Our guest today is Julie Anne Peterson, the Senior Director of Old Capital Lending, one of the biggest multifamily lenders in the country. In this episode, we discuss the 4 steps you need to do as an investor to get the best experience with your commercial lender. Julie walks us through the process of creating your business plan, knowing your market, building your team, and finding the deals. If you're trying to move into the commercial real estate space, or you’ve done a few deals but want to scale up, this episode is for you!
Learn more about Julie Anne and her journey at reiclarity.com!
“As a lender, we are your number one teammates, because we're bringing 75 to 80% of the money to get this transaction done.”
Julie is the Senior Director of Old Capital Lending and they do over a billion dollars in commercial real estate loans each year. As lenders, Julie’s team is bringing 75-80% of the money into the deal.
According to Julie, a common mistake that many new investors make is that they are not doing the front-end work, and only think about the deal from their own perspective.
“Net worth, liquidity, and experience are what you'd like to have in a sponsor.“
There are 4 key steps you should do to succeed in building a good relationship with a commercial lender. Julie explains them in detail.
After you went through these 4 crucial steps you should be able to succeed with your commercial lender. Julie explains how to get the best lending possible. Find a stabilized deal, that is 90% occupied for 90 days. If you don’t have that occupancy, you can still get a bridge loan.
“It all really starts with education. Educate yourself, spend time doing the stuff upfront for the success on the back end.”
At the end of the episode, Julie picks an action step from the REI Clarity Framework that is the most valuable for her. This is the “Build Your Team”.
Building a great team is critical for every real estate investor’s success. Educating yourself is very important because the more you know about the industry, the better team you build.
Mentioned in the show:
Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity.
Then, please share the show with whoever you think it will inspire.
Until the next time, We truly appreciate you listening.
Need the REI Insurance Guy?
More great stories & information at: