On this episode, the guys break down the “capital stack” in real estate development, explaining how different layers of financing—senior debt, mezzanine debt, private lending, and equity—fit together to fund a project. The hosts emphasize that bank debt is typically the cheapest and largest portion, but also the hardest to secure without experience, which is why many beginners rely on private lenders or creative structures like seller financing. They discuss the value of debt brokers, who can source better terms and navigate shifting lender appetites across markets. Throughout the conversation, they highlight key loan terms, risk considerations, and practical lessons learned from their own development projects.