Beth Mercante - Secrets of sourcing over 1,200 lenders for your property mortgage

Standout Quotes:

“There have been some instances like that where I've had to kind of placate everyone” - [Beth]

“I do feel that in the next six months or so, agency lending is going to be a little freer” - [Beth]

“You have to really have professionals that understand underwriting and then be able to negotiate with the lenders” - [Beth]

“Don't go to the internet to find your first deal. Get in the car, drive around, figure out what property you like, property type and locations” – [Beth]

“Really do your due diligence and don't move too quickly just because you're excited that you're going to buy your first deal” – [Beth]

Key Takeaways:

Bryce describes himself in one word “Grit". I grew up in Portland, Oregon. I graduated from the University of Washington, I stayed in Seattle and I worked for a local developer there. After that I decided that now was the time to move to New York. In the world of commercial real estate tech, there's LoopNet, there's Crexi, there's other big sites out there for buying and selling real estate. So we have done, I think 200 deals. We've arranged 200 financings, which is really great in basically three years. I'm supposed to have a closing in two weeks that is 70 million. So we're definitely moving into the larger realm. I'm quoting currently a guy who wants to buy a 200 unit in Texas and he wants a bridge to agency. My job as a broker is to make sure everyone's doing what they're supposed to be doing.

Episode Timeline:

[01:47] I'm joined today by Beth Mercante.

[03:16] Beth describes herself with one word "Competitive".

[04:18] Beth shares her backstory.

[06:34] I went in and interviewed with Peat Marwick and they gave me the job in real estate consulting.

[12:19] So tell us about StackSource and what StackSource is and who they are and how they came to be?

[14:23] My pipeline, I would say average is around the 20 to $50 million range.

[15:57] Insider Secrets, we focus mostly on the multifamily sector. So how does that work?

[18:17] So are all of your lender sources are you doing agency debt or is it traditional funding?

[19:53] A lot of bridge lenders will lend you 80% of your purchase price, then they'll also fund a hundred percent of your cap ex meaning your capital improvement costs.

[27:52] What about institutional financing? Do you guys get involved in that at all with any insurance companies or funds?

[33:36] Any pitfalls you see out there today that people should watch for?

[36:52] First question is your favorite tourist attraction?

How to Contact Beth

Website: b.mercante@stacksource.com

Call: (646) 341-2030