Insights Sep 8, 2021

A new lender podcast featuring another RealAtom customer – FidusFi

It is truly an awesome platform. If you’re a broker or an investor as a borrower, you got to get on there and see what’s out there for capital.

Dustin M. Lauer:

Tyler WHITE

Welcome everybody to the RealAtom lender podcast series, where you will learn about the lenders on the RealAtom platform and the organizations they represent. My name is Tyler White, RealAtom’s head of sales. RealAtom is the industry’s number one lending as a service technology platform and power in commercial real estate lenders like banks, credit unions, and non-banking organizations to generate more CRE loans. Today. I have the pleasure of introducing Dustin M. Lauer, president, and CEO at FidusFi. Dustin, thank you so much for taking the time to present us today. Let me pass it over to you to kick things off.

Dustin M. Lauer:

Awesome. Thanks, Tyler. Appreciate it. I’m going to share a screen here guys. And there we go.

Excellent. So if I had is five is a real estate FinTech platform and we’re really happy to be you know, being on RealAtom because it’s, it’s everything that we stand for. So this is me on the left. Come from a background of doing commercial bridge loans, residential non-owner-occupied bridge loans. I have two co-founders in our venture. They also have a lot of background in this space and we use our network and our real estate backgrounds, really to be able to go a lot faster than our competition. How fast you might ask. We are typically doing deals on a regular basis every week inside of one to two business days from the full file. And we can have a full file from the application right on the web all the way through to closing in 24 hours, we do it every single week. And that’s, that’s really our big difference as a lender.

How do we do it? We use SAAS services. We use technology just like RealAtom to be able to go through the process online. It cuts out a lot of the steps needed. When you can see the trip to Trek checklist, you can see what’s needed on the file. We processed the loan live online. We do everything post-closing the same way as servicing escrow management. So we just utilize technology to the best of our ability to, you know, help our clients. We have a pretty niche-like market strategy. We lend in particular MSA that have good economics. So we’ll say yes in some areas and no, in some areas as a balance sheet lender, we really want rentable. You know, we’re not spellers over here at VITAS five apparently, but really want rentable asset class. We, we look for value add projects, so rehabs new constructions, full conversion, and those are all fine with us.

It doesn’t have to be the case. It can be, you know, a turnkey property also. But we’re also interested to you know, have little niche areas for ourselves like challenging entities for other lenders can be good for us. So foreign nationals, if you are using self-directed retirement accounts, you’re Australian, you have complicated retirement accounts Canadian with limited partnerships. So we try to focus on being able to service the unserviced. Banks are not typically competition in our space or what we do. They have regulations on where they lend, they have regulations on you know, what mix of their product portfolio different than, than, you know, balance sheet lenders do a lot of the lenders on the RealAtom platform, similar to us have, have the ability to go quicker, right? So things are slower to adapt slower to transact.

They make similar income from the regular loans that they sell off and qualified mortgages. So it’s really not too beneficial for them to stretch, to do something out of the box for a real estate investor and a commercial property. And they also have a lot of challenges managing construction draws, but they don’t have full departments for that. Similar to what we have. I added a couple of recent transactions to the slides here just to show, you know, what are some of the highlights, just, just three quick ones. So we just closed this last week. Very bankable clients should be able to borrow anywhere. Can have the credit net worth the quiddity, all the things you need. A lot of experience over 2000 recent fixes and flips or new builds as an individual. So this is one of the top borrowers.

This is a Florida Florida builder. And we just did a $7 million line for some properties he’s building. And it’s a big thing because sellers really need to be able to go quickly or want you to be able to go quickly to buy lots or buy distress transactions. So we can go quickly for guys like that. We will often in order to close commercial deals so fast, we’ll just usually fly there. So just a couple of examples of those sorts of rest transactions. So we did a 70,000 square foot building in less than three days. And from the time the initial request came into the time we got terms signed off on and a deposit flew to the property, visited in person, met the client, did the paperwork actually closed the loan? Funny enough in an Uber on the way back from the airport as far as sending a wire and everything.

So we’re very much you know, trying to get things done quickly if it’s necessary. Another transaction flew in met with everybody and that actually included you know, taking the sellers out to dinner and, you know, kind of calming them down and everything. And, you know, cause another lender had this with a bank in town and it was just a very large renovation project and it looked really good on paper, but in reality, anytime the rent probation is greatly exceeding the purchase. Sometimes loan to cost and other factors become important for lenders and you know, some things can get outside of the guidelines really late in the loan process. So we don’t care about loans to costs. We can do giant renovations you know, full re-performance, you know, strategies on properties. And just wanted to highlight this one also because it was a high-touch in-person file. So just a little bit on underwriting criteria, cause that’s, you know, the first question we always get from everybody yes, we allow coterminous second leads. So like a seller second can, can exist. We just want the term to be the same. Big things for us are just good legal, good track record in the right locations. You know, clean backgrounds. Good borrowers. And we care a lot about the rental income and that’s it.

Tyler WHITE:

Perfect. Well, I want to thank, give a special, thanks to Dustin and FidusFi for taking the time to present to us today. If you’re interested in speaking with Dustin or a member of his team, please do not hesitate to contact him, contact him directly. If you want to talk with me in between episodes, feel free to shoot me an email at tyler@realatom.com. And if you’re interested in learning more about the RealAtom lender podcast series or RealAtom in general, please feel free to visit our web website realatom.com. Thanks, everybody again, special. Thanks to Dustin, and we’ll see you on the next podcast episode.

Dustin:Thank you, Tyler is truly an awesome platform. If you’re a broker or an investor as a borrower, you got to get on there and see what’s out there for capital. You know,  this is something that’s, you know pretty special in the market. So check it out. 

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