Kendra Rommel, co-founder of Futures Financial, joins Geraci Partner Jen and Geraci Attorney Nichole for a special “She-Shed” takeover episode of Lender Lounge. Kendra shares her unconventional path from retail to mortgage lending, her early operations experience, and the strategic decisions behind launching Futures with her partner David Rosenberg. The conversation explores balancing personal life and business, building a resilient team, lessons in partnership, and the importance of remaining adaptable in an ever-changing private lending market. Kendra’s story reveals the grit, vulnerability, and mindset required to build a private lending business from the ground up.

Bullet Points:

[00:00:00] Kendra introduces Futures Financial and its lending focus.

[00:03:22] Her start in mortgage at 17 and transition from retail to lending.

[00:07:21] The story of meeting and partnering with David Rosenberg.

[00:12:37] Early challenges and scaling lessons from small shop lending.

[00:15:26] What sets Futures apart and its unique infrastructure approach.

[00:17:29] Hiring philosophy and how the team has grown intentionally.

[00:20:03] Marketing missteps and learning from early mistakes.

[00:22:02] How Futures adapts to market changes without losing identity.

[00:25:01] Kendra opens up about the emotional toll of launching a business.

[00:27:38] Building trust in a partnership and handling vulnerability.

[00:30:09] Balancing parenting, entrepreneurship, and personal time.

[00:33:25] Setting boundaries and time-blocking to stay present.

[00:35:42] Advice for clients: always have more than one lending option.

[00:39:43] How Futures remains transparent and client-focused.

[00:42:52] The role of active asset management in borrower retention.

[00:46:17] Moments of fulfillment and pride in Futures’ progress.

[00:50:55] How private lending reshaped her perspective on money.

[00:52:29] Vision for Futures: slow growth, strong capital, and tech projects.

[00:54:20] Where to find Kendra and connect with Futures Financial.

Links:

Learn more about Futures Financial at https://futuresfinancial.com/

Learn more about Geraci Law Firm at https://www.geracilawfirm.com

Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast

Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up

Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube

Kevin Kim hosts a special episode of Lender Lounge on location at Renovo Financial’s Top Gun Event in Los Angeles. Joined by Paul Shaughnessy, a top originator at Renovo, and Kevin Werner, CEO of Renovo Financial, the discussion delves into Renovo's culture of employee investment, relationship-driven lending, and long-term growth strategy. The guests highlight Renovo’s commitment to local market expertise, continuous learning, and a high-performance team culture that drives their success. Insights into client relationships, the importance of local market presence, and future ambitions for Renovo make this a compelling episode.

Bullet Points:

[00:00:00] Introduction to the Lender Lounge podcast with Kevin Kim.

[00:00:48] Kevin Kim on location at Renovo Financial’s Top Gun Event in Los Angeles.

[00:01:19] Paul Shaughnessy introduces himself as an originator at Renovo Financial.

[00:01:35] Kevin Werner introduces Renovo's annual Top Gun Event for top performers.

[00:02:03] Criteria for Renovo’s Top Gun: Originators must close $50 million annually.

[00:03:01] Discussion on Renovo's culture of investing in employee happiness and growth.

[00:04:21] Renovo’s focus on continuous learning and development for the team.

[00:06:38] Challenges of expanding into new markets and attracting top talent.

[00:08:31] Renovo’s approach to lending only in markets where they have a local presence.

[00:09:40] Paul Shaughnessy on building Renovo’s presence in Massachusetts.

[00:12:31] Importance of understanding clients' business goals and challenges.

[00:14:27] Relationship-driven lending versus rate-driven competition.

[00:16:18] Balancing competitive product offerings with strong client relationships.

[00:18:23] Long-term perspective in lending and the value of borrower loyalty.

[00:24:14] The consultative approach to client relationships at Renovo.

[00:28:13] Navigating competition from legacy hard money lenders.

[00:31:04] The importance of character assessment in borrower qualification.

[00:33:21] Renovo’s diversified product offerings in the Massachusetts market.

[00:38:01] Expansion plans for Renovo in California with a focus on local leadership.

[00:41:06] Renovo’s internal culture-building through events like Renovo Palooza.

[00:44:31] Investing in employee development without sacrificing profitability.

[00:50:09] Insights from other successful companies like Quicken Loans.

[00:54:11] Transparency and accountability at Renovo through public performance metrics.

Links:

Learn more about Renovo Financial at https://renovofinancial.com/

Learn more about Geraci Law Firm at https://www.geracilawfirm.com

Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast

Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up

Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube

In this episode of Lender Lounge with Kevin Kim, Briana Hildt, CEO and Founder of Cardinal Capital Group, joins the show to share her remarkable journey in private lending. From starting in asset management to becoming one of Massachusetts' leading private lenders, Briana discusses how she transitioned from a loan broker to launching and scaling her own lending business. She provides insight into the challenges of breaking into the Northeast market, the importance of relationship-driven lending, and how strategic decision-making fueled Cardinal Capital’s success. Briana’s story highlights resilience, the power of strong partnerships, and a commitment to executing with integrity—valuable lessons for both emerging and established lenders. 

Briana Hildt serves as the Founder and CEO of Cardinal Capital Group, a prominent female-owned private lending firm operating on a national scale. With a strong background in real estate lending, she has facilitated over $1Billion in business purpose loans. Under her guidance, CCG has emerged as the top private lender in Massachusetts, Briana's native state. Her pioneering approach and unwavering commitment to excellence have positioned her as a formidable leader in the industry. She emphasizes the core values of Adaptability, Devotion, and Integrity in steering the company toward success.

Bullet Points:

[00:01:04] Briana Hildt introduces herself and her company, Cardinal Capital Group.

[00:02:10] Briana’s early career in asset management and real estate before entering private lending.

[00:03:54] Transitioning from a loan broker to establishing Cardinal Capital.

[00:06:22] Breaking into the Massachusetts private lending market and navigating industry challenges.

[00:08:44] The pivotal decision to launch her own lending firm instead of joining an established lender.

[00:12:08] Raising seed capital and securing early investors for Cardinal Capital.

[00:14:50] The importance of building trust with investors, borrowers, and industry partners.

[00:18:30] How Briana built lasting client relationships and a referral-based business model.

[00:21:42] The challenges and benefits of intentional, steady growth over rapid expansion.

[00:25:10] Cardinal Capital’s disciplined approach to underwriting and deal structuring.

[00:30:20] Market insights: The Northeast lending landscape and how it differs from California.

[00:35:55] How Briana and her team adapted to market volatility in recent years.

[00:40:38] The role of trust, transparency, and execution in scaling a lending business.

[00:45:12] Briana’s advice for brokers looking to transition into direct lending.

[00:50:05] The future of Cardinal Capital and key trends in private lending.

Links:

Learn more about Cardinal Capital Group at https://ccgloans.com/

Learn more about Geraci Law Firm at https://www.geracilawfirm.com

Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast

Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up

Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube

In this episode of Lender Lounge, Kevin Kim interviews Daniel Guimont, CEO of Guimont Capital, and Kirsten Lundell Koester, the company's Chief Legal Officer, at their Bellevue office. Daniel and Kirsten share Guimont Capital's journey from its roots as Las Vegas Loans to becoming a diversified lender focused on high-value, diverse projects across the U.S., from real estate to business acquisitions. They discuss the company’s hands-on approach, unique underwriting process, and commitment to borrower relationships, emphasizing both operational experience and the human element in lending. Daniel reflects on lessons from his previous waste management venture, now applied to Guimont Capital’s approach, while Kirsten explains how her M&A background supports their current deal-making strategies. 

This episode offers insights into balancing growth with careful underwriting, maintaining client relationships, and defining long-term goals in the private lending market. 

Bullet Points: 

[00:01:15] Introduction to Guimont Capital's background and their transformation from Las Vegas Loans. 

[00:04:23] Discussing Captivate 2023 sponsorship and its impact on brand visibility. 

[00:06:48] Portfolio diversity: from raw land development to resorts and office spaces. 

[00:09:25] Unique underwriting process centered on asset and borrower alignment. 

[00:13:55] Leveraging past operational experience in lending practices. 

[00:18:34] Focus on genuine, transparent borrower relationships. 

[00:21:16] Story of Daniel’s early career and growth in waste management. 

[00:27:48] The formation of the Guimont family office. 

[00:32:53] Strategies for maintaining diversified investments in lending. 

[00:37:08] Thoughtful approach to growth and capital sourcing. 

[00:43:23] Challenges and benefits of being self-funded. 

[00:50:49] The importance of borrower communication in risk management. 

[00:55:32] Guimont Capital’s plans to maintain a borrower-centered approach while scaling. 

[01:01:18] Long-term vision: patient growth and strong client relationships. 

Links: 

Learn more about Guimont Capital at https://www.guimontcapital.com/ 

Learn more about Geraci Law Firm at https://www.geracilawfirm.com 

Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast 

Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up 

Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube

Kevin Kim hosts a live episode of Lender Lounge from the Captivate Conference at the Encore Hotel in Las Vegas. Joining him are industry veterans Evan Stone, CEO of Champions Funding and Chairman of Community Savings, Dustin Wells, President of Dominion Financial Services Wholesale, and Dave Orloff, CEO of American Heritage Lending. This discussion explores the evolving landscape of private lending, particularly the intersections of consumer and business-purpose lending. The panelists dive into their experiences transitioning from consumer to business-purpose lending, the distinct challenges of each, and the nuances of RTL and DSCR products. The conversation also highlights the importance of understanding credit risk, borrower psychology, and the growing role of brokers in non-agency lending. The episode provides valuable insights into market trends, capital strategies, and the future of private lending in a rapidly changing economic environment. 

Bullet Points: 

[00:00:57] Kevin introduces the Captivate Conference and the episode’s panel. 

[00:03:02] Discussion on the difference between consumer and business-purpose lending. 

[00:05:03] Panelists share their preferences between consumer and BPL. 

[00:09:01] The evolution of liquidity and secondary markets in BPL since 2018. 

[00:12:03] Dominion’s unique approach to RTL and partnership with life insurance companies. 

[00:16:05] The role of banks in BPL and managing liquidity through term financing. 

[00:20:02] Initial reactions of consumer lenders entering BPL and adapting to its unique challenges. 

[00:25:04] The critical role of understanding credit risk and the differences in underwriting BPL versus consumer loans. 

[00:33:07] Exploring borrower profiles and their impact on RTL underwriting decisions. 

[00:39:10] DSCR as a growing product category and its current market conditions. 

[00:45:12] The psychology of borrowers and the impact of rate fluctuations on market behavior. 

[00:50:06] Discussion on the potential long-term stability of rates and borrower expectations. 

[00:55:05] Concerns about commoditization and standardization in the RTL sector. 

[01:00:09] Champions Funding’s focus on staying specialized and cautious about market overextension. 

[01:05:07] Insights into the factors that contribute to the success or failure of consumer shops entering the BPL space.

Links: 

Learn more about Champions Funding at https://www.champstpo.com/ 

Learn more about Dominion Financial Services at https://www.dominionfinancialservices.com 

Learn more about American Heritage Lending at https://ahlend.com/ 

Learn more about Geraci Law Firm at https://www.geracilawfirm.com 

Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast 

Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up 

Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube 

In this episode of Lender Lounge with Kevin Kim, Mike Hoffman, CEO and President of Longhorn Investments, joins Kevin to share his journey into private lending and the growth of Longhorn Investments. Starting from a background in law with no real estate experience, Mike stumbled into the world of hard money lending during the 2008 financial crisis. He shares the origins of Longhorn Investments, its expansion beyond Texas, and the unique challenges of building a successful private lending business. Mike also discusses how the company adapted to market changes, including the decision to start a fund and the impact of institutional competition on their strategy. The conversation dives into the nuances of operating in multiple states, the challenges of raising capital, and the importance of maintaining a solid relationship with investors. Tune in to hear Mike’s insights on navigating the evolving private lending landscape, maintaining discipline, and his perspective on future opportunities.

Bullet Points:

[00:00:37] Introduction of Mike Hoffman and Longhorn Investments.

[00:01:00] Mike’s unconventional entry into the lending industry.

[00:02:11] Early challenges and learning about hard money lending.

[00:03:12] Transition to a fund model and challenges of raising capital.

[00:07:00] Expansion strategy to other states and diversifying investments.

[00:10:02] Evolution of the Texas market and branching into the Midwest.

[00:14:00] Adjusting business strategy to handle increased competition.

[00:21:03] Importance of maintaining investor relationships and discipline.

[00:28:20] Discussion on institutional partnerships and capital raising.

[00:33:57] Mike’s perspective on selling notes and loan servicing.

[00:38:58] The potential and challenges of securitization in private lending.

[00:43:33] Maintaining a single fund strategy versus multiple funds.

[00:47:00] Hiring and team development for scaling a lending business.

[00:52:22] Focus on growth, new products, and strategic planning for the future.

