Real Estate Deal Analysis Why This $377K Flip Fails

Travis is wanting in. Okay, so we are recording, I hope. Yep, it shows right there we're recording now.

Okay, perfect.

Okay, so yeah, so you— so you—

but you're making—

don't worry about these other two where it says additional desired and all that. What, what I want to know from you, is this a bridge loan or is this a long-term rental? Those are the only two I really care about the most. The rest is more internal for us than processing and underwriting. But so select either bridge or long-term rental, and then move on. Okay?

Okay.

So then you get the borrower's name, borrower's email, phone number, great credit score, great experience, great. You're good there. Entity, great. That's all perfect. And your bridge loan, Bar occupancy is an investment. He's purchasing this. Now we don't do— on a fix and flip, our standard is 12 months. If you need longer than that, you'll need to let me know why. I'll do 18 months most of the time. I hardly ever do 24.

Okay, okay.

There's no cross collateral, so we need to get rid of that. And then property rehab. So you have your purchase price, your, um, as-is value, and your ARV. Good, good. Now you've got 20% down here, you've got $28,000 in rehab, but you're at 80% of ARV. So if I'm buying this house for $377,000, which you put in here, and I'm putting $28,000, or let's just say $30,000 into it, I'm at $400,000 in cost on a property that's only worth $410,000 when I'm all said and done. That deal does not make sense. And this number right here, Alistair, cannot be above 70%. You with me?

Yeah, yeah, yeah.

So on the surface, you're, you're, you're, you're overspending. This borrower is overspending on this property. So I don't know if this number is wrong or if this is a legit deal, but looking at this right here now, you— these are the two numbers you always want to look at. This number below 70, 70% or below. And this number, 85% or less. If those two numbers are within that range, you're good to go. If either one of them exceed that range, then the deal is no good.

Okay, but so in this case, what do we do?

Well, first of all, we call the borrower and ask them why they want to be stupid in a very polite, professional way. Uh, why would you want to buy a property for $377,000 put $30,000 in rehab for it to only be worth $410,000. The best case would be for this to be a rental property with no rehab.

Okay.

And then I make him put, you know, if he's got experience on that, he could put, uh, you know, 20-25% down. He was a 7— what was his credit score? 782. So we could do a 20% down on this and he's fine. But this needs to be flipped to a long-term rental if he's going that direction. But as a fix and flip, there's no equity in this deal. Okay.

Okay.

Okay. So you're gonna have to ask the customer, what do you want to do? And why do you think it's only going to be worth $400,000 if you're buying it at the top of the market?

Okay.

Okay? That's what Rich needs to find out once he gets off his medication. But that deal doesn't work under that sense. So—

but we'll move forward.

So let's just move on. The purchase contract in place, yes. They're not adding square footage, and they will personally guarantee it. So then you hit save. Now the next step for you to go to is jump past full app, borrower's info, and go to the loan info tab. So you do the quick app, this gives you a preliminary foundation of numbers, and now you want to go here again. I don't know why that didn't save. All right, see there, uh, interest rate. And then of course you, you've got your pricing model, or Rich does, to price it out. This guy has a couple of deals of experience, so he's limited. We're going to keep this as a fix and flip since that's how it's established. But so you've got to put in the interest rate to be able to calculate payment. If I don't have an interest rate here, there's no payment here. Okay. In order to quote anything, you've got to be able to put in an interest rate. Fixed interest only, 12 months. Good to go there. Uh, on a fix and flip, we do not escrow for title and taxes insurance. On the 30-year rental, we do.

Can you give me one moment? Rich is calling me.

Go right ahead, buddy.

Hey, Rich. Yes, yes, me and Toby appear also. Oh yes, I can. Yeah, Toby, um, I'm back, but I'm, I'm guiding Rich because, um, he has issues with this computer, so he's trying to log into Zoom. Okay, so give me a minute. Okay, I'm trying to bring him in Zoom.

Sure, absolutely, but I'm at your service, so just do what you got to do.

All right, all right.

Nice.

Okay, the number is 920-8691-0060. D for Delta, uppercase. 6X, uppercase. Again, x lowercase, yj uppercase, yj. Hello, Toby.

Yes, sir.

Yeah, Rich is in. You need to allow access.

Oh, there. Yep, he is. Oh yeah, you there, Rich?

Yes, he's there.

All right, so we ready to keep going? Hey, Rich.

Hey, brother, how are you? Roll, man, let's go.

All right, so we put in an interest rate. So I was telling, uh, Alistair that this deal that he put in, this is on, um, Mr. Medrado Lago. He's buying the property for $377,000. His ARV is only $410,000. He's wanting to put about $30,000 in rehab. The numbers don't work. He's way above leverage. But this would be fine to turn this one into a rental, a long-term rental.

That's correct. This guy is the same borrower, Toby, as 10430.

Okay.

So the number-wise, put he puts his own money into rehab.

Okay.

And so what we've always done was just based on 80%. I, I know I got to learn the new algorithms the way y'all are directly, but— and then, and then to market, you know, of course puts us way, way under on, uh, LTV.

Yeah, yeah. So, um, but what we can do, the minute you remove the rehab I'm at an 80% loan-to-value and we're rocking and rolling. This guy can do rehab on his own. So we could— the best deal for this guy with this credit would be to change him to a long-term rental, move that rate to probably— I'm just going to guess because I'm not going to price that real quick— at 6% on a 30-year No, no, I'm totally—

I'm with you on that. But he has sort of— he's kind of an— I don't want to say older guy, but he's sort of set in his ways. And this, um, like the other loan we did with him, the 10430, I asked him— I suggested the same thing to go 30-year, and he goes, no, I want 1 year, and then I'm going to refinance it out myself. The truth is, I think he's going to try to go to institutional refi like another loan that he has at, you know, 4%. Then, so, so he doesn't want it. So I said, no problem, we'll give you the bridge. And you know, if you want to refi me out, then go ahead.

Okay. Then in that case, you'd have to just— because the numbers don't work, you'd have to put the 25% down. I'm not going to do rehab on it. And then he's rocking and rolling.

Now, that's the case. Can we go ahead and reimburse him for some of his rehab? And, you know, with an inspection? Because he's expecting that I'm, you know, going to give him 80% of purchase. No. What's the ARV? I don't remember.

I'm at 75% loan to value. If I do rehab on this deal, which was $28,000, $28,300, uh, and he was putting 20% down. Yeah, I'm at 77% ARV. I'm 7% over my My threshold.

Okay, ARV is only what, $410,000?

Yeah, you're saying ARV is $410,000, so he's got a— he's got $100,000— he's got $400,000 purchase cost on this deal on a $410,000 ARV. He's buying it at full market value.

Yeah, it doesn't make any sense.

That makes sense at all.

Hang on one second, let me pull up that appraisal real quick. Um, I don't know how to get out of here for a second. I know there's a way to split screen this. Hang on one second. Side by side. Oh, that didn't work. Um, can we just pull up the appraisal real quick? I just want to see something.

Is it? Yeah, if it's in the file, you bet. Hold on one second. Oh wait, hold on. Just—

you can scroll down almost all the way to the end. I want to just see if there's a, uh Scope— the scope of work should be in there, and a little bit above it should be the AOD. I don't know why it's only 410. It doesn't sound right. All right, back, back, back a little bit more. A little bit more.

Oh, right there. As is, 390. After repair, subject to value, 410.

It'll be dense.

It's not a very big spread.

So, all right, so the best that we can do then is loaning 75 of the 410 or 75 of the 377. What's his purchase price again?

$377,000.

All right, so we can only go 70— we can't go 80% on that then?

No, not on a bridge. I can on the long term. Now I can do a long term with no prepay and give him 80%. Yeah, I can. Yeah. Oh yeah, I can do an 80% purchase, no prepay, all day long.

The only difference is, is there ain't no participation because you're giving them cheap interest, right? What?

Yeah, I mean, you're going to only get points anyway.

Yeah, I'm gonna give up, um, the back end, I guess.

Um, yeah, we can price this out for you on a 30-year. You have the pricing engine. I don't have it in front of me, but you could price this out on 30-year, give him the 80% with no prepay. He's still going to be lower in rate, probably about 7, 7.25 on the rate. So he's still cheaper on the rate than what we've got here on the bridge. Well, um, does that make sense? That's what the guy—

this is the second of what I consider to be many loans with this guy. I guess then we, you know, we got to do what's best for him. This ain't no one-shot deal here. Yeah, let's go with that and get him the 80% and, um, you know, tell him Merry Christmas.

Yeah, I will, in my opinion, um, and we could also throw him— I got to make sure there's not enough, too many hits, but I could throw him on an interest-only 10-year ARM with no prepay and really give him the lowest absolute payment possible.

Well, then he probably would not have to refi it and, uh, And, uh, I could do that right there. You could have it, you could have it on your books for a long time.

Yeah, he's got a 30-year 10-year ARM, interest only, no prepay, and we get rid of the rehab. So he puts the 20% down. To me, that's the best deal for this guy. That's the way I would try to sell it.

All right. Let's do it.

Okay, so, so, uh, all right, Allison, back to training. So, and this is where you've got those two, you know, you've got to decide what's best for your client, but the minute that your leverages go above the threshold, you've got to revamp. And that's why that quick gap was so important, uh, over here when we started there. That starts out your leverage numbers and you play with it there. But let's flip this over to a long-term, uh, and, and see if we can make this guy happy this way. Now these fees are your fees. This is templated to us and when we have brokered loans or direct-to-consumer, but this is your fee sheet, not ours, right? Fees on a table fund is just the 1%, so you can change that. And our 660 due diligence, whatever you want to call it. Uh, it's right over here. So we would, you know, our due diligence comes in right here at 660, and then whatever you want to put in here is the rest, is all yours.

Yeah.

Okay.

Yeah.

Um, the one thing you will need to change, Alistair, is the monthly, uh, taxes. So here you'll put the annual taxes, annual insurance. This will then give you a PI and a PITI, but you need to be able to put those in there, and then you've got to put that in here. Got it. So let's say we're going to try to close this one by December 15th. So you're going to collect interest for that till January of 2021, first. Okay. So that's going to calculate your days of interest right here so that you're quoting them a true number here.

Yeah. Okay. Yeah.

And then you always got to have 6 to 9 months of interest reserves. These do not have to be escrowed anywhere. We just have to validate them, uh, like we're doing with, uh, your Paula lady.

Got it.

So now this borrower with his 20% down plus $13,126 in closing costs, which is right there, equals a total of cash needed to close $88,526. Okay?

Yep.

Okay.

All right. And then you're going to answer these questions. Um, we're assuming we're going to try to close this one by December 15th. I want you to put this— Alistair, I want you to put this to be a true and accurate number. When you get the contract, I want this filled in there, and I also want it filled in up here, desired closing date. Our desired closing date is— we're assuming, I'm just making this up— and then we will put in an actual closing date. That's when it actually closes on or before. This helps us measure how we're performing according to contractual dates and closing turn times.

Okay, have we looked at the contractual closing date on this?

We have not.

So look, because I think I'm starting to get a little squeeze ball on it.

Yeah, so before you get out of a tab, Alistair, always hit save or you will lose it all. Okay, purchase contract.

Scroll down. Look, there it is. Well, no, no, no, too far, too far. Go back the first bottom of the first page. That's the Florida contract. It's always on the bottom of the first page.

There's November 10th. Yeah, closing.

Yeah, so obviously December 16th don't work, but for the moment, whatever. It's just on a week. We're gonna have to get an update, and hopefully we'll get a cooperative seller.

Um, you guys are the king of getting these blown contract dates.

Yeah, it's our bad. We're just, um, we're just behind, and these other 5 lost freaking days didn't help any, that's for sure. Gotcha.

All right, so we know we've got to get an extension on that, but let's just— we'll go for it. So now you're going to put those numbers in there. Uh, there's no second liens. Uh, this one you're going to mark no prepay. If it was a traditional deal Long term, you're going to mark yes. Then you can jump right over here. Did you see that open up, Alistair? You see this is—

yes, here.

Yes, that opens up prepayment penalty. So it's either 1 year, 2 year, 3 year, 4 year, 5 year, whatever. Tradition is 5, so it's 5% for 5 years. It's a declining interest, uh, prepayment penalty. It's not assumable. Hopefully there's not a wholesale fee. None of this. There's not a balloon, and it's a limited doc, so that's the only one you're going to mark yes. Will not be in the repurchase. No, no. Deed of trust is your security instrument, and it is an always title or state will be held fee simple. And we're marking this as a long-term rental. Your other option may have been fix or flip as you originally started it. Okay, okay, you hit save. Now, now you, Alistair, have done those two things. You've done the quick app which set up the foundation of the borrower and the property. Now you've gone into loan info and you've crunched all the numbers and marked all the tools. Your next step would be to send out loan term sheet and app and all that to the borrower. So you go to the Docs tab.

I'm gonna be right back, I'm gonna go kill some dogs.

And you scroll all the way down here to the auto-generated document. You see that?

Uh-huh.

