Lender Lounge with Kevin Kim

Gabriel Sultan and Daniel Benarroch join Kevin Kim to share how Alto Capital grew from a small Miami lending operation focused on foreign-national borrowers into a high-volume private lender. They discuss the shift from hard money to institutional RTL lending in Florida, building long-term relationships with borrowers and capital partners, and maintaining flexibility as the company scales. Gabriel and Daniel also cover geographic expansion, securitization, offshore staffing, competitive pressure, their upcoming DSCR platform, and their goals for continued growth while preserving a hands-on approach.   Bullet Points: [00:00:00] Introduction. [00:01:00] Gabriel Sultan and Daniel Benarroch share their backgrounds and early introductions to private lending. [00:03:31] Daniel and Gabriel's first business ventures and their path from trucking into lending. [00:05:04] Launching their lending business around foreign-national borrowers in South Florida. [00:06:56] Expanding from foreign-national loans into fix-and-flip and value-add lending. [00:09:30] The evolution from Equity Lending Solutions to Alto Capital and an early secondary-market strategy. [00:11:08] Using discretion to finance deals outside a conventional lending box when the fundamentals make sense. [00:13:04] How institutional capital changed Florida's private lending market and created a distinction between RTL and traditional hard money. [00:16:24] Scaling production through institutional capital and surpassing $1 billion in annual volume. [00:17:33] Identifying weakening Florida submarkets early and adjusting lending exposure. [00:19:37] Recognition from banks and capital partners as a sign of growth while continuing to pursue larger goals. [00:21:50] Staying closely involved in underwriting, servicing, and borrower relationships while building a management team. [00:23:03] The challenge of recruiting experienced RTL talent in Miami. [00:23:50] How Florida's lending market shifted after COVID and changed Alto's core borrower base. [00:26:15] Allowing borrower demand and capital availability to shape Alto's product mix. [00:27:09] Alto's balance-sheet, loan-sale, and potential securitization strategies. [00:28:25] Choosing capital partners based on how they behave when loans encounter problems. [00:30:28] Prioritizing repeat borrowers and asking capital partners to take a reasonable, relationship-driven approach. [00:33:27] The importance of diversifying capital sources while concentrating business with trusted partners. [00:34:19] Weighing the benefits, costs, and operational demands of securitization. [00:36:39] Building a lean team with domestic leadership and an offshore back office. [00:38:28] Using Alto's Spanish-speaking roots and cultural connection as an advantage with Latino borrowers. [00:39:33] Expanding the company's relationship-driven model into Texas, the Carolinas, and California. [00:42:21] Comparing lending conditions, leverage, inventory, and foreclosure considerations across Texas, California, and other markets. [00:47:36] Maintaining credit discipline as increased capital and competition push lenders to chase loans. [00:49:02] Deepening borrower relationships by providing equity alongside debt for selected projects. [00:50:18] Identifying experienced operators who continued performing after appreciation stopped carrying weaker borrowers. [00:56:25] The operational costs behind servicing borrowers properly as loan volume and extensions increase. [00:57:35] Building Alto's DSCR platform and creating another financing option for existing borrowers. [01:00:35] Setting production goals for 2027 after reaching the company's $1 billion target ahead of schedule. [01:01:41] Alto's year-over-year production growth and the pressure of resetting performance expectations every year. [01:04:36] Using borrower track records and production volume to negotiate exceptions and broader credit appetite with capital partners. [01:10:36] Alto's hands-on approach, recruiting plans, and expansion into additional markets. [01:12:06] Alto Circle, the company's Miami networking event connecting borrowers, investors, brokers, and other industry partners. [01:13:48] Measuring success through the borrowers and entrepreneurs who have grown alongside the company. Links: Learn more about Alto Capital at: https://altocapital.com Learn more about Fortra Law at: https://fortralaw.com Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at: https://fortralaw.com/lender-lounge-podcast/ Subscribe to the Fortra Law newsletter at: https://fortralaw.com/sign-up/ Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Scott Ward, CEO of Think Realty, joins Kevin Kim to discuss how education, mentorship, and ethical business practices are shaping the future of private lending and real estate investing. Scott shares his journey from private lending into leading Think Realty and explains the organization's mission to provide practical education and meaningful connections for investors. Kevin and Scott examine the growing institutionalization of private lending, the importance of mentorship, underwriting discipline, fraud prevention, regional lending strategies, insurance education, and borrower expectations. They also discuss how lenders can create long-term relationships by providing value beyond capital and why realistic expectations remain essential for success in today's market.   Bullet Points:  [00:00:00 Scott Ward introduces Think Realty and its mission of investor education.  [00:03:04] Scott shares his path into private lending and the value of early mentorship.  [00:05:34] Why Think Realty focuses on helping investors understand how to borrow successfully.  [00:08:31] The importance of education, credentialing, and professionalism in private lending.  [00:10:31] Who Think Realty serves and how today's investor community has evolved.  [00:14:01] New Think Realty initiatives, including business education and live deal support.  [00:16:09] Why skilled trades and experienced contractors remain critical to successful projects.  [00:18:16] Mentorship as a lost art and why meaningful guidance requires long-term commitment.  [00:21:15] Learning underwriting through experience instead of shortcuts.  [00:24:41] Should part-time investors pursue fix-and-flip investing?  [00:27:58] Managing risk, leverage, and realistic expectations for new investors.  [00:30:34] Building borrower confidence through education and ongoing support.  [00:37:15] Underwriting experience and the industry's growing fraud challenges.  [00:41:56] Collaborating across the industry to improve education and best practices.  [00:43:01] Insurance education and why investors need to understand coverage limitations.  [00:46:19] What today's borrowers expect from lenders beyond competitive pricing.  [00:49:05] The renewed importance of regional lending relationships.  [00:51:46] Balancing service, pricing, and long-term borrower relationships.  [00:58:23] Think Realty's upcoming initiatives and continued investment in education.    Learn more about Think Realty: https://thinkrealty.com/  Learn more about Fortra Law at: https://www.fortralaw.com  Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://fortralaw.com/lender-lounge-podcast/  Subscribe to the Fortra Law newsletter at https://fortralaw.com/sign-up/  Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)   

Ezra Dweck, President and Co-Founder of IceCap Group, joins Kevin Kim on this episode of Lender Lounge to discuss the evolution of private lending, the importance of disciplined underwriting, and the changing dynamics of the RTL and DSCR markets. Ezra shares how IceCap began as a family office deploying capital into real estate before transitioning into one of the Northeast's established private lending platforms. The conversation covers the distinction between being an originator versus a true lender, the role of securitization in creating stable financing, and why maintaining independent decision-making remains central to IceCap's strategy. Ezra also examines the risks associated with aggressive leverage, valuation concerns, and the growing influence of technology and AI in modern lending operations.  Ezra Dweck is President and Co-Founder of IceCap Group, a leading private real estate lending platform serving investors, brokers, developers, and mortgage professionals nationwide. Since co-founding the company, Ezra has helped build IceCap into one of the industry's most active private lenders, funding more than 5,500 loans totaling over $4.5 billion in volume.   Ezra co-founded IceCap with the vision of creating a lender that combines institutional execution with entrepreneurial flexibility. Under his leadership, the company has built a diversified lending platform spanning DSCR, residential transition loans (RTL), multifamily, and other business-purpose real estate financing solutions, supported by discretionary fund and family-office capital.   Known for his practical approach to underwriting, deal structuring, and relationship building, Ezra is passionate about helping clients and partners navigate complex transactions, capitalize on opportunities, and grow their businesses with confidence. He is a frequent speaker on private credit, real estate finance, and the evolving business-purpose lending market.     Bullet Points:  [00:00:00] Introduction.  [00:01:01] Ezra Dweck introduces IceCap Group and the company's origins as a family office.  [00:03:12] How IceCap adjusted underwriting standards during periods of market volatility.  [00:04:20] The importance of disciplined lending and avoiding unnecessary credit risk.  [00:07:57] The backstory behind IceCap's family office structure and early lending model.  [00:10:45] Building institutional relationships and scaling from private capital to loan sales.  [00:13:20] Raising IceCap's first fund during the COVID market disruption.  [00:16:09] Why IceCap prioritized becoming a true lender instead of remaining solely an originator.  [00:18:11] Ezra explains the difference between an originator and a balance sheet lender.  [00:21:34] Growth challenges and maintaining underwriting discipline in competitive markets.  [00:22:28] IceCap's family-office philosophy of focusing on long-term sustainability over rapid expansion.  [00:23:52] The moment IceCap realized the business had meaningful scale and long-term potential.  [00:26:09] The origin of the IceCap name and early branding decisions.  [00:27:42] Discussion of IceCap's multifamily-focused securitization strategy.  [00:29:56] Addressing investor concerns around New York multifamily exposure during securitization.  [00:32:14] Why securitization provided committed financing and operational independence.  [00:35:05] Building a leadership team capable of supporting institutional growth.  [00:39:08] IceCap's continued investment in technology, AI, and infrastructure.  [00:41:02] Expanding nationally while balancing bespoke lending and scalable loan products.  [00:43:14] The operational importance of automation, valuation review, and underwriting transparency.  [00:45:04] Concerns surrounding valuation inflation and aggressive leverage structures.  [00:47:28] The growing risk of buybacks and fraud-related repurchase exposure.  [00:50:09] Ezra's outlook on the RTL and DSCR markets through the remainder of 2026.  [00:53:44] The continued opportunity for non-conforming and story-based lending.  [00:54:06] Risks associated with 100% financing structures and excessive leverage.  [00:57:46] How lenders are manipulating qualification programs to achieve higher leverage.  [00:59:46] Where listeners can connect with Ezra and IceCap Group.     Links:  Learn more about IceCap Group at: https://www.icecapgroup.com/   Learn more about Fortra Law at: https://www.fortralaw.com    Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://fortralaw.com/lender-lounge-podcast/    Subscribe to the Fortra Law newsletter at https://fortralaw.com/sign-up/  Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com) 

Chris Haddon and Jason Balin of Hard Money Bankers join Kevin Kim on this episode of Lender Lounge to discuss their nearly 20-year journey building a private lending business rooted in conservative underwriting and private capital. Starting in 2007 during the early stages of the financial crisis, they share how they scaled through disciplined deal structures, strong investor relationships, and a focus on long-term sustainability rather than rapid growth. The conversation examines the evolution of private lending, the rise of institutional capital, and the trade-offs between control, volume, and risk. Chris and Jason also break down their approach to maintaining deal flow, adapting to changing markets, and building a lending business that doubles as an investment vehicle.   ----------  Chris Haddon  Co-Founder, HardMoneyBankers.com Co-Host, Private Lenders' Podcast  Chris Haddon is the Co-Founder of Hard Money Bankers and handles investor relations and oversees the loan portfolio. Chris designed the loan servicing and capital operations of HMB which allow the company to manage a $50mm loan portfolio in a very efficient manner with minimal staff and overhead. Chris is also an avid growth marketer and his efforts over the years have allowed HMB to be recognized as one of the best  private lending companies in the MidAtlantic Region.  In 2019, Chris and his business partner, Jason Balin, launched the Private Lenders' Podcast  and Hard Money Mastermind, the #1 community in the private lending space.  ----------  Jason Balin  Co-Founder, HardMoneyBankers.com Co-Host, Private Lenders' Podcast  Jason Balin is a real estate private lender based in Maryland who co-founded Hard Money Bankers in 2007. He focuses on responsible and opportunistic lending to local real estate investors. Jason provides market knowledge in many real estate asset classes from personally investing in private notes, residential houses, office, multi-family and self-storage projects.   He has written 3 books and currently hosts 2 podcasts:  Private Lenders Podcast and Real Estate Reserve Podcast.   Jason also runs a mastermind group helping other private lenders grow their own hard money companies called HardMoneyMastermind.com.   Bullet Points:  [00:00:00] Introduction to Lender Lounge and guest background.  [00:01:17] Chris and Jason's overview of Hard Money Bankers and lending model.  [00:02:22] Building a business using private investor capital instead of institutional funding.  [00:03:41] The importance of multiple business models in private lending.  [00:04:59] Early careers in mortgage lending and real estate investing.  [00:05:02] Identifying opportunities during the pre-2008 housing bubble.  [00:07:23] Launching Hard Money Bankers during the 2007 market downturn.  [00:08:15] Lack of liquidity and competition in early private lending markets.  [00:10:25] Early challenges sourcing deals versus raising capital.  [00:12:22] Conservative underwriting approach and borrower requirements.  [00:13:30] Grassroots marketing strategies including REIAs and early YouTube.  [00:15:04] Leveraging technology and branding ahead of competitors.  [00:17:19] Operating through the 2008 financial crisis and early growth.  [00:20:40] Identifying business viability through profitability and deal volume.  [00:22:19] Transition from brokering loans to building an investment vehicle.  [00:24:19] Realization of passive income potential through lending capital.  [00:26:14] Balancing active business operations with passive investment returns.  [00:27:11] Market changes with the entrance of institutional capital.  [00:28:12] Evaluating institutional funding versus maintaining independence.  [00:30:52] Choosing control and long-term stability over rapid scaling.  [00:31:31] Losing borrowers to higher leverage institutional lenders.  [00:33:59] Industry shifts toward mortgage banking-style operations.  [00:35:39] Ongoing tension between growth, risk, and maintaining discipline.  [00:37:03] Concerns around high leverage lending and credit cycle risks.  [00:39:04] Differentiating between lending as a business versus an investment vehicle.  [00:41:02] Importance of investor relationships and capital trust.  [00:43:54] Challenges of sustaining deal flow in a competitive market.  [00:45:51] Expanding into new markets and loan types to maintain volume.  [00:48:12] Diversifying beyond fix-and-flip into commercial and bridge lending.  [00:50:01] Discussion on institutional capital cycles and market shifts.  [00:51:39] Launching a mastermind group for private lenders.  [00:53:35] Structure and collaboration within the lending mastermind community.  [00:54:55] Benefits of sharing resources and building industry relationships.  [00:57:12] Common challenges new lenders face and need for education.  [00:58:11] Growth and success stories from mastermind participants     Links:  Learn more about Hard Money Bankers at https://www.hardmoneybankers.com/  Learn more about Fortra Law at: https://fortralaw.com   Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at: https://fortralaw.com/lender-lounge-podcast/    Subscribe to the Fortra Law newsletter at: https://fortralaw.com/sign-up/  Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com) 

Matt Medrano and Justin Rocheleau, co-founders of Dynamo Capital, join Kevin Kim live at Fortra Con in Las Vegas to discuss their rapid rise as a Midwest-based private lender. Starting from residential mortgage and brokerage backgrounds, the duo share how frustrations with traditional lending channels led them to launch their own fund and build a balance sheet lending business. They unpack their evolution from brokering deals to becoming a direct lender, the challenges of operating in overlooked Midwest markets, and their philosophy around autonomy, disciplined underwriting, and borrower relationships. The conversation also explores team building, market expansion, and maintaining consistency while scaling a fast-growing lending platform.   Bullet Points:  [00:00:00] Introduction and live recording at Fortra Con in Las Vegas.  [00:01:56] Dynamo Capital overview and transition from brokerage to direct lending.  [00:03:30] Challenges operating in Midwest markets and lack of lender coverage.  [00:05:31] Early days juggling residential and BPL businesses simultaneously.  [00:06:00] Building internal infrastructure and refining underwriting after early loans.  [00:07:35] Entering DSCR lending and competing with local "rich uncle" lenders.  [00:10:42] Matt and Justin's origin story and transition into mortgage lending.  [00:14:44] Justin's background in finance and move into non-QM lending.  [00:17:25] Discovering BPL through client demand and learning via Scotsman Guide.  [00:18:46] First attempt at large commercial deal and lessons learned.  [00:23:32] Mapping BPL lending structures to residential mortgage frameworks.  [00:24:54] Realization of loan buyers and secondary market dynamics.  [00:27:01] Early confusion around lender vs. fund identity and business model.  [00:30:29] Capital challenges and lessons from losing an early funding partner.  [00:32:28] Building a balance sheet to maintain autonomy and consistency.  [00:33:27] Avoiding reliance on external capital partners and loan buyers.  [00:39:26] Scaling from two founders to a 45-person team.  [00:40:15] Fully transitioning to fund-based lending and eliminating brokering.  [00:41:12] Hiring outside the industry and building a service-driven culture.  [00:42:26] Early struggles with remote teams and improving cultural alignment.  [00:44:32] Expansion strategy focused on strong operators and local presence.  [00:46:25] Importance of boots-on-the-ground approach in new markets.  [00:47:46] Emphasis on disciplined lending over volume growth.  [00:49:00] Portfolio structure, bundled loans, and construction lending growth.  [00:51:20] Value of working with experienced builders over rigid guidelines.  [00:52:06] Midwest market dynamics and relationship-driven lending culture.  [00:53:12] Commitment to borrower trust and long-term relationships over pricing.   Links:  Learn more about Dynamo Capital at https://dynamocapital.com/   Learn more about Fortra Law at: https://fortralaw.com   Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at: https://fortralaw.com/lender-lounge-podcast/  Subscribe to the Fortra Law newsletter at: https://fortralaw.com/sign-up/  Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)