Links:

Learn more about Longhorn Investments at https://www.longhorninvestments.com/

Learn more about Geraci Law Firm at https://www.geracilawfirm.com

Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast

Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up

Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube

In this episode of Lender Lounge, Kevin Kim welcomes back Ben Fertig. Ben is the founder and President of Constructive Capital, the leading national capital provider for DSCR Rental Loans and Residential Transitional Loans (RTL or Fix and Flip Loans). Prior to Constructive, Ben led Credit and Asset Management at Finance of America Commercial; and, before that, he served as Chief Operator Officer of Jordan Capital Finance, where he managed originations, credit policy, and capital markets. Ben was instrumental in the sale of the Jordan Capital Finance platform to Blackstone and Finance of America in 2017. Ben began his Mortgage Banking career over 25 years ago and has served in a Senior Leadership role in the Residential Investor Loan Market since 2012.

Ben delves into the rapid growth of Constructive, highlighting the company's journey from its inception in 2017 to becoming a nine-figure monthly producer. The discussion covers key milestones, strategies for risk management, the importance of capital diversification, and how Constructive navigated the challenges posed by the COVID-19 pandemic and subsequent market volatility. Ben also shares insights on leadership, the impact of economic cycles on the lending industry, and the increasing importance of managing fraud and maintaining solid client relationships in today's market.

Bullet Points:

[00:00:50] Introduction of Ben Fertig and Constructive Capital.

[00:03:59] Key milestones in Constructive's growth from 2017 to 2021.

[00:05:54] Strategies for risk management and capital diversification.

[00:08:27] Impact of COVID-19 on Constructive's operations and market conditions.

[00:11:02] Constructive's decision to partner with a life insurance company for stable capital.

[00:14:57] Managing a lean team and maintaining high production levels.

[00:20:11] The importance of client relationships and operational efficiency.

[00:28:30] Challenges in the current lending market, including fraud and market volatility.

[00:37:41] Technological tools and processes used by Constructive to maintain efficiency.

[00:45:55] The impact of rising interest rates and economic uncertainty on loan performance.

[00:53:09] Discussion on fraud issues and the need for industry-wide solutions.

[01:00:24] The potential for regulatory challenges in the private lending space.

Links:

Learn more about Constructive Capital at https://www.constructiveloans.com

Learn more about Geraci Law Firm at https://www.geracilawfirm.com

Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast

Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up

Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube

The Lender Lounge is pleased to host a special guest speaker series. Leading up to our next season, we have John Beacham of Toorak Capital Partners as our guest for an open conversation about his career and success.

John Beacham, CEO of Toorak Capital Partners, joins Kevin Kim for a special episode of Lender Lounge, produced in collaboration with the American Association of Private Lenders. John shares his extensive journey in the finance industry, detailing his transition from investment banking to leading one of the most recognized firms in the private lending sector. The discussion covers the evolution of real estate finance, the impact of market crises, and the strategic maneuvers that have shaped Toorak's success.

John is an experienced entrepreneur who has completed more than $50 billion in transactions over his 25-year career and has structured CMBS or financings that were honored with multiple “Deal of the Year” awards. Prior to Toorak, Mr. Beacham was the founder and President of B2R Finance, the leading mortgage origination company focused on the single-family rental (SFR) and residential bridge loan markets. B2R Finance (now Finance of America Commercial) is a Blackstone portfolio company. Before founding B2R SFR platform, Mr. Beacham originated large balance commercial real estate loans in the CMBS group at Deutsche Bank and worked in the financial institution’s investment banking groups at Deutsche Bank and Credit Suisse First Boston.

Key Points:

[00:01:09] John's background and early career in investment banking

[00:03:25] Founding of Toorak Capital Partners and its growth trajectory

[00:04:26] Challenges and strategies in the residential bridge loan market

[00:06:15] Evolution of private lending and the importance of institutionalization

[00:10:45] Impact of the financial crisis on real estate finance

[00:14:22] The creation of new loan products and securitization

[00:20:35] Addressing industry accusations and market competition

[00:23:54] Toorak's approach to partnering with lenders and homogenizing the industry

[00:28:36] Future outlook for Toorak and the private lending market

[00:34:12] Importance of adapting to market changes and fostering innovation

[00:40:15] Detailed discussion on the impact of market volatility and strategies to mitigate risks

[00:46:28] Insights into the operational efficiencies and technological advancements at Toorak

[00:51:44] John's perspective on leadership and team building in a dynamic industry

[00:57:10] Discussion on the regulatory landscape and its impact on private lending

[01:02:33] Real-life examples of successful projects and deals by Toorak Capital Partners

[01:08:57] The role of community and client relationships in Toorak's business model

[01:15:21] Final thoughts on the future of private lending and John's vision for Toorak

Links

Learn more about Toorak Capital Partners at https://www.toorakcapital.com

Learn more about Geraci Law Firm at https://www.geracilawfirm.com

Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast

Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up

Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube

In this concluding episode of Season 4, Kevin Kim reflects on the insights gained from our guests and addresses common questions from our listeners, particularly those new to private lending. Kevin discusses licensing for private lenders, emphasizing the variation in requirements across states and the importance of compliance and understanding securities laws, even when raising funds from family and friends. He also explores the challenges and opportunities of raising capital from international investors and the intricacies of fractionalized loans. He shares his observations on the entrepreneurial spirit, discipline, and focus he witnessed in interviews throughout the season. Kevin highlights the importance of adding value to the marketplace, creating a strong team culture, and maintaining financial discipline to ensure the longevity and success of your private lending business.

