaker 5: land acquisition, Okay, anywhere from.
Speaker 2: Great, you know, nine hundreds. Well, let's stay at the million.
Speaker 2: Let's stay at the million. So let's say you borrow
Speaker 2: a million from him. Right, here's your buddy. Yeah, how
Speaker 2: much might does he have to put down because he's
Speaker 2: your buddy.
Speaker 4: Like close twenty percent?
Speaker 2: So you're still asking for twenty percent down as a
Speaker 2: hard money guy, right, because you want to be heavily protected.
Speaker 4: Right, And he has to be getting out of good value.
Speaker 4: And I think one of the things that we got
Speaker 4: to talk about.
Speaker 2: Hold on, let's throw all the sudden out he wants
Speaker 2: to know that you're buying it actually the good value,
Speaker 2: because if you don't, he's going to ask you for
Speaker 2: thirty percent? Am I correct?
Speaker 4: Or just say we're not doing the deal because we
Speaker 4: don't think it's good for you.
Speaker 2: So what makes you decide that, your Wizard of Oz?
Speaker 4: There you go, the Wizard of Oz. It's it's doing.
Speaker 4: I mean, we've done three hundred and fifty loans out there,
Speaker 4: we've left across over one hundred.
Speaker 2: Now, okay, but those three hundred loans that you've done,
Speaker 2: or whatever you've done, if I'm not mistaken, you've done
Speaker 2: it all in the good times, right the last twelve
Speaker 2: years I.
Speaker 4: At this current firm, Yes, but I have also gone through.
Speaker 2: Eight And how you're too young? How old are?
Speaker 4: I'm not too young?
Speaker 2: I forgot? How old you?
Speaker 4: Forty five?
Speaker 2: Forty five? A wait? Brings you back to when.
Speaker 4: I was in way. I was at Lehman Brothers, okay,
Speaker 4: in London, and I was working on financings. Brother Yeah,
Speaker 4: we did. I started six and ended in O eight.
Speaker 4: So I know, if you a bit about crisises and
Speaker 4: financial crisises and what happens when things go south with
Speaker 4: the financial you know system. So I've been around before.
Speaker 2: So you guys decide, okay, we're going to write his
Speaker 2: loan a twenty percent. I might come in, you might
Speaker 2: say I want forty percent on this deal. Thirty five right,
Speaker 2: as long as you're just safe and secure, worth good.
Speaker 4: Yeah, And we're underwriting it both on what it's worth
Speaker 4: today and then what it's worth that exit. And we're
Speaker 4: writing it on exit assuming you know, we'll underwrite and say,
Speaker 4: we've worked with Tyler enough that we know he knows
Speaker 4: how to run his projects, and he knows his budgets, right,
Speaker 4: we verified those budgets as well. We send it a
Speaker 4: cost consultant to go through the budget. But we'll know.
Speaker 4: You know, somebody comes in and it's they're building for
Speaker 4: a one hundred and fifty bucks a square foot. You're going,
Speaker 4: all right, that's.
Speaker 2: Not but you also know where the money is being
Speaker 2: heavy loaded when you look at the We do espressa right,
Speaker 2: we do, and every guy analog, every guy heavy loads
Speaker 2: on site work.
Speaker 4: Yeah, maybe and maybe right because every single budget line.
Speaker 4: You know, this happened to us recently. Somebody brought us
Speaker 4: a budget and said, hey, we want this construction budget.
Speaker 4: This is our budget and we looked at the framing budget.
Speaker 4: We said that's a bit high. And my team going,
Speaker 4: why is a framing budget so high? And I go, guys,
Speaker 4: you know what the framing budget is, right that that
Speaker 4: framing budget is their own crew. That's the dollars that
Speaker 4: they can take to bring back in for the cash
Speaker 4: for them to pay for the rest of the project.
Speaker 4: And that's why it's early on in the project. But
Speaker 4: we know that's the whole thing is that we don't
Speaker 4: we don't allow that. We don't allow you.
Speaker 2: Actually think think about this, when you actually think what
Speaker 2: a construction loan money is. We have to pay it
Speaker 2: before you guys give it back to us. Right, it's
Speaker 2: the most crazy thing you've ever seen. We have to
Speaker 2: do the work, pay the guys. So you have to
Speaker 2: have some money to self fund that development. Right. So
Speaker 2: when I say to people, well, before you start a
Speaker 2: custom home, whatever you're doing, do you have two one
Speaker 2: thousand dollars to dump in, because before you get your
Speaker 2: first K, you're going to go through one hundred easily
Speaker 2: depending on what you're building. Right. So that's the funny
Speaker 2: part about a construction loan or any loan that you
Speaker 2: take hard money loan is that you guys don't pay
Speaker 2: the developers or builders till the work is done. Yeah,
Speaker 2: and you are not going to get a good deal
Speaker 2: in a sub if you can't pay weekly like this.
Speaker 4: And the deposits upfront bing go. And so that's you mean,
Speaker 4: I think people a lot of you know, especially if
Speaker 4: you're doing larger projects. I think if people are doing
Speaker 4: smaller projects where there's less renovation, it's more of a
Speaker 4: down payment and you're really doing you know, kind of
Speaker 4: a small fix and flip where you're just you know,
Speaker 4: you'd say, putting lipstick on a pig. That's one thing, right,
Speaker 4: And we don't finance a lot of those. Those aren't ours.
Speaker 4: We're dealing more with the professionals. And we say our
Speaker 4: clients are bankable clients with non bankable situations.
Speaker 2: Okay, well let me stop you there. If they're bankable clients,
Speaker 2: why are they going to a bank and paying nine
Speaker 2: percent for construction loan or eight and a half?
Speaker 4: I mean, by the time, if you look it out,
Speaker 4: it's over a twelve month period with the profit margins
Speaker 4: in there, one two things, nine and twelve. Isn't that
Speaker 4: much of a difference? Especially when you're only paying on
Speaker 4: drawing funds.
Speaker 2: Okay, well, let's stop with that. He buys something from
Speaker 2: million dollars, he puts twenty percent down, he's putting two
Speaker 2: hundred though thousand dollars down. He's financing eight hundred thousand.
Speaker 2: That eight hundred thousand's costing him? How much a month?
Speaker 2: Right now?
Speaker 4: One percent?
Speaker 2: Was it? Eight eight thousand dollars a month? Right? We
Speaker 2: got a hold that thought that God, it comes in
Speaker 2: my face so fast, I hold on. You listen to
Speaker 2: Cidey Stumble Toughest Nails on WBZ He's Radio ten thirty.
Speaker 2: Oh you get up on the screen. Love it? Okay, good,
Speaker 2: We'll be right back.
Speaker 3: Sponsored by Floor and Decor, National Lumber and Village Band.
Speaker 2: And welcome to Sidney Stump o w Bzeen News Radio
Speaker 2: ten thirty Toughest Nails and we are back in the
Speaker 2: studio with Lena Grillou.
Speaker 4: Okay, Sean Kelly Wren Advisers and Tyler Winder.
Speaker 2: Okay, let's run through the numbers. So hypothetically, you got
Speaker 2: eight hundred thousand on the land acquisition, right you're paying
Speaker 2: eight thousand of the month. That's double to what you
Speaker 2: were paying two years ago. Right, Oh yeah, okay, how
Speaker 2: fast is that eight thousand? Well around as fast as
Speaker 2: when I was young girl and I had that twenty
Speaker 2: eight day cycle. Right, it comes back, roof comes really fast, right, boom,
Speaker 2: twenty eight days. So eight thousand a month, Now, time's
Speaker 2: that by twelve let's just say, twelve months before you
Speaker 2: actually get the excavator to the ground. That's how much
Speaker 2: money ninety six that you're never getting back, right, that
Speaker 2: we're never getting back. But because that's never had to happen,
Speaker 2: it's what I'm saying, he's.
Speaker 4: Not getting he's coming into these almost These are not
Speaker 4: you know, projects where you're taking and we're just not
Speaker 4: going to fund something where it's twelve months before you
Speaker 4: get an excavator in the ground. Right, if you're not
Speaker 4: ready to go and you can't go, go go.
Speaker 2: But what if we can't go, go go.
Speaker 4: Then don't borrow. This isn't this isn't the project for you, right,
Speaker 4: this isn't the loan for you.
Speaker 2: But how do you know he's not going to get
Speaker 2: held up in engineering for three months? Because because a
Speaker 2: new engineer says, okay, so now engineering department works right now,
Speaker 2: the building pot works as long as they buy the
Speaker 2: twenty nine day send you well, we want you to
Speaker 2: change that drainage, it stops all over again. You realize that, right,
Speaker 2: they can do that by the state of Massachusetts and
Speaker 2: many other states. So you have to the twenty nine
Speaker 2: day to tell you go back, and then they have
Speaker 2: to get in touch us civil engineer. You can't control that, and.
Speaker 5: There's always going to be those kind of hiccups are
Speaker 5: going to come along.
Speaker 4: So everything out.
Speaker 2: They weren't every one of my plans every civil.
Speaker 5: Two years ago, three years ago, and money was extremely cheap.
Speaker 5: We're able to move things quicker. We're underwriting these as
Speaker 5: twelve month carry times. Now we're looking at it, it's
Speaker 5: like you automatically have to bump a by right, single
Speaker 5: family build from twelve months to eighteen months because the
Speaker 5: permitting process, the engineering process to get started is so
Speaker 5: much more difficult. So to Shaun's point, where he's going
Speaker 5: to say, is like how much you're actually carrying. He's
Speaker 5: not going to look at something that needs a special
Speaker 5: permit that might take a year to get approvals.
Speaker 2: Okay, so if we take let's say, let's not even
Speaker 2: play in my game because we can't play in my
Speaker 2: game because that's.
Speaker 4: But I think part part of it is, and this
Speaker 4: is underwriting it right. This is going out and saying, well,
Speaker 4: what is the advantage of somebody using a private lender
Speaker 4: versus a bank? And I always tell people go to
Speaker 4: a bank. If you can get financed by a bank
Speaker 4: and you can get the cheap rates, go to the bank.
Speaker 4: That's not my this is and my clients are borrowing
Speaker 4: from banks, just not.
Speaker 2: On that at first. Hard money guys to me, we're
Speaker 2: guys that need to get to closing fast. You could
Speaker 2: get them to closing fast, then they could refinance within
Speaker 2: three four months.
Speaker 4: We have no prepayment penal, so you can refinance. And
Speaker 4: we have guys we we finance something and somebody's already
Speaker 4: telling us they're going to refinance us. They've already got
Speaker 4: a bank. The bank just couldn't close in the timeline, correct.
Speaker 4: So we have those projects. What we find often enough
Speaker 4: is once people do a loan, they go, oh, you
Speaker 4: know what, we're going to refinance with the bank. But
Speaker 4: instead of doing it in thirty days, we're going to
Speaker 4: add some value to the so we can bump up
Speaker 4: the value or we can season it and maybe we
Speaker 4: only need to get six months to seven seasoning, So
Speaker 4: we'll hold the loan for six months because we're going
Speaker 4: to see the value on the back end. And then
Speaker 4: if you're looking at let's say it's a six percent
Speaker 4: versus a twelve percent, well that's only half a year,
Speaker 4: so that's three percent versus what you're paying six percent
Speaker 4: for half a year. So it's only three percent differential
Speaker 4: on the rate. And then at the end somebody's going
Speaker 4: to refinance into another loan, but is getting the value
Speaker 4: added by the bank. So there's a bit of a
Speaker 4: strategy there from the borrowers.
Speaker 2: So let's just take you were in lending and you
Speaker 2: got stuck in COVID and your your developers couldn't get this,
Speaker 2: couldn't get that. Delays, delays, delays. Prior to COVID, it
Speaker 2: would take c Stumble Development eight to nine months to
Speaker 2: build a nine ten thousand script for house. We'd blow
Speaker 2: up a thirty five hundred squrift for house in four months.
Speaker 2: It was like, phof I can't do it has nothing
Speaker 2: to do with my age. It has to do that.
Speaker 2: The guys don't want to work as hard anymore. They
Speaker 2: don't want to go was fast and furious anymore. COVID
Speaker 2: was a game changer. And I think a lot of
Speaker 2: my subs are aging out. A lot of my direct
Speaker 2: guys are aging out. They're getting tired. I'm not getting
Speaker 2: tired out there. I'm still like crazy Cindy out there.
Speaker 2: But you got to get back to a time frame
Speaker 2: that these guys are not going to let interest eat
Speaker 2: them up and spit them out for breakfast like you
Speaker 2: just can't when you're working to pay interest and you're
Speaker 2: working to pay overhead, and when you see your bottom
Speaker 2: line number and then you step in and then the taxes,
Speaker 2: especially in a state, the mass tax, is this that everything?
Speaker 2: What am I going to work for? And then I
Speaker 2: got to get forty eight percent of the government, I
Speaker 2: might as well retire. It gets to a point where
Speaker 2: it doesn't make sense, right. So the question is to
Speaker 2: make when back in the day, when guys went to
Speaker 2: hard money guys, they moved that project along really fast.
Speaker 2: They were banging them out. But you can't bang them
Speaker 2: out anymore. So when you write alone, what's the average
Speaker 2: time twelve months, fifteen months, eighteen months.
Speaker 4: I mean we talked about so we typically long term
Speaker 4: for us is twelve months with a six month extension,
Speaker 4: and the six month extension is there to say.
Speaker 2: Okay, but then you charge that six month extension of course, right,
Speaker 2: so let the listeners know that you do pay. So
Speaker 2: the first twelve months you pay a cent amount of points.
Speaker 2: If they need to execute the next six months, it's
Speaker 2: this amount of points again.
Speaker 4: Yep, it's you pay another point and an additional three
Speaker 4: percent on the rate.
Speaker 2: Now with hard money, guys, you have points fluctuating with
Speaker 2: what the market's doing too, or you locking them in
Speaker 2: for that year.
Speaker 4: So we lock in for the year.
Speaker 2: You lock in for the year.
Speaker 4: Yeah, we don't. We don't fluctuate the rate at all.
Speaker 4: It's just paying. And it's a twelve month long right.
Speaker 4: If you can't get the rate right within those you know,
Speaker 4: twelve months, you know, don't write the loan right if
Speaker 4: you're so.
Speaker 2: It's actually funny one of my good friends, and I
Speaker 2: won't mention a name, because very well known guy in
Speaker 2: Boston said, what the hell am I doing?
Speaker 5: So?
Speaker 2: Then I just might as well open up a bank
Speaker 2: like guy's worth over a billion? So he's what am
Speaker 2: I messing around with here? Anymore? I could do so,
Speaker 2: but a bank and lend money right period and not
Speaker 2: to the stress of the aggravation of all the buildouts
Speaker 2: of the commercial and this and that. But that's he
Speaker 2: could say that, but I know who he is, and
Speaker 2: that's his high It's like what gets me out of
Speaker 2: bed every morning. I should be retired, right, That's that's
Speaker 2: the truth. Let's call it what it is. I'm going
Speaker 2: to do myself.
Speaker 4: Yeah, get boring.
Speaker 2: Right, So begins the banking industry. But I've saw how
Speaker 2: that went too in nineteen ninety ninety one, ninety two,
Speaker 2: nine three. That wasn't pretty sight, by the way, And
Speaker 2: I think and I think that stayed with me, by
Speaker 2: the way.
Speaker 4: And I think a lot of people think of the
Speaker 4: hard money lending.
Speaker 1: Right.
Speaker 4: It's easier to do one loan, and people talk about, oh,
Speaker 4: I'm going to do a private loan. I'm going to
Speaker 4: do a loan in this and it's give one loan
Speaker 4: and you collect the interest on one loan. Okay, Well,
Speaker 4: let's do one hundred loans. You've got to And then,
Speaker 4: by the way, you have to have one hundred loans
Speaker 4: almost at all, you know, somewhere between seventy and one
Speaker 4: hundred loans for fund at all times. Right, you have
Speaker 4: to have diversification. You've got to collect payments in all those.
Speaker 4: You've got to give issue construction draws and all of those.
Speaker 4: You've got to review the paperwork. You've got to do payoffs,
Speaker 4: you have to do modifications. So it's not you know, yes,
Speaker 4: the loan, the lending. Everybody's like, oh, it seems like
Speaker 4: it's passed well, the single loan. You're in and running
Speaker 4: a business.
Speaker 2: Yeah you are, but you're pushing paper, you're moving, You're
Speaker 2: you're you're sitting in an office. You can do this
Speaker 2: from Florida. You can do this from Alaska. I got
Speaker 2: to be out there on job sites. Yeah, which one
Speaker 2: you want to do? At my age? Sit with you're
Speaker 2: sitting or suit we're up sitting.
Speaker 4: I don't know. You know, I might want to get
Speaker 4: back out on the job site. We'll see, I say,
Speaker 4: bring me up in a few you know.
Speaker 2: The truth is I like being out there on the
Speaker 2: job sites. That's what gets me up in the morning.
Speaker 2: If I had to go to sit in an office
Speaker 2: and do what you do.
Speaker 4: To be fair, I'm not really the one at the
Speaker 4: office all day. I'm running around. I'm running around, not
Speaker 4: necessarily on the job site every day, but and I've
Speaker 4: had projects as well, so we have our own projects
Speaker 4: that you know, I personally that's how we got into
Speaker 4: the lending business as we were first owners, less developers
Speaker 4: in that sense, more owners for the rental properties. And
Speaker 4: so then we have a bunch of rental properties, but
Speaker 4: we've probably renovated, you know, well over fifty maybe one
Speaker 4: hundred years.
Speaker 2: Somebody in Texas wants to borrow from a hard money guy.
Speaker 2: Do you guys all communicate with each other across state lines?
Speaker 2: So you don't not, I mean prefer a business to each.
Speaker 4: Other sometimes there I mean, I know groups in Texas,
Speaker 4: I know groups that are pan Us. There's groups that
Speaker 4: I know. I even speak to groups in London or Ireland.
Speaker 4: In Europe. You know, I know the the largest guys
Speaker 4: in the private lending side in Europe. So I personally
Speaker 4: have those conversations. I don't know if that's usual for
Speaker 4: the industry, but but.
Speaker 2: Doesn't that set you upot from the boys to l
Speaker 2: the men when you think about it?
Speaker 4: I think so, I think so, I mean.
Speaker 2: Because that becomes you become more national at that point,
Speaker 2: meaning okay, I'm gonna call Joe Schmoe in Texas. I'm
Speaker 2: gonna take an FMI off the deal, right and Joe
Speaker 2: schmol is going to write the deal for the person Texas,
Speaker 2: or Joe schmoll is gonna write the deal in Florida
Speaker 2: or Arizona. See, that's the goal i'd go after right now.
Speaker 4: Yeah, And for me it's not. I mean, we we
Speaker 4: do what we do, and we're lenders in Boston still here.
Speaker 4: We're really good at what we do here. But you know,
Speaker 4: when occasionally we'll lend in another state the client, you know,
Speaker 4: if you want to go do something in Florida, we'd
Speaker 4: look at it, right, But you know, would we do
Speaker 4: something all over nationally? No, Occasionally we'll take a look
Speaker 4: at something else.
Speaker 2: To me, that is is networking. So if somebody calls
Speaker 2: you from another state, Yep, I got a guy to call,
Speaker 2: here's his name, here's his number, and then you two
Speaker 2: work out a deal for the referral fee, yep.
Speaker 4: Or we wouldn't. I mean, typically we're not taking.
Speaker 2: I'm putting a thought in your brain right now. I
Speaker 2: don't know if it's a business, I'm.
Speaker 4: Gonna retire and just take referrals from the rest of
Speaker 4: my life. I'm done. This is it.
Speaker 2: It's a good referral, by the way, all right, I right,
Speaker 2: I'm going to break. This is city Stumping. You listen
Speaker 2: to Tough his Nails on w b Z and He's
Speaker 2: Radio tempt there and be right.
Speaker 3: Back, sponsored by Pellow Windows of Boston. Next Day Molding
Speaker 3: and Kennedy Carr.
Speaker 2: And welcome back to City Stumble to his Nails on
Speaker 2: WZ News Radio ten thirty and I'm here with Lena
Speaker 2: Grillo and Tyler Winder you forget your name and Sean
Speaker 2: Kelly Rant. Okay, there we go, we all back together again.
Speaker 2: What was the question we had? Benay said the other question,
Speaker 2: can you keep up with this?
Speaker 6: What are the current trends you were seeing in the
Speaker 6: real estate market? And how should a new agent position
Speaker 6: themselves to take advantage of these trends?
Speaker 5: So going agency side obviously a little bit different than
Speaker 5: the lending and developer side of everything, but there's anything
Speaker 5: in the real estate agency world. You're going to be
Speaker 5: looking at this massive lawsuit that just passed that now
Speaker 5: sellers don't have the option of necessarily paying a buyer's agent,
Speaker 5: and a buyer's agent is going to have to get
Speaker 5: signatures from their client in order to even show a house.
Speaker 5: So a lot of the let's call it the rookie agents,
Speaker 5: who may do one deal a year, just have the
Speaker 5: active license. I think we're going to start seeing them
Speaker 5: drift out of the industry just because there is this change.
Speaker 5: I think the opportunity does come with change, with all
Speaker 5: these new agents that can come in and take advantage
Speaker 5: of a little bit of a turmoil in the agency side.
Speaker 5: But strictly selling wise, that's the biggest thing that we're
Speaker 5: seeing right now.
Speaker 2: I'm sorry, did he answer your question? Because I swear
Speaker 2: I don't even know what the question was. I got
Speaker 2: a little brain did here? Yeah?
Speaker 6: The question was what are the current trends you are
Speaker 6: seeing in the real estate market and how should a
Speaker 6: new agent position themselves to take advantage of these trends?
Speaker 2: Did you actually inner? Okay? Is the person happy with that?
Speaker 2: It's okay? Thank you? Is there another question?
Speaker 6: Which industries do you think will benefit the most from.
Speaker 2: When you talk to somebody, you talk into the mic
Speaker 2: and then look at him. We're teaching her how to
Speaker 2: call position. Here, I'll turn your body thinking I'm tall.
Speaker 6: This thing is too short for me, I don't know
Speaker 6: how to do well.
Speaker 2: We can't help it. You're five to eleven.
Speaker 6: Literally, Which industries do you think will benefit the most
Speaker 6: from the expected rate cut, particularly when it comes to
Speaker 6: securing financing?
Speaker 4: Which industries in general? I mean, I think anything that's
Speaker 4: a heavy borrow.
Speaker 2: Or Mady, do you understand the question?
Speaker 4: But I think I think we have a tough discussion
Speaker 4: about Let's let's have a different discussion about interest rates.
Speaker 4: So let's go ask the question of why are we
Speaker 4: dropping interest rates? Right? Is it because of inflation? Well,
Speaker 4: we haven't hit our inflation target, So if infrastrates start
Speaker 4: coming down substantially, it's not because of inflation. It's because
Speaker 4: people are having fundamental worries about the economy. Right, So
Speaker 4: I think that the view if interest rates are following
Speaker 4: very hard, it's because the economy is not doing very
Speaker 4: well at all. And I think we're seeing this right now.
Speaker 4: If you go look, auto delinquencies are spiking, FHA, housing
Speaker 4: delinquencies are spiking.
Speaker 2: Credit card Because John's going to debate that we is
Speaker 2: bing bong bing yet being on here, okay, perfect being,
Speaker 2: did you hear what he just said?
Speaker 7: Lena was going in and out.
Speaker 2: Oh God, damn, Lena, she's screwing up my whole little
Speaker 2: vibe going here the phone delinquencies I heard about ahead.
Speaker 4: Yeah. The fundamental point I'm making is is people are
Speaker 4: looking and saying, hey, when interest rates fall, that's going
Speaker 4: to be good for real estate and a lot of
Speaker 4: other industries that borrow a lot, including the auto industry
Speaker 4: and everyone else. My fundamental view on this is, if
Speaker 4: interest rates come down hard, it's because the Fed is saying, hey,
Speaker 4: we see real turbulence in the economy, and we see
Speaker 4: some really bad things on the horizon, and the economy
Speaker 4: isn't doing as well. So it's not because inflation is
Speaker 4: coming down. Interest rates are dropping because the economy and
Speaker 4: jobs aren't doing as well, right, and the average consumer
Speaker 4: isn't doing well.
Speaker 2: But what did you say about it?
Speaker 4: Agree?
Speaker 7: I agree with that one India and and last week
Speaker 7: and the last I think it's last week of the
Speaker 7: week before last segment that we uh, you and I
Speaker 7: were discussing. I said, bad news is good news in
Speaker 7: the real estate industry and the world the mortgage industry,
Speaker 7: because we don't want to see three percent race. If
Speaker 7: we see three percent race again, we're in trouble. That
Speaker 7: means that we had to let me a bad news.
Speaker 2: Correct. I hear what you're saying. But you said something
Speaker 2: about what do you call loans? Takes me up.
Speaker 4: The delinquencies on the loans that are on the margins,
Speaker 4: so FHA delinquencies were up or v H A FHA
Speaker 4: some of the the higher lower down payment loans, the
Speaker 4: delinquencies seem to be up.
Speaker 2: Hey, John, you said the opposite last night on on chat.
Speaker 2: I just want you to know that. Did you hear
Speaker 2: what he just said?
Speaker 4: No?
Speaker 7: What I what I said was there're they're performing. And
Speaker 7: I also said that the VA loans was required zero down.
Speaker 2: No, we weren't talking. We talked about VA loans. Put
Speaker 2: that aside. But that's a that's a small percentage of
Speaker 2: people that get VA loans. Okay, we were talking about
Speaker 2: exactly what he just said, and you said they were
Speaker 2: the best programs ever and they're doing really well.
Speaker 7: No, Actually know what what I said, Cindy was you
Speaker 7: can't lock people for putting down law law now putting
Speaker 7: that a lot of money, I said, because you know
Speaker 7: it was because of the FAHA loan itself, that conventional mortgages,
Speaker 7: because Traditionally you had to put twenty percent down. It
Speaker 7: wasn't until the FAHA came into the market in the
Speaker 7: nineteen thirties that people started putting less money down and
Speaker 7: conventional mortgages.
Speaker 2: Had to actually Okay, all right, I'll hold you there.
Speaker 2: What did he just delivered to you about that? Though?
Speaker 3: Wait?
Speaker 2: I think grand Cardon called you out on that last
Speaker 2: night when he said those are loans that are going
Speaker 2: to go bad the fastest, and he just said it
Speaker 2: to you just now. Did you hear what he said?
Speaker 4: Yeah? I heard him.
Speaker 7: I said, I heard what he said. Once again, I
Speaker 7: have to go look at that data. But right now,
Speaker 7: and this is a tough economy, things have been getting
Speaker 7: tougher for people. I'm not and I can't dispute that.
Speaker 7: I can't disagree. I agree with that and this moment.
Speaker 7: But once again, just because someone put a lot of
Speaker 7: money down doesn't that they're a bad bet. That's all
Speaker 7: I'm trying to say.
Speaker 2: You can't just okay and that and that's fine. I
Speaker 2: hear you, And no one's a bad person. Okay, what
Speaker 2: are the loans the lower end? When you're putting the
Speaker 2: lower end of money down, how are those loans doing
Speaker 2: right now.
Speaker 4: So the delinquencies are increasing. I don't quote me on
Speaker 4: the exact figure. And I think you know, to this point,
Speaker 4: ninety percent of borrowers are still ninety plus percent of
Speaker 4: borrowers are still paying on time. That's my last recollection.
Speaker 2: Okay.
Speaker 4: I think what you're seeing is you're seeing a worrying trend.
Speaker 4: And so what we're talking about is less the actual numbers,
Speaker 4: because if you look at mortgage delinquencies overall, on average,
Speaker 4: they're very low, historically very low, right because people right
Speaker 4: now have you know two and three person, I mean,
Speaker 4: you can't pay that mortgage. You know, it's a bigger issue.
Speaker 4: The worrying trend is if you look across sector segments
Speaker 4: of where people are borrowing, and this is even student loans, right,
Speaker 4: so they just came off of their loan forbearance, right spikes.
Speaker 4: Delinquencies on student loans have just spiked again. And so
Speaker 4: when you look at the consumer and all their loans
Speaker 4: and their borrowings on the margins, the delinquencies are starting
Speaker 4: to grow up quite substantially.
Speaker 2: About credit card debt.
Speaker 4: Credit card debt is up, delinquen.
Speaker 2: We have any factual information of how much. No, not me.
Speaker 2: Does anybody on on Chadow have any of that? Because
Speaker 2: you guys are really good fast on Google. I can
Speaker 2: I can locate that, can you please? I just want
Speaker 2: to know so in your opinion as a hard money lender, right,
Speaker 2: you get a lot. You're putting your money on the streets. Now,
Speaker 2: what is it? What's the money? One point one four?
Speaker 4: What the total delinquencies or the total credit card debt?
