During most of my career I have been a lender specializing in Multifamily finance. I started my career working as a transaction analyst for a large life insurance company. This was in the late 1980’s before the savings and loan crisis and Tax Reform created a collapse of the real estate industry. As the crisis hit the industry the company I worked for closed their lending operation as did most lenders.
From there I went to work for a local Chicago real estate brokerage firm and specialized Apartment brokerage on the North Side of Chicago. Sales brokerage was not for me, especially while the multifamily industry was in crisis and lenders were not making many multifamily loans. As a broker I sold a few properties and learned a bit about how brokers work. In fact I am still a licensed real estate broker in Illinois.
Luckily, I was able to stay in the multifamily industry and got a job, what at the time, was a failing multifamily lender, Freddie Mac. The “Old Book” Freddie Mac program had created massive losses for this government agency and they were looking to restructure and change this program. I was fortunate enough to get a job where I was able to look at a ton of existing and new loan opportunities around the midwest helping me learn many midwestern markets. I worked both on the production and underwriting side developing Freddies network and approving loans. I was also involved in developing their new landing platform which has since become so successful.
I left Freddie Mac in the late 1990’s in order to become their customer as a loan originator specializing in agency (Freddie Mac and Fannie Mae) finance. As a loan originator, both in the early 1990’s and since the “Great Recession” I worked for a variety of different lenders Mellon Mortgage, GMAC commercial mortgage (Now Berkadia), Johnson Capital (now partially Prudential Multifamily Mortgage and part Walker Dunlap), Centerline (now Hunt) and Pillar (now subsidiary of SunTrust Bank).
During the mid 2000’s I left loan origination and became an Area Manager at Washington Mutual Bank (now J.P. Morgan Chase). Washington Mutual was the largest multifamily lender in the country and specialized in lending on smaller apartment projected in select cities around the country. Their unique lending platform was the precursor for the current Chase Term Lending program and the model for the current Freddie Mac SBL lending program. This experience helped me learn more about small multifamily loans and owners as well as various markets and how they react to economic issues. At WaMu I was partially responsible for expanding the WaMu footprint and then shrinking it as the recession worsened. I also learned about process at WaMu which was famous for efficiently and quickly processing your loan from quote to closed.
It’s kind of amazing how many how companies have changed ownership, been bought and sold or just collapsed. Makes you wonder how steady any lender is and how the system may not be that stable.
After the market collapse in 2007/8 I started to invest in real estate in addition to my day job of a lender. With my partners have built a portfolio that currently consists of 18 properties with approximately 1,700 units. These properties are located mainly in the midwest and are currently returning our investors anywhere from 8% – 20% of their initial capital investment. Additionally on a number of transactions we have returned most, if not all, of the investor’s initial capital investment.
If you would like to learn more about me, or discuss real estate financing or new purchases feel free to shoot me an email or give me a call or link with me on linked in. All the contact info is below.