Kevin Kim leads Geraci LLP’s corporate & securities practice. His expertise lies in fund formation, private placements, and other securities offerings for private lenders, real estate developers, and investors of all sizes. Kevin is also the lead instructor for the American Association of Private Lender (AAPL)’s Certified Fund Manager courses, where he teaches mortgage fund managers throughout the United States on fund management and securities laws. And, of course, he hosts the Lender Lounge with Kevin Kim podcast.

Key Topics:

[00:01:30] Kevin answers frequent questions he receives as a private real estate lending lawyer specializing in corporate and securities law

[00:01:40] FAQs on licensing in private lending

[00:04:13] FAQs on raising money from family and friends

[00:06:20] FAQs on raising money from international investors

[00:08:05] FAQs on fractionalized/co-lending/multi-beneficiary loans 

[00:10:45] FAQs on being successful in private lending

[00:14:40] Kevin talks highlights and takeaways from Season 4 of Lender Lounge 

[00:16:22] Embodying the entrepreneurial spirit in private lending

[00:20:46] Maintaining focus and discipline in business operations

[00:24:02] Cultivating a positive and value-driven team culture

[00:25:55] Positivity in the marketplace today

Links

Learn more about Geraci Law Firm at https://www.geracilawfirm.com

Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast

Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up

Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube

Beth O'Brien, a dynamic leader and innovator in the private lending industry, joins Kevin Kim on this episode of Lender Lounge. With her rich background in law, real estate, and securitization, Beth currently spearheads Encore Finance Capital. Her journey encompasses an impressive trajectory from working at renowned institutions like Goldman Sachs and Citi to pioneering her own private lending ventures. Beth's strategic insight and deep understanding of the residential and commercial real estate sectors empower her vision at Encore. This conversation expands on the nuances of private lending, the challenges of market volatility, and the evolution of securitization in private lending. Beth O’Brien is the founder and CEO of Encore Finance. She has over 30 years of experience in almost every aspect of the mortgage industry, as both a principal and an advisor. She has overseen more than $25 billion in transactions and has won numerous industry awards. Beth previously founded CoreVest, serving as CEO and growing the company into the nation’s premier private real estate lender. Before that, Beth was Executive Vice President at Auction.com, where she ran residential capital markets, and was President and Co-Founder of AuctionFinance.co. Beth also held prior positions in RMBS trading and securitization at Citigroup and in Real Estate Private Equity at Goldman Sachs. Beth holds degrees from the University of Pennsylvania and Georgetown University Law Center.

Key Points

[00:01:00] Beth's journey from lawyer to private lender

[00:03:35] Pioneering institutionalization in private lending and the evolution of the market

[00:05:59] Encore's approach to lending

[00:07:09] The importance of discipline and consistency in lending practices

[00:10:06] Encore's involvement in construction lending, especially in the build-to-rent space

[00:14:01] Beth's motivation for re-entering the private lending market

[00:16:16] The challenges and strategies in securing the right capital partners

[00:20:38] Insights into the entrepreneurial mindset and the decision-making process

[00:22:35] Finding alignment with capital partners rather than focusing solely on control

[00:29:30] The current state of capital sourcing in private lending

[00:33:46] Anticipation and impact of rated securitizations in private lending

[00:37:10] Potential benefits of rated securitizations for the investor base

[00:39:32] Market trends and the resurgence of specific loan types

[00:44:13] Future outlook of the private lending market

[00:47:07] The growing interest in workforce housing and revitalization of neighborhoods

[00:51:28] Challenges in financing multifamily properties and the current state of the market

Links

Learn more about Encore Finance at https://www.encorefinance.com/

Learn more about Geraci Law Firm at www.geracilawfirm.com

Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at www.geracilawfirm.com/lender-lounge-podcast

Subscribe to the Geraci Law Firm newsletter at www.geracilawfirm.com/sign-up

Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube