I can't believe this happened. I went through all the work to get a loan through, only for it to fall apart at the end. The borrower didn't even have it under contract. Lesson learned.

Since April 2025, we've helped investors fund $5.6M in real estate across 31 properties.

I don't lend on subject-to deals. Here's why. Someone sent me one in Texas two weeks ago. Total price $285K. Loan balance $279K. That's $6K in equity before closing costs and transaction fees. Six thousand dollars standing between me and a loss if anything goes wrong. Foreclosure runs roughly $3,500. That's more than half the equity gone before carrying costs even start. At 0.5% per month that's another $1,425 every month the property sits with no income coming in. The numbers run out before the recovery process even gets started. Sub-to deals are built around low entry, not strong equity positions. Those are two very different things. I need a real cushion between the loan amount and the property value. On most sub-to deals that cushion doesn't exist.

I will be 30 minutes late to tomorrow's call due to a scheduling conflict. Feel free to start without me!

RV park refi. Borrower had around $200K of their own money in it, a hard money loan sitting at $140K, and they were looking for $465K to take the park from where it was to where it could be. Experienced team. Real plan. We still couldn't place it. The problem wasn't the borrower. Wasn't even the asset really. The numbers only worked if you underwrote the future. Lenders don't do that. They look at what's in front of them today, and today this park couldn't support that loan amount. So we passed. This happens more than people realize. The deal makes sense. The borrower knows what they're doing. But the asset isn't there yet and no lender is going to bridge that gap on a proforma. Not a no forever. Just not yet. If you've got a deal and want a straight answer on whether it's placeable right now, my inbox is open.