Speaker 2: Total credit card debt?
Speaker 4: But that's up. But how much of the delinquencies the
Speaker 4: delinquency rate is should be. It's not huge, but it's
Speaker 4: it's right a trend.
Speaker 2: I'm going somewhere with us.
Speaker 4: And autodelinquencies are up. SMP just put out a report
Speaker 4: on it.
Speaker 2: Okay, so there's more delinquencies now than there was four
Speaker 2: years ago? Can we say that?
Speaker 4: Clearly?
Speaker 2: Clearly? Clearly Okay, more than fifty over the last year,
Speaker 2: thank you so much.
Speaker 4: Increased increased by more than fifty percent. Yep, yep.
Speaker 2: So we'll indeed go alhead for the delinquency rate.
Speaker 7: For delinquency rate. Right now, we're at three point two
Speaker 7: five percent of Americans are delinquent. That's up from three
Speaker 7: point one and and I'm getting this from lending three
Speaker 7: dot com. The most recent and thirty eight DELINQUISCY thirty eight.
Speaker 4: But that so what what happens is when you look
Speaker 4: at that data and you start looking at the averages.
Speaker 4: It's when you disaggregate those averages when it gets really
Speaker 4: interesting is because what you'll see is, and this is
Speaker 4: what I'm expecting to see but not having the data
Speaker 4: in front of me, is you'll see that those borrowers
Speaker 4: that are the lower interest rate twenty percent down, high
Speaker 4: income borrowers are probably doing better, and their delinquency rate
Speaker 4: hasn't barely moved. And then when you go and you
Speaker 4: start breaking it down, you say, okay, well, FHA mortgages
Speaker 4: are what percentage of the market, but their delinquency rates
Speaker 4: now are not at three percent. Those are the ones
Speaker 4: that are going from whatever it was maybe before a
Speaker 4: three percent to now a much higher rate, and so
Speaker 4: that must be up much higher. So it's really disaggregating
Speaker 4: that data and looking on the margins and seeing that
Speaker 4: certain segments are much higher.
Speaker 2: Okay, So here again, you've got the money out in
Speaker 2: the streets. You're the guy that's worring. Are you worrying?
Speaker 2: Are you nervous. Tell me where you stand on a
Speaker 2: scale of one to ten. We were cocky three years ago.
Speaker 2: Go where you fell three years ago.
Speaker 4: Go back three years and I'll go back.
Speaker 2: Where do you feel? What do you feel?
Speaker 4: So go back to you know when I came out
Speaker 4: of school and I started working.
Speaker 2: He's making me hold that thought, Hold that thought. Oh ah, yeah,
Speaker 2: he's stick out. What we see him walk in the room.
Speaker 2: You want to throw him out and gone, all right,
Speaker 2: hold that thought. Welcome to Cindney Stumpo and we'll be
Speaker 2: right back. Went Toughest Nails on WZ News Radio attempt
Speaker 2: and you can see him game really.
Speaker 3: Tied sponsored by Newbrook Realty Group, Boston, would Smaller Insurance
Speaker 3: World Auto Body and Tasca Drive Auto Body.
Speaker 2: And Welcome back to city Stoppo Tough his Nails on
Speaker 2: WBZ News Radio ten thirty. And I'm here with Lena.
Speaker 4: Grillo and Tyler Winder, Sean Kelly Rand.
Speaker 2: And we got a live group from Chadas Social Audio
Speaker 2: and we have Jonathan Bing with us on here. We're
Speaker 2: discussing go ahead.
Speaker 4: Finish Delinquency is the economy yeprtgages.
Speaker 2: I asked the question to you where we were three
Speaker 2: years ago, right, Yep, you were in a more comfortable
Speaker 2: position lending money. Are you more comfortable three four years
Speaker 2: ago than you are right now?
Speaker 4: I would say we're about the same, and that's that's
Speaker 4: a personal statement, not we're in a statement on the economy.
Speaker 4: And I think when we set it up, let's talk
Speaker 4: about why we got into the lending business. Okay, So
Speaker 4: we're in the lending business. Before we're in the lending business,
Speaker 4: we're owners and operators, and we went into the lending
Speaker 4: business in twenty seventeen.
Speaker 2: I get a hold in there for one minute. You
Speaker 2: got banks tightening up out there, and you're telling me
Speaker 2: you don't feel the same way as a hard minded guy.
Speaker 4: We feel pretty comfortable with our lending today.
Speaker 2: Exactly how you felt two three.
Speaker 4: Is not exactly exactly. I don't you know, we're are you?
Speaker 3: Okay?
Speaker 4: Well, let me talk about what we do and why
Speaker 4: we do it.
Speaker 5: Right.
Speaker 4: So, my job is protect my investor's capital and my
Speaker 4: own capital, and that's why we started this business. And
Speaker 4: so we were on the equity side in twenty seventeen,
Speaker 4: we switched into a private lending structure. Why because we
Speaker 4: were worried back in twenty seventeen looking back ten years
Speaker 4: ago to two thousand and seven, saying hey, we're on
Speaker 4: ten year cycles. We don't know when the next cycle
Speaker 4: is going to hit, but we got to get ready now, right,
Speaker 4: So twenty seventeen nineteen it was coming. Twenty seventeen, we said,
Speaker 4: button down that patch.
Speaker 2: Yeah.
Speaker 4: In twenty nineteen, right before the pandemic, right in nineteen,
Speaker 4: we felt the market slowed down absolute and so actually
Speaker 4: from our investors standpoint, that was one of our worst
Speaker 4: years was the twenty nineteen and kind of twenty twenty
Speaker 4: for returns. Why because we piled up on cash when
Speaker 4: cash was zero and we said hair investors going, why
Speaker 4: aren't you putting the cash out?
Speaker 2: Why aren't was going to repeat it cycles.
Speaker 4: Right, and we were looking at it. We saw it
Speaker 4: slowed down and we were getting ahead of it. We
Speaker 4: didn't know that billions are going to be trillions are
Speaker 4: gonna be pumped into the market.
Speaker 2: Would have been right if COVID didn't happen.
Speaker 4: And so coming out of it, so how have we
Speaker 4: played right? So we always played defensive. We're lended and
Speaker 4: so what are we seeing is you're talking about some
Speaker 4: of the things are getting tough run development. One of
Speaker 4: the things we're shifting into is we see it right.
Speaker 4: So early on, we did a lot of condo plays, right,
Speaker 4: so we were lending to developers that were, you know,
Speaker 4: converting residential to condos. Well, right now we say, hey,
Speaker 4: if rates are going up, who borrows a lot of money? Well,
Speaker 4: it's first time home buyers. What are first time home
Speaker 4: buyers buying? Well, they're buying condos. So let's shift away
Speaker 4: from the condo in first time home buyer market and
Speaker 4: let's focus on the markets that are the markets where
Speaker 4: they're putting down more. I mean, are your buyers, Cindy,
Speaker 4: worried about whether they can borrow money from the bank
Speaker 4: and at what rate? Or are they coming in all cash.
Speaker 4: It's just not the same concern.
Speaker 2: It's a different I come on, I'm playing in a
Speaker 2: whole different league, folks. You can't even come So that's
Speaker 2: that's I am not okay. So what we do is
Speaker 2: not even half a percent of the population, not even
Speaker 2: a point, not a half quarter percent of the population,
Speaker 2: right quarter to a half of the population in a
Speaker 2: country can afford to see stumble home. Right, So we
Speaker 2: can't I can't look at that right. But the game
Speaker 2: I play in on long term hold or investments I'm
Speaker 2: buying or whatever I'm doing, I don't want to sit
Speaker 2: there and pay nine percent juice. I'd rather just use
Speaker 2: my own capital right now, and then let's have that again.
Speaker 2: Remember every time I take my capital, I'm losing five
Speaker 2: point twenty five on a Treasury bill. Right, so my
Speaker 2: money's making five point twenty five and a treasury bill,
Speaker 2: let's say a normal savings four point eight nine. But
Speaker 2: there's the spread difference. If I went and borrowed, I could, Okay,
Speaker 2: how I could say to you this way, I'll I'll
Speaker 2: go pay seven percent on money. Right, I'm getting five
Speaker 2: and a quarter. So this is what it's costing me.
Speaker 2: Now I could swallow that, right because I got the
Speaker 2: spread there. I'm making it on one end. Or I
Speaker 2: just write the check I offered.
Speaker 4: You could invest with me and earn a lot more.
Speaker 4: But that's you know, like listen, that's a topic for
Speaker 4: another day. We can take it down there, but you
Speaker 4: know it's SPoD. You need to be a borrower just
Speaker 4: to do business with me. But so what we're so,
Speaker 4: how have we positioned ourselves? Is we positioned ourselves knowing
Speaker 4: that at some point in time there's going to be
Speaker 4: a change in the cycle. And so I think what
Speaker 4: we're seeing to you're gonna.
Speaker 2: Get my money is if I overlook every I can't
Speaker 2: swear every sheet of everything that comes in when I
Speaker 2: look at the specs of coming in, Okay, this is
Speaker 2: what all right? Yeah, this foundation is not going to
Speaker 2: cost them. Oh yeah, we bring you in. It's okay.
Speaker 2: As long as I sit on that to prove every
Speaker 2: one of those loans and we'd be good. Then we'll
Speaker 2: talk about it afterwards.
Speaker 3: The cheapest credit officer we ever hired.
Speaker 2: There you go.
Speaker 3: She invests and she reviews all the construction.
Speaker 2: Absolutely day.
Speaker 4: Their office. Unfortunate, our offices on Lincoln Street in downtown driving.
Speaker 5: I'll give her a week before she's dying to get
Speaker 5: back on the field. So but but I think you
Speaker 5: can talk about it, and then you.
Speaker 2: Talk about go ahead, we're playing guys, go ahead, we'll
Speaker 2: talk about I'm not.
Speaker 4: So today, what are we doing? Well, we're shifting out
Speaker 4: of the products where we think that there's going to
Speaker 4: be more stress, which is the first time home buyer market.
Speaker 2: I'll just come and shift less money than he changes
Speaker 2: I'm playing goohead.
Speaker 4: And we're shifting into the projects where we think that
Speaker 4: there's less stress and the buyer, the end buyer is
Speaker 4: going to have the money to pay. And that's what
Speaker 4: we're seeing, right. So the good projects and the higher
Speaker 4: end projects are still doing well, right, so that those
Speaker 4: that are closer to the segment that you're dealing. And
Speaker 4: the other stuff we're doing is a lot of bridge lending.
Speaker 4: So we're lending on a lot of.
Speaker 2: Palk about that. Let people understand what a bridge loan is.
Speaker 2: You ask three people what a bridge loan is, they're
Speaker 2: going to give you a three different explanation of what
Speaker 2: a bridge loan is. I know what a bridge loan is.
Speaker 2: I've debated people on that network right there what a
Speaker 2: bridge loan is.
Speaker 4: So a bridge loan is a bridge to get you
Speaker 4: from one place to another, and normally that is from
Speaker 4: acquisition in our case to how.
Speaker 2: About this, let's stumb it down. I own a single
Speaker 2: family home I haven't sold yet, but I've got a
Speaker 2: million dollars with the equity in it. Right. I own
Speaker 2: a free and clear but I want to go buy
Speaker 2: this one from million dollars same price. But I gotta
Speaker 2: sell this one. Right, So bridging to me is okay,
Speaker 2: grab that, mister banker, close me up. Lean that first
Speaker 2: properly that I own for nothing, and there's my bridge loan.
Speaker 4: Yes, okay, And that's one type of bridge loan, but
Speaker 4: I think of the other type of bridge loan. So
Speaker 4: if you're an.
Speaker 2: End user, is going to understand that type of a
Speaker 2: bridge loan between okay.
Speaker 4: And then some of what we're doing is a little
Speaker 4: bit more like institutional right. So I'm dealing typically with
Speaker 4: larger clients and a lot of them and sophisticated clients.
Speaker 4: So what am I getting today, Well, I'm getting a
Speaker 4: lot of calls from guys that you know, historically wouldn't
Speaker 4: or firms that wouldn't have used private lending or non
Speaker 4: bank lending. And why why what are they seeing? Well,
Speaker 4: they've got an opportunity to buy let's say, an office
Speaker 4: asset downtown Boston for a quarter of what it trade before.
Speaker 2: But you know what paying for those right now?
Speaker 4: Right And they're paying you know, twenty five percent, twenty
Speaker 4: five cents on the dollar of what the restaurant and
Speaker 4: they're going to convert it to residential and there's tons
Speaker 4: of incentives and when you look at it or you
Speaker 4: know what, to be honest, at that price, just leaving
Speaker 4: it as an office works. But they go to a
Speaker 4: bank and a bank goes, oh my god, it's office.
Speaker 4: I can't touch it. They go, well, no, no, no, but
Speaker 4: it's office at twenty five percent of.
Speaker 2: Can't touch a horror of what it is. They're taking
Speaker 2: massive hits on their books.
Speaker 4: Then where do they go And the bank will say, well, okay,
Speaker 4: if you have a plan in place to convert it
Speaker 4: to residential, will lend you the money because it because
Speaker 4: it's residential, and that's cool, and that's you know, we
Speaker 4: can get that approved. But if it's office, so what
Speaker 4: do they need? They need a bridge loan to acquire
Speaker 4: it to get there or so that's one they need
Speaker 4: a bridge to get from one place to another in
Speaker 4: order to get the bank loan. Another place is you know,
Speaker 4: we've been financing quite a bit of multifamily, so somebody
Speaker 4: will be able to buy a property you're either at
Speaker 4: auction or off market at a very good price, but
Speaker 4: the banks can't meet the timeline.
Speaker 2: How many auctions have taken place right now?
Speaker 4: Tons, I don't know. I mean they're always up. The
Speaker 4: problem is that normally they used to get canceled all
Speaker 4: the time, and now I think they're going through they
Speaker 4: cancel It came up with.
Speaker 2: The interest payments. You see auctions going through right now.
Speaker 4: Auctions are starting to go through across America. It is
Speaker 4: significantly low.
Speaker 2: Don't compare a mass. There's a lot of auctions in
Speaker 2: Florida right now. Go look at the auction list in Florida.
Speaker 4: I don't know Florida.
Speaker 2: That's why I follow that one. Tons tons of them.
Speaker 2: Not the greatest areas that a lot of them are going.
Speaker 2: They're coming up for auction. So do you have any
Speaker 2: questions on there that you know of guys? Okay, good,
Speaker 2: because when he comes walking in, he sticks a phone
Speaker 2: in my face with the clock, and I'm like, why'd
Speaker 2: you come in here? We don't want to see your
Speaker 2: face till you're like twenty seconds out because then you
Speaker 2: stress me out. Then I look at you and I
Speaker 2: lose my comfort. There you go, Okay, you're easy on
Speaker 2: the ice. That really helps. Welcome to my producer. Go ahead, fins,
Speaker 2: sure what you're saying, I'm sorry, So.
Speaker 4: I mean, I think that just sums it up. This
Speaker 4: is just a bridge from one place to another.
Speaker 2: John, you're out there bing bings. I still got you.
Speaker 2: There's being still out there. Do you have anything to
Speaker 2: rebuttal what he's saying.
Speaker 7: I find it fascinating that over a year later, you're
Speaker 7: still the bridge loan. You still can you head around?
Speaker 2: Yeah? Because to me, a bridge loan. I'll keep saying
Speaker 2: that there's many different bridge loans, but the average person,
Speaker 2: end user uses a bridge loan to what I'm explaining.
Speaker 2: That's a more sophisticated bridge loan than what he's explaining.
Speaker 2: But the average consumer needs that bridge to close on
Speaker 2: their other house before because they didn't sell the other
Speaker 2: house yet they need to close on the new house.
Speaker 2: That's all end users need to realize what a bridge
Speaker 2: loan is. Unless they're in the business and you want
Speaker 2: to make it complicated. I want to make it uncomplicated.
Speaker 2: But hold that thought. This is Sydney Stumble Toughest Nails
Speaker 2: on WBZ News Radio ten thirty. Will be right back
Speaker 2: to you, and welcome back to Toughest Nails on WBZ
Speaker 2: News Radio ten thirty. I'm here with Sean Tyler. Okay, guys,
Speaker 2: how do people reach you? I know, you're going to
Speaker 2: do a second episode with me, but go ahead out
Speaker 2: people reach you. You'll be back next week.
Speaker 4: Sean Telly Rand. You can find me on LinkedIn, Instagram
Speaker 4: and our company has already advisors, and we're on Instagram
Speaker 4: at night and it's on the We've got a web
Speaker 4: page as well.
Speaker 2: Okay, Spey. Last name, so people care.
Speaker 4: Kelly Rand k E L l Y hyphen r A
Speaker 4: n D first named Sean s.
Speaker 2: E A nyl Go ahead, yeah.
Speaker 5: And Tyler Winder most common one is on LinkedIn Tyler
Speaker 5: t I L E R Winder w I n D
Speaker 5: e R. Or you could find us on Instagram. Company
Speaker 5: website is TB Winder or myself is mister underscore Winder.
Speaker 5: But most likely you'll unfollow me because I like to
Speaker 5: chat quite a bit about stupid topics like what.
Speaker 4: And what about your only fans page?
Speaker 5: My Only Fans is similar to the Instagram one, but
Speaker 5: I think there's only one fan.
Speaker 2: On there, everybody. I have a great, safe weekend. This
Speaker 2: is City Stumple. We'll see you next weekend.