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Chad Lafferty
406 posts
Chad Lafferty
@LaffertyC
Commercial Mortgage Banker located in AZ. I enjoy learning new things and discovering the tiny joys of life.
Tham gia Mayıs 2011
1.4K Đang theo dõi231 Người theo dõi
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This is what happens when you actually let developers build housing.
In Austin, rent has dropped 15% from its peak and buildings are offering multiple months FREE! 🤯
Nick Gerli@nickgerli1
The Austin, TX rental market is collapsing before our eyes. With the median apartment rent dropping 15% over the last 2+ years. The vacancies have skyrocketed. Rental concessions are everywhere. Rents are now only 9.8% higher than pre-pandemic. Meaning that many Austin landlords are losing money, as property taxes, insurance, and interest costs are way higher. (This is a harsh lesson on the boom/bust cycle in real estate for many developers and investors who bought into Austin during the boom. Read more below to see how this happened.)
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The mental health impacts of being able to walk to a little coffee shop in your neighborhood cannot be overstated, imho
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@bridgelenderguy My favorite is when we are able to get a 30 year amort but the lender still underwrites it to a 25 yr, just to “stress test it”. I asked the lender under what kind of magical scenario would the amort magically change from the 30 to 25 along with the payment. No response yet
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Banker: we underwrite any leases that roll during term as vacant, so we’re underwriting this deal as 35% vacant
Also Banker: we can’t give any IO because that property is stabilized
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Was at a city council meeting last week for a multifamily project a developer client was seeking final zoning approval for and ran into a new type of NIMBY… “amateur traffic engineer”. As soon as she said it I saw a couple council members trying not to laugh. They are evolving.
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Since people have been asking for rowhomes with a garage, here’s one:
1600sf, 3BR/2.5BA
18’x30’
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@RyanGTuttle Can be done for owner occupied real estate deals in certain industries but usually have certain criteria. Mostly done in combination with SBA financing. Doctors, veterinarians, dentists, etc.
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Do lenders ever fund 100% LTV?
I have brokers asking for this and I always am in disbelief that this is even being asked.
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Best prank on your non-CRE & CRE friends:
Giving people from Northwestern Mutual your buddies contact info telling them they are interested in life insurance
2nd best? Telling a debt broker your buddy has a project about to break ground and needs financing & to call him
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@mu2myoc I’m actually quite impressed by the inefficiency of it all
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Every now and then, I think of this analyst and wonder, "what kind of company could breed such a monster?"
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1 slam-dunk use of ChatGPT for CRE?
Lease summarization.
But many struggle getting it to work.
I made a GPT that makes it easy..
Just upload the lease and it does the rest. You dont even need to type a prompt.
Comment “LEASE GPT” below and I’ll DM it to you👇
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100 cold calls
6 answers
4 hang ups
2 wrong contacts
0 prospects
Guys will see this and think “hell yeah”
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Stats for the back half of my day:
- 18 cold calls
- 0 answers
-18 cold emails
- 0 responses
En fuego - cant be stopped 🔥
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@ChuckBuc2 As someone actively in the market on the debt side, that is a fantastic quote
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Loan terms (via commitment letter) for an 11k SF “small bay” industrial deal I’m closing on in a secondary market fast growing MSA in 1 month:
LTC: 80% (purchase + renovations)
Rate: 5.34%
Term: 10 years (fixed for first 5)
Amort: 25 years
Origination Fee: 0.5%
Recourse: Yes
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Want cheaper for-sale homes?
1. Loosen zoning (including reducing or removing minimum lot sizes)
2. Tax profits from for-sale home building as capital gains, not income
3. Reform the construction defect liability system to make it reasonable
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40% of the entire island of MANHATTAN would be illegal to build today!
We have neutered America's biggest assets, our cities, with absurd zoning and land-use regulations. It's time to set them free again.
Max Dubler 🏳️🌈@maxdubler
Basically all of America’s best-loved neighborhoods were built before zoning and the overwhelming majority of them would be illegal to build today.
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I’m back for good tomorrow.
Going to embrace the suck and document it all :)
💙
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