Malcolm Turner: Financing The Deals Banks Won't Touch
LISTEN TO THE FULL EPISODE ON:
When investing in real estate, you can never have enough great lender connections, especially someone like Malcolm Turner who specializes in financing the deals that banks won't touch. He is a highly respected and accomplished executive, having founded Castle Commercial Capital in 2007. Malcolm has developed a deep understanding of commercial lending, capital markets, and investment strategies. He's the author of the book "Financing The Unbankable Deal". Outside of real estate, he serves as a deacon for his church for the past 15 years, is married with 3 kids, and lives in Southfield, Michigan.
In this episode hosted by Mike Swenson, we discussed:
- How Malcolm's defines his competition as however a client financed their previous deal
- When should you not do a commercial bridge loan
- The advantages of dealing with a professional commercial broker
- The key to having a great team of people around you
- Choosing to do the hard deals makes you a better investor
- Why you should take advantage of the Value Add Deal in the marketplace
- How Malcolm's client used strategic repositioning in her motel property from $900,000 to $2.6M
- The number one secret weapon to getting your deal approved
- Malcolm's secret sauce in Castle Commercial Capital that gets him stamps of approval
Timestamps:
0:00 - Intro to Malcolm's Career
1:34 - How Malcolm Got Into Real Estate
5:19 - Commercial Bridge Loans
9:48 - Iron Sharpens Iron
17:02 - Commercial Lender Vs Residential Lender
22:45 - Malcoml's Types of Deals as a Lender
29:30 - How to Get an Underwriter Approve a Deal
35:16 - How To Find Malcolm
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https://www.castlecommercialcapital.com/
https://www.facebook.com/malcolm.a.turner
https://www.linkedin.com/in/malcolmturner/
https://www.youtube.com/c/CastleCommercialCapital
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Read the full transcript here:
Mike Swenson
Welcome to The REL Freedom Podcast where we inspire you to pursue your passion to gain time and financial freedom through opportunities in real estate. I'm your host, Mike Swenson. Let's get some real freedom together.
Mike Swenson
Hello, everybody. Welcome to another episode of The Real Freedom Podcast where we talk about building time and financial freedom through opportunities in real estate. I am your host, Mike Swenson. And when I talk with real estate agents, when I talk with investors, what I always hear is, I would buy that deal if I could finance it. And so today's guest I love and he said it to me earlier, we focus on the deals the banks won't touch. And so we've got Malcolm Turner here, Malcolm founded Castle commercial capital, a national commercial mortgage banker and brokerage specialising exclusively in commercial lending, man, you have over 25 years experience in the financial industry. And you have a book out financing on bankable deal. And so we're certainly going to talk about how that works. You know, obviously, the research going into that book, all the deals that you've done in the past also served as a deacon for 15 years with your church in Detroit and married with three kids. So great family man as well. Welcome to the show. Malcolm, we're excited to have you.
Malcolm Turner
Thanks. Honoured to be here.
Mike Swenson
Why don't you just tell us a little bit about your background, fill in some of the gaps there as far as how you got into the industry and a little bit leading up today. And then we'll we'll dig in deeper from there.
Malcolm Turner
Back in 2007. into 2006, I was doing residential mortgages. As a residential mortgage lender, you know, working for one of these call centre type places, the owner of the company, actually was the largest Mrs. Fields cookie franchisee in the country. And he was ploughing all his key profits into building up his mortgage business at the time, he had 100 brokers working for him. And I had came from, you know, my use of financial services, I came from a financial planning background. So I was always taught to do the right thing for your client. And I had a prison guard who was buying his first house. And I gave him a fixed FHA mortgage for like, 85 $90,000. And my manager was like, How come you didn't put them in a $300,000 option arm? And I'm like, well, one, he's got a fixed income. He's not a business owner, he's single. If anything happens, that mortgage just moves, he's screwed. So he needs to be in a fixed rate thing? And are we supposed to do the right thing? For our client? Oh, there you go. Malcolm and talking about doing the right thing stuff, you know, and I was like, why is that a badge of dishonour? You know, and I was that Sunday, I was on my pastor's office complaining about that very fact that it should be a badge of honour that I want to do the right thing that I'm not willing to put commission ahead of the client. And he said to me, Well, if you were going to do a mortgage company, Malcolm, if you wanted to design, what would you do us as one, I would do commercial, because commercials about the math. It's not about emotion. It's not about the bathroom or the kitchens or the yard. It's about the math. And if the math works, you do and if the math doesn't, you know, right? And he's like, Well, how would you set that up? But like, well, you know, you get an office and you know, you get some furniture, and you have to establish some relationships with some commercial lenders. And here's how you would do that. And we just like off the top of the cuff, maybe 15 minutes, we talked it out. And I said, Isn't there it is? And he's like, oh, okay, great. Let's do it. I was like, Whoa, you were talking hypothetical. And he's like, Well, we should do it. You know, I love you like a brother, I trust you with money more than anybody else. And you know, you're a smart guy, we should go ahead and just, you know, do it. I was like, okay. All right. And then, three months later, we had Castle commercial capital, up and running. And in spite of the great financial crisis, you know, in spite of COVID, you know, in spite of the interest rates last year, or this year going up, we're still here. And we're still we're still making it happen. You know, and so that's how I sort of got into commercial now how I got into bridge loans. And where the book came about, was, I'm never someone's first call, usually, unless they're a repeat client. Right? Because we're not Bank of America. Right? So my competition isn't actually Chase or Bank of America credit union, or even Freddie Mac. My competition is whatever that client did to finance their last deal. You know, it's the status quo. That's our true competition. Right? And so, when folks go to their bank or or whoever they normally get their money from? And they say, No, no, no, no, no. And they still want to do the deal. And in their brain, they're not walking away from the opportunity, then they reach out. And, you know, they'll Google commercial loans. And like, when you google commercial loans in Michigan, we're usually on the first page, right, and I get that call. And because those deals aren't easy deals, it lends itself to commercial bridge loss was most of the people that 90% of the people I talked to have no idea how they work, what they should be used for. And a lot of people, even on larger deals, in the last five years, they've gotten commercial bridge loans, but I think they've used them inappropriately. So I always put, like, I put in my book, when should you not do a commercial bridge loan? When it qualifies for traditional financing? There's no way you should do a bridge, in my mind, there's no way you should do a bridge loan, if you got to Cherry deal, great cash flow, great location, great occupancy, great management. Why are you doing a bridge loan on that property? You know, sometimes it's because it's easy. They're just easier to qualify for. They're faster, there's paperwork, and sometimes owners like you know, they hate the paperwork, they're, you know, the adverse to the nice list just as long. And so they're like, yeah, just do the bridge, because it's easy. Yeah, but then it gets expensive.
Mike Swenson
Well, it's interesting, I was just going to click say that you mentioned about, you know, your competition is what somebody had previously done on a deal. I had a conversation just the other day with an investor, they purchased a property a few years ago, and they were looking to get, you know, pre approved for another loan for a property here that I was going to show them. And the lender wasn't getting back to him wasn't getting back to him. And so, like, oh, we reached out to another lender to see, you know, I don't know what's going on with that old lender. But this is somebody they'd worked with, in the past, that person wasn't necessarily super responsive, and had been a few days. And so then they had a conversation with the new lender, and they're like, Oh, we had a good conversation, the rate that they quoted us is actually like, 3%, better than what we've been paying with our previous lender. And that was, like, 3%, that's pretty significant. They, they were banking off a relationship of somebody that they knew in the past, and didn't, you know, didn't necessarily explore all the options out there and thought, Okay, we know this person, we've used them in the past, we'll just use them again. And in some ways, you don't necessarily know what else is out there, unless you talk to a few different people. And so I was excited that they talked to that person, I said, maybe you talk to a couple others, you know, every deal is a little bit different. banks operate a little bit differently. Maybe there's a better, better tool for you out there. So I love that you say that. And I encourage people go talk to a few people, because Yeah, everybody's situation is different. And you don't necessarily know what's going to be the best option for you. So you got to, you know, have that conversation and see if people can sharpen up their pencil.
Malcolm Turner
Absolutely, absolutely. And that's one of the advantages of dealing with a professional commercial law broker. Right, when you didn't want to professional commercial loan broker, you know, like myself, we have more than one tool in our toolbox. You know, it's like, when you open all you have is a hammer, everything is a nail, right? And so people will, you know, they'll have their banker, and they'll have a great relationship with them, and they'll do a deal and it works great. And I'll do another deal and it works great. And they just, they don't even think about what else is out there. You know, and with me, you know, sometimes clients want something really definitive right up front, and I tell them the truth. I'll say, Listen, I don't have enough information to write, you know, in two seconds, to tell you this is the absolute best finance option. Tell me more? Where's it located? What's the occupancy? What are you trying to do? You know, as an investor, what are your exit strategies for these properties that you're seeking to buy? What's your whole time? You know, all of those things factor in into what makes the best decision when it comes to the money? You know, and like some of our ourselves, yeah, we do bridge loans, but I also do Fannie Mae and Freddie Mac, you know, I will also do HUD and FHA. I will also do SBA. If it's a commercial business, buying property, it's like whatever makes the most sense. And then we'll look at that option and say, Okay, here's, you know, the good way to go. You know, I'm not always trying to fit a square peg in a round hole. And I think most commercial brokers, you know, fall into that into that game, but you got to get it's all about relationship. You know, there's a There's a book out I saw recently, it said Who not what That's right. And I think in commercial real estate, it's really key to have a great team of people around you. You know, it's not one person is having a good team and team players, people that play well with others, because not everybody does. You know, I think that's key. And then once you get a good team, and everyone's communicates well, you're getting good advice. iron sharpens iron, then you can get to your cooking with grease, we talked about scaling up your portfolio, you know, and I don't shy away from the heart deal. One of my my favourite quotes is John F. Kennedy, where he famously said, you know, we choose to go to the moon, and this decade, and do the other things, not because they're easy, because they're hard. Right? And I, and he was basically talking about, like the virtues right, of doing something difficult, right. But there's a second part of that quote, and that doesn't get as much press where he says, Because that goal, will serve the heart goal will serve to organise and measure the best of our energies and skills. And because of that challenge, is one that we're willing to accept, and one we are unwilling to postpone. And one we which we intend to win, you know, and there's something about having that kind of commitment, right, that I'm going to succeed, whether it's easy, and whether it's hard, and because it's hard, it's actually going to make me a better investor. Right? Because, you know, we all chose real estate for a reason, right? We're not in the stock market. We're not in crypto, we're not in Toro, right, or Uber or Chick fil A franchises. We chose real estate, because there's something about it that we love, we love the creativity, that sometimes it forces out of us, right? Because it's a fun business. To me, it's a fun business. Yeah, we can make money, but this is America, man. Mike, we can make money doing anything. In America, right? Yeah, we chose real estate. So you know, whilst we'll have fun while we're doing it, and doing hard deals, where you have a much greater degree of profitability, you know, because in commercial real estate, like a lot of things in life, we make more money. Based on the more problems we solve, or the bigger problems that we solve. You know, that's why when everyone's fighting over these little bitty small market, I say small, I mean, small in number of deals, because they're cherry. They're, like I said, great cash flow, great occupancy, great management, great location, no deferred maintenance. Well, guess what, you're not getting a deal on that property? You know, well, there's all universe of deals out here that are not cherry, they got some hair on them, you know, they got some issues. You know, they're, they're not quite stabilised. So, therefore, the owner doesn't typically expect to get top dollar, you know, he's not going to sell something at a six cap, and it's sitting at 50% occupancy. Right now, bank is gonna say 50% occupancy when I touch that, okay, but what happens when I buy it, again, based on that noi at 50%? Right? And if it's a 50% occupancy, Bet your bottom dollar, those rents are probably going to be 20 to 30%. Under market as well. You never, you know, it's never one thing, right? So, you get that deal. A you increase the occupancy to 90%. You, you know, doubled your noi, right? You increase those rents to market, and you do whatever improvements or changing management you have to do to get full market rent. Now, you bumped that noi up again by another 20 25%. Okay, so now look at all this extra wealth you created now, yeah. Did you pay a little bit more in points, or a little bit more in interest rate on that bridge loan? Sure. But if I increased the value if I bought a property, like one of my clients, she bought a property at 300 Terrible property terrible shape. 2028 unit multifamily. She put another 300 into it. Okay. Got it. Up to 55 60% occupancy. What time that I met her. Okay. We refight her. We gave her $800,000.09 reek. Horace bridge loan 200,000 of it was cash out. Okay. The other 600,000 was for rehab and construction. Okay, when she's done and the rents at that time, were like 800 $700 a month, okay? When we're done, those are going to be 1300 to $1,400 a month apartments. And that value is going to be 2.5 million we'll do a 70% refinance at that point, should get back another 900 grand on the cash outside, you know, and she's sitting at a fixed rate loan at 1.7. Again, the value is 2.5. So she didn't max out the property, and she's going to rinse and repeat and take that 900 grand and go do it again. You know, was that deal easy? Oh, absolutely. Not. It was hard. You know, there was a lot of issues with that property. But she was able to make it work. And we were able to take care of the financing and get it done. You know, and she's happy as as an angel on Christmas morning.
Mike Swenson
Well, it's interesting, you mentioned about, you know, 55 60% occupancy, I was acquiring a building a few months ago, where the occupancy was like 77%. And the lender at the time that I was talking to said, Look, you know, for us to finance anything, it's got to be above above 80%. And I know there's lenders out there that want it to be even higher than that. And so like you said, it just goes to show there's there's other people out there. There's other options real quick before we before we keep going for people that haven't done commercial lending in the past, they've got investment properties, maybe it's single family, maybe it's under four units, real quick for people out there that have never used a commercial lender before. How is that process a little bit different than maybe the residential lenders that they're used to working with for anything under four units?
Malcolm Turner
Well, the big difference is, it's really about the math and the numbers. What are your KPIs? Right? What's the net operating income? What's the debt service coverage ratio? On our side, we're looking at the debt yield on the property. You know, we want to know, the rent roll the quality of the leases, because I'm not asking you most of my loans. I'm not concerned about your tax returns. I'm not concerned about your W two. So I don't care what you do for a living, right, Mike, I want to know, What's the rent roll look like the property is going to carry the deal. You know, in commercial, you don't really get pre approved, the property can get pre approved, though, it's the opposite. So you can have let's say you're a realtor, you got a listing of a multifamily, I can come in and pre approve that building. For either bridge financing, or Fannie Mae frame as a frame, I can pre approve the building. Now, any buyer will do. On the residential side is the opposite. The buyer gets pre approved, and then you just find a property as long as it appraise any house will do. Right. And so there's a much more focus and emphasis on what's the financials of that property. And people will call me all the time. And I can tell they've never done commercial. They'll say, Malcolm, I found this 30 unit property. Can I finance it? And I'm like, Well, have you got the rent roll? No, I haven't got that yet. You got the operating statement? No, I haven't got it yet. You got anything? Well, I know the rents are going for, okay, you know, what the gross rents are, you know, how many units and you know, the location? That's not enough to qualify that property? You know, and know, what can I get a pre approval, like, on what we don't know what the NOI is? How do we know what kind of debt it can carry, because it's carrying the debt that you owe, okay. And that's the principal difference is getting current and you have to look at a lot of deals. So I always tell you, if you're brand new, the easiest thing to do is go into multifamily. Because most a once a fan was the easiest to understand. Everyone has rented an apartment, they understand renting a house, they can do multifamily. From a lender perspective, there are lenders that will lend to first time buyers, you know, who've got you know, like just a couple houses. Okay, now, they're not going to give them 100 units, but they may give them a loan to buy their first 30 unit or 20 unit with no commercial experience. You know, and I have bridge lenders, they'll do loans with no experience, you know, at all but you've got you got to get in the game by any means necessary, right? Because the whole Aren't part it's like, remember when you were like 1818 year old, you're trying to buy your first car and the dealer's like, listen to you got no credit? Yep. And they're like, yeah, those units that you have no credit, your credit profile is blank. Okay, sorry, we can't Well, how am I going to get my loan on this Mustang? If someone doesn't give me a loan on a Mustang? They're like, well, sorry, you know the goofiness. And if you run into that with commercial, how do I get a commercial loan? If I don't have any experience, and we're heavy on experience? Well, you either partner up with someone, right? And I've connected people, I had a guy buying a 12 unit multifamily, no deferred maintenance, great cashflow. It was like 90% occupied, right, the rents were below market. So it still had some good upside potential. But the guy had zero real estate experience. He didn't even own a house, a rental house. He was never a landlord. He only owned his personal residence. So the lender was like, Man, I love this deal. But he's got nothing. You know. And so I had some other buyers, who I do have felt through that they were negotiating on at the state capitol. And this property was in Detroit. And so they were like, I made that deal, do the work that they're looking for one and they had tonnes of experience, right? And this guy had the cash and great credit, right, when they're in a good credit, too. So I called them and said, Hey, can you guys connect, you know, they've got the SRO, the schedule of real estate owned, right, they got the resume, that the lender needs to feel comfortable on managing property, because they had did like 12 deals. You know, and but they had not, but they themselves had not done a multifamily either. They were trying to do their first. And I'm like, you're 12 is enough. He's got the money. He brought the deal. You guys work out a split between you, you know, and come together. Now you're on a board, and he's on the board. So when you go to do the next step, it'll be much easier, because now you're not a newbie anymore. Right? You got a track record? You know? Yeah.
Mike Swenson
So what what are their types of deals out there that, you know, maybe for people that just to help them think bigger think differently? You had mentioned? One, you know, low vacancy, you know, needs a lot of work? What are the other types of deals out there that you see, that might be something that, you know, you're interested in as a lender that, you know, maybe a an investor out, there's like, oh, there's this deal, but I just, I've talked to a few banks, or I've talked to a few people and nobody wants to touch it.
Malcolm Turner
Right? Well, there's a couple of opportunities, right? One, in, oh, I should bring this up. In my book, financing the bankable deal, we have a chapter where we talk about the six gold mines of profit, you know, six blue, what I call blue ocean strategies were that you could take advantage of in the marketplace, one of them is the value add deal, right? Where you know, the occupancy is really low, the cash flow is terrible, it needs a lot of work, you're gonna have to buy it, put a lot of rehab into it. But when you're done, you know, maybe you bought it at 20,000 a unit, you did another 15,000 A unit and rehab, you know, hypothetically, but when you're done is gonna be worth 80,000 100,000. The unit, big upside, that's obviously one opportunity, opportunity to is you have what I refer to as the owner debt crisis. These are owners who financed wrong. And now their deal won't cash flow at the new rates, and they got a balloon payment coming up. You know? And so, you know, this is where, you know, your intrepid listeners who know how to work a phone, and you know how to go knock on the door and say, hey, who owns this building? You know, we just say hey, when's your loan? Come in, do you know, have you thought about it? And then sometimes you I'll get a call from owners, they slip up. And they thought they have more time and they misjudge their date. And they go, Holy crap, I got two months, and my balloon payment is due. And it's like, okay, well, your rate was at three and a half. current rates are at seven. And they're like, oh, man, I'm screwed. Because I maxed out cash, you know, just last year, or whatever they did. And now I can't, I won't cashflow. Okay, and they don't have time to fix it. Right. So that's where maybe a new owner comes in. And they're gonna have to sell. There's a lot of properties. There's a lot of properties, especially this next two quarters the second half of this year. They're going to be coming onto the market purely because their debt is coming due. And the numbers don't work in this new, a new interest rate environment that we find ourselves in, versus say, you know, five, you know, four years ago. That's one issue. The other thing that happens is you have strategic repositioning. In commercial, we have this term highest and best use, right? So I example, I had a client who had a motel. Remember that old psycho movie we had, like the base hotel, when those hotels that you know, you pull right up to the door, and the car lights flip to the unit? Right? It's one of those movies, one of those, those hotels that every time someone's on the lam from the FBI, right? They had one of those cheap hotels, right? Well, this owner got one of those motels put Ryan fencing around it, she took that unit and combined it with the unit next door, she just knocked out part of the wall between the two at the back end of the of the unit. And she took out the bed and the bathroom, put a little seating area there with a couch and you know, loveseat or whatever. And then she made the bathroom a kitchenette. And then the other unit that had the bed and the bathroom, she took that door out and sealed that wall. So you came in through the seating area. And then there was the bedroom, she got seniors. Now the square footage between these two rooms was only 432 square feet. So not very big, but seniors don't need a lot of space. And she found that you know what, there's a lot of seniors who worked for the city, or they're retired from the state of Michigan like here locally, the state of Michigan or the city of Detroit or wherever city you're in, and they have pensions. So there are a fixed pension. And she charged $2,500 a month for 432 square feet. But how did you get that much? Well, she provided maid service. And she provided three meals a day as well. Right? She had a cook come in a caterer the guy charged her I believe was like just under $5 A meal. And he will cook meal for all like 30 Something I was like 30 to 34 of her her tenants. And they never had to worry about cooking. She covered the utilities and again as far as 32 square feet, so it's not like a big expense. She gave them internet and Wi Fi and basic cable. And as you know most things on the watch like eight channels anyway. Right? The only bill they had to pay for living expense housing expense was their own cell phone. And that was it. And so, you know, she got this really like dirtbag property for like next to nothing, made some improvements knocked out a little bit of walls. You know, she did a nice though she didn't go cheap. She put nice flooring, you know everything. And then the thing with the maid service was they, she would come in and mop and clean and do their laundry and other stuff. So all our units were kept up. The seniors didn't have to worry about housework. Right? And if anyone was going sideways on or the May was like her secret agent, the mayor will say Hey, Miss Johnson and unit three B's having a problem, you know, you may want to call their their adult children that come take a look at it, because I think she's having a problem with our meds. Right. So even though she was all exclusively seniors, she never had, like those units where it's smelly, and it's causing a bad, you know, aroma and never happened, you know, and when when she bought that property, all in between renovations and acquisition, she probably was in it for like $900,000. And based on her cash flow, that thing was worth, like $2.6 million.
Mike Swenson
How do you underwrite a deal like that? And kind of buy into that vision? Because and I think that's where you've got to be creative, right? I mean, there's, there's great deals to be had, you may have to open up your creativity a little bit. But she's also got to convince you that this is a good deal, and that this has a market. So what's your process for you know, given the the stamp of approval on that?
Malcolm Turner
Well, you brought up a really key point. One of the what I call the number one secret weapon to getting your deal approved, and we explained this in the book is having a narrative because this is America, everything has to be sold, right? You can't get water for free. Right. So when you do a loan, like especially something like this, you can't just be the no numbers, the numbers are important. But you need to have a vision for that property. Where are you taking it? How are you going to apply this capital to yield profit? What's your in for her her vision was, I just want to rinse and repeat? You know, I don't want to do self storage, and then go do like, you know, 100 unit, you know, multifamily, I just want to do these, because I can get them cheap, I got some good crew of guys that come in there and flip these units over real quick. I know how to get the seniors, she figured out how to market to the retired pension ears, right? She knows how to get those people and she's like, I got that she got a system now. And what's her vision, like, Oh, she wants to do five or 10 of these, I looked at our profits, I look at our system. And I'm like, Man, she knows what she's doing it She's on fire to do it, okay? Because at the end of the day, right, Mike, the underwriter is a human being. And a human being has to sign off on your loan. And so they're more afraid of a deal going bad. How much interest the company's gonna make off that loan. So if you can put the good narrative together that says, here's my commitment to the project. And here's my vision for where I want to take this property. And here's these great financials that are going to company that. You know what that makes sense. It all makes sense. Okay, I can feel comfortable as an underwriter to sign my name on that deal. So that goes to committee. It always goes to loan committee, right? The big people in the community can say that otherwise, it's a good deal. The guy's like, oh, yeah, I'm cool with it. Absolutely. Absolutely. You don't want to wishy washy, you know, because of the president of the company, or the CFO says, Well, alright, Mike, is this really a good deal? You're like, that's okay.
Mike Swenson
You gotta get on to say, Yes, you got to be confident in what you've gotten, you've got to have your ducks in a row. So they they want to say yes to something like that.
Malcolm Turner
They want to say yes to something like that. That's right. That's right. And so that's where a competent professional can help you put that narrative together. You know, because it's not just the numbers, you know, and that's, I think that's one of the things that we bring to the table. Because you've done X number of deals. For me, I look at all the borrowers that I've worked with, and all their deals, right. And so part of my secret sauce would Castle, commercial capital, my firm, is I come back to you, the borrower and say, You know what, that's a great plan, Mike. But here's an idea for you. Here's a best practice I see other investors doing, you may want to think about incorporating this into what you're doing here. Right. And some of it you may take, you may take none of it. Right. You know, but when you incorporate those best practices, you become a better investor. Right? And then we're able to craft a narrative around what you're trying to do. That makes it man, this thing is too good to be true. You know, and I love when I get that reaction, right from an underwriter where they're like, Okay, Malcolm, why this happened? Matter of fact, like I want to say about deals working on about six weeks ago, the underwriter says to me, Malcolm, I'm missing something. Like, okay, what do you miss? I don't know what I'm missing. But I'm missing something. Because this deal looks too good. Right? And I'm like, well, can it just be a good deal? Right? that everybody's? That everybody's like the horrible girlfriend that's gonna jump out at you with a knife. Like, maybe they can really cook. Maybe, you know, they know how to make cake from scratch. Like, oh, my God, this cake is Lizzie. Well, it's just good. Take it as it is. You know? Okay. All right. And when they go into committee, and they got six deals that they're evaluating at their three o'clock meeting, you want to be one of the best deals on that table.
Mike Swenson
Awesome. Well, thank you, Malcolm so much for for these good stories and for sharing for people that want to learn more about you and what you're doing and about your book, how can they do so?
Malcolm Turner
They can go to financingtheunbankabledeal.com. And they can look us up, also at the bottom of our web page for financing and bank will do it as an opportunity if they want to take advantage of a free 30 minute consultation. And we can go over finance options or whatever deal they're working on, they can schedule an appointment right then and there. Also, we can strategize generally, you know, and just talk about because maybe they've done deals like two different ways. And I sit there and they, for example, one guy I know, he did like 16 deals he never did Freddie Mac or Fannie Mae. I'm like, How do you do that many deals on multifamily. And none of them. That doesn't make sense. You know, just the law of averages. Right? And he's like, Well, I don't know anything about him. And I never really talked to anybody. And I'm like, okay, so then I explained to him, here's the pluses. And here's the minuses. He's like, Oh, man, that's about one five of those deals a shot. I should have went that way. Yeah. You know, and now he knows, even though he wasn't working on a specific deal at that moment, but that's where having someone that you can strategize with can can help.
Mike Swenson
Is there any kind of limits in terms of what you'll look at locations, anything like that, for people that want to reach out to?
Malcolm Turner
We do deals nationwide. You know, all of our, whether we do it in house or even when we're brokering deals out? You know, we're doing Fannie or Freddie that's everywhere. You know, if we're doing USDA, that's an any rural community in the United States, the USDA will do a dual loan, which by the way, USDA will finance multifamily. Yeah, in rural areas, so their rates are ridiculous.
Mike Swenson
Awesome. Well, thank you so much. And I mean, there's, there's a lot we can talk about. So yeah, go check out the book, learn and then reach out to Malcolm and answer some questions and start a conversation because you can never have too many great lender partners to talk with and if not for you to refer to somebody else. And so I always encourage people to talk to many different lenders because Yeah, everybody's different. Everybody's got a different niche. Everybody's got different rates and, and qualifications and so I don't think it's a bad thing to know too many lenders out there, that wouldn't be a bad problem to have. So reach out to Malcolm but thank you so much for coming on, and sharing the wisdom that you've had.
Malcolm Turner
Hey, thanks. It's been great. Love talking with you.
