In this episode, I sit down with David Hansel, founder of Alpha Funding and Lucern Capital Partners, to unpack how he built a vertically integrated real estate platform spanning private lending and private equity ownership. David shares how he transitioned from brokerage and house flipping into building a lending business that has funded over $1.2 billion in loans—and how that eventually evolved into launching a private equity firm focused first on multifamily and now on small bay industrial.

We dive deep into why he pivoted away from multifamily, what makes small bay industrial so attractive today, and how scarcity, triple net leases, and disciplined acquisitions create durable cash flow. If you’re thinking about lending, industrial investing, or building a platform instead of just buying properties, this conversation is packed with insight.

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Episode Highlights:

[0:00] – David’s transition from the dot-com bust into real estate

[4:19] – The advice that pushed him to invest, not just broker

[5:19] – Launching Alpha Funding and entering private lending

[6:28] – Why first-lien lending offered strong yields with controlled risk

[8:58] – Underwriting fundamentals: borrower quality, ARV, and scope review

[10:26] – Institutional capital entering the private lending space

[14:04] – Building a reputation-driven origination platform

[19:44] – The origin story behind launching Lucern Capital Partners

[21:19] – Scaling multifamily in the Northeast and Carolinas

[22:46] – Why rising costs and rates pressured multifamily returns

[23:15] – Identifying small bay industrial as the next opportunity

[24:11] – Creating value through below-market rents and triple net leases

[26:25] – Supply constraints: why small bay is hard to build

[29:22] – Tenant profile: service providers, trades, light manufacturing

[32:25] – Why Lucern structures industrial deals as syndications, not funds

[35:01] – Target hold periods and achieving early 1.5x equity multiples

[37:34] – The long-term case for small bay industrial

[41:36] – The “sport of perfection” mindset and constant refinement in business

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5 Key Takeaways

1. First-lien lending provides yield with downside protection when underwritten properly.

2. Institutional capital changes markets—operators must adapt.

3. Small bay industrial benefits from scarcity and limited new supply.

4. Triple net leases create more predictable cash flow than many multifamily assets.

5. Long-term success comes from refining small details—not chasing trends.

Links & Resources:

• Lucern Capital Partners – https://lucerncapital.com/

• Alpha Funding – https://www.alphafunding.com

• Connect with David Hansel on LinkedIn

• Mentioned Topics: Private lending, fix-and-flip loans, DSCR loans, small bay industrial, triple net leases, multifamily value-add

If this episode helped you think differently about lending, industrial investing, or building a vertically integrated platform, make sure to follow, rate, review, and share the show—it helps us reach more investors serious about playing the long game.