And you go right here. Now you can do one of two things. You can either just send out a loan, uh, a loan term sheet, which is this right here, and you can click on that and that's a PDF. And this is all your numbers. So this is— and we'll white label this for you, so you don't want to send this out. Um, this gives you that this is a purchase on this property. This is our borrower. This is the entity. This is the 30, 360 months, 10-year arm, interest only, no prepay. Well, this— we've got to change that because we did put a prepay because I was showing as an example. So this was where you kind of check, say, oh shoot, I can't do that. So now I'm going to go back and fix that. And just because you mark this no doesn't delete that. It will still show up on that long-term sheet. So you got to take this out.

Okay.

Okay, and now you do your long-term sheet and boom, see, no more prepaid, all gone.

Yeah.

Okay, now you can send this to your borrower and you're golden. You've quoted him all the loans, or you guys can dump it into your system and send it out. I don't care. Okay, uh, this is where you're going to have your borrower's authorization, your full loan application, however you guys want to. If you want to send your stuff out and then just transfer it over, that's fine too. You would go here to this tab the full app, and then you would transfer all the data into here. Okay, I'm good at that, 100%. So you really have 3 things. You have the Quick App, the Loan Info, and then you want to somehow dump your full loan app in there and then go to your docs like you've done. Looks like you've done really good and you've uploaded all this. What we will do is go here and we will start at the top and we will start clearing these, um, whether the document is okay, whether it is incomplete, or whether it needs a manager's review. And you can see I got green, yellow, and pink. It's supposed to be red, but green means good to go. This one means nope, it's on hold, caution. Red means oh, we may have a problem, we may not, but I need somebody to sign off on it. We will then also— so he's manager review. We'll click on this and say document is not valid. Okay, we'll hit save. And now you see that there's a message here, and you can say, oh, Toby jumped in here on the 17th at 4:26 and said there's a message, document's not valid. I need to call him and find out what's going on. You can also go right up here and see, this is where I can track all the activity on your file. Here's where it shows me everything that you've done and when you've done it. It's all timestamped and when you uploaded and what you uploaded, or any conversations we may have had.

Okay, okay.

You see, the interest rate was changed to 7.5, interest rate was changed back and forth. So every time you do something in the file, then there's a timestamp on it. This is how we can communicate. And of course, they're all timestamped here when you upload them. Okay, okay. Does that— is any question so far? I probably went 92 miles an hour too fast, but did I help you out at all?

Oh yes, yes, Toby. Absolutely, yes.

Okay, Toby, can we print out the full— can we do a digital blank full app, so we're just sending your app out rather than ours?

Yeah, well, you can do one— you can, um, there's a couple of things. If you wanted to send everything to the borrower and keep it e-signed, you go right here to compose email. Okay, you click on that, customize templates. We've already got them built. LO1. Says, congratulations, Mordano, your loan has been pre-approved. Click this link and complete the full loan application. You see that right there?

Yeah.

And then you just dump his— you already got his email in there, so you click on that, and now you can send that full app out to him right then and there. He fills out, he signs it, sends it right back. It goes right back into the system. So it would come in right here under the, um, zip drive files.

Got it. Okay, so if you wanted to do that about the brokers, yeah, uh, what about, um, because, you know, I got a lot of business from a lot of brokers. Yeah, so I'll just send them a blank app and then they can forward that onto their, uh, or they can do it however they want to do it. They can fill it out with them over the phone and then send them a DocuSign or whatever, right?

You can go right here to the loan docs and you can pull this up as a PDF, and you can— and let's just say this one's blank, and you can send that to him and have them fill it out, or you can send this to them and just have them sign it right there.

Yeah.

Okay. Yeah, but you have both, and that's why there's two different colors there. The blue is the e-sign, the red is a PDF on all this. So any of them where you see there's two, one being blue and one being red, the blue is the e-sign, the red is the PDF.

Okay, now Toby, how do we get— how do we find an empty loan application? I mean, this has all the information You bet.

So here, that's a great question, buddy. So hold on, my thing's got to go away. Go away. Go. All right, so here you are and you want to start a new deal. You go to Quick App, and I now have a blank app right here with nothing filled out into it. You could enter in just the guy's first name and last name. And send it out, or we can send you a template, just a blank one to have on file.

Yes, that would be great.

And so we can do that without any problem.

Uh, I like the idea of sending it from here, and so when they fill it out, it comes right back to us and it's already DocuSign. I'm trying to think, can we add, um, other than the borrower's email, can we send it to the broker who can then forward it to the borrower. In that, in that sense, that is correct.

So when you're— let's go back over here. Let's assume there's a broker involved here. So when you compose this, you can dump his name in there and you can CC. I can add in Rich.

Okay, got it.

And boom, now both— or I can just put in Rich. I want to send this just to Rich.

Got it, got it, got it. Okay, can we get ourselves on there on a signature line?

Yeah, I'm getting— I'm working on getting all this white label so that when I compose this, um, let's pull— because what you don't want right now is like this long-term sheet, this has Global's name all over it.

No, no, no, that wouldn't be good.

So we're going to— we're getting the white labels built for you right now. Yeah, and this is your long-term sheet. It had all the crunching of the numbers, all the— and this is where if you had a broker involved, you could put their points right here, right?

Got it.

But we've got—

that's funny, I probably haven't done a term sheet in 15 years.

That's all we do is send out long-term sheets all day long.

Yeah, I mean, you know, it's just the world's changed so much.

Yep, yep.

So I feel a lot better when I would go out and say, yeah, I'll give you $150,000, we'll close next week, see you later. Yeah.

All right, Alistair, any more questions?

No.

Okay, this is recorded. I will send you the zip file of the recording in case you have any other questions. You can come back to—

I have a couple of thoughts here. Sure. Um, in the last hour I've gotten two, um, anxious phone calls from Alistair from 2197 and from Roxanna, which is a 30-year deal at 85, whatever it is, 81.85 or whatever. Um, we gotta get those uploaded like now.

Okay.

And then see how quickly we can get them punched through. Um, one of them has a, uh, a squeeze play because they have a private loan on there now and, uh, it matured and the private lender who I happen to know is a real pain in the ass and he's really blowing, throwing a lot of stones at this guy.

Okay.

And trying to capture his business. So I've had the file for 2 weeks and it's not even been uploaded anywhere, so it sucks. But, um, we've got pretty complete docs on it right now.

So, um, wow, I'm gonna go through— well, I want you guys to let me know if Medrano wants to— I'll price Medrano out. Madrado on the 30-year, no prepayment. I'll send you what that looks like. If you guys— if he's good to go, then I will do that.

I'm gonna call him right away. Full transparency, if he makes me go the other way and requires 80%, one of two things: I either got to go to my other fund that does 80%, or BP switch. I could put on there, but I'm not sure if you allow me to do B pieces.

We can talk about it.

Um, I mean, I've probably got, you know, several hundred thousand dollars in a $15 million portfolio of PeerStreet. Maybe I have not even $200,000 in B pieces, and I just did it to make the deals. Yeah, there I could go 80, but the guy wanted 85, and I knew him for 10 years, so I just threw the edit the other 5% in, um, or, uh, or I can— oh yes, just listen. The reason why I like a two-legged stool or a three-legged stool is so we can, um, you know, meet all of our customers' demands.

That's all. Okay, well, let me price this out. You sell which way we need to go with it, and we'll figure it out from there.

All right, well, I'm, I'm just going to say to him, I don't, I'm even going to quote him, uh, I'm just going to say, listen, you're going to be able to get a significantly lower interest rate if we go with 30 years. You can get 80%. Otherwise, you got to put the extra money down and treat it as a bridge, and then you can refinance it, or we'll be happy to refinance it for you. Yeah, once you stabilize.

Yeah, and there's no prepay on it, so Should be no resistance. But let me get this price out, send it over to you. If he's good to go, then we'll start doing a preliminary underwrite because you've got quite a bit uploaded. We'll start doing a preliminary underwriting and a needs list on that.

All right. And on Joseph Pujols, would you like— you guys go over that one, the grant one, 801 grant?

On which one?

The one in the middle there, Joseph Pujols.

I haven't even looked at it. Let me look at it.

And then if we could, he's called me also today. Only 12.

Okay, so, um, Alistair, what am I supposed to put right here?

Yeah, this is a refinance.

Oh, it's one of two deals goes right here. Which one is it? Remember, this is the first thing we talked about. Is this—

yes, you said it's a bridge loan. Okay, or a purchase loan.

There you go. No, or long-term.

Long-term.

Yeah, we have the 30-year rental or bridge. Okay.

Bridge.

This is a bridge, right?

Yeah.

And it's a, um, 737, no experience.

Oh, long experience. Very long on experience.

Yes or no?

Yes.

How much experience?

Probably 50 deals.

Okay. Um, here's about 4 more.

That on our requirement. How many do we have on our punch-out list? Uh, Alex. I think at least 4 or 5.

So this is just a rate term?

Uh, it's actually a cash out. He couldn't wait any longer and he paid cash for it a few weeks ago. He wants to cash out so he has liquidity to complete the fix and flip.

Okay. So he is doing rehab?

Yes. All right. He paid cash. I mean, this is a big cash for it, kind of a fix and flip guy that always has his own cash. Yeah, he won't— he don't wait around because his model is based on I close next week, find a deal. And he gets a lot of deals that way and he has the cash to do it.

Are we going to re— are we wanting to finance the rehab or is he wanting to just do the cash-out rehab out of pocket?

He just wants the 92.8 or whatever it was, period, and he'll take care of himself. He doesn't want to pay anymore. I tried to get him to get more, but he wouldn't do it.

Okay, so we're gonna go to 70%, max out on the cash out.

Yeah.

Um, and then, so no contract, exit strategy is going to be a fix and flip. He's not adding square footage or gold in there. Okay. Okay, what's my next step I'm going to go to, Alistair?

We need to go to the borrower info.

No, loan info. Quick App, loan info. Okay, okay. We want estimated closing day. Let's just say we could squeeze this one through, close immediately. Um, this guy's experienced, he's got good credit, we're at a very low 65%. Um, so I'm going to be—

I quoted him 10.

You quoted him 10?

Great, let's make some money, guys.

No, that's, that's—

I just— you just gave away my back end on the other one.

I got to make a living here, bro. Yeah, all right. Tell— so, Alistair, I want you to start and put this in because I don't know what you're quoting your borrowers. I don't— I'll tell you what I'll buy it at, but you need to tell me what you're quoting the borrowers. You have my, my rate sheet, so you should know what your buy price is.

I'll let you know what that's going to be.

And then, um, and then you guys charging 2, that's it? So, and then you're getting your points on the back?

Yes, 2, and then the points in the back. There is a broker on the deal.

There is a broker on the deal? Okay, so then we need to build that in. So how much is the broker getting?

1 point, just like you got him in.

Well, that's us.

Oh, that's you?

Yeah, if we're funding it. Remember, we had a 1% due diligence.

I'm funding it.

Oh, you're funding it? We're buying it from you?

Yeah, either way. I mean, I'll use the line if you want me to, or I won't.

I— it does not make me any difference. So I'm going to keep it like that. You fund it and I'll buy it from you. And then this only needs 3 months, so we've got a total of $58,997. See that? So I'm going to go up here because we'll always roll that in, and that's— he's going to net about $88,000 cash out. Okay. And that financed almost 100% of it. We missed it by 50 cents, no big deal. We'll catch that at title. And then, Alistair, I want you to fill all this in, okay? But that deal looks good. Now, I didn't see any docs loaded. Did you already load?

Yes, yes, I did.

You did? Let me look. Perfect. Good deal. Title, insurance. Nice. Okay, so we got 2 files to start underwriting for you and give you a needs list. So, uh, let me go back here real quick.

That's the one that's got the joint venture. It's the brother. There's two brothers.

I'm just marking that. So like I told you, I only want you selecting bridge loan for long-term rental. We'll do the rest inside.

Okay.

Okay.

You got the right— all right. Uh, that deal works. So we're at a 40.

That's—

this is a slam dunk. So cash out refi, everything's good. We'll start underwriting. We'll have SIPs for you first thing in the morning. Okay.

Yeah, uh, in the next 2 hours you're gonna have 2 more, if that's all right.

Oh, that would be okay. That's my loan amount not— hold on, let me refresh this. There we go. All right, now we got a loan amount. And because we didn't have an interest rate in there, it wasn't populating anything there. Okay.

Yeah, that was on the— on the— on Logro, Mr. Logro.

Yep, yep. All right, so before—

before you run off, can you go to 10430? And I think we've got everything in there on that.

I don't see that one. This is your pipeline?

No, no, that's the— that's the one on the other tape.

Oh, that's on the other tape. Okay, um, that's on a different deal. Uh, Rochelle only has access to that because that's a buy tape, um, through the teams. Um, you— I'll have her— you need update on that one too?

Yes, please. I, I believe that we've got, um, let me just double check. And Allison, did the insurance come in? It was supposed to be in this morning. You know if it came in this morning on, uh, on, uh, 104th? Yeah, I can't— I don't know how to get out of the screen to look at my email real quick.

Yes, Rich, Anna sent me the bank statements. No, she didn't send me the insurance.

She did?

No, she didn't.

She did not send you the insurance? Yeah. All right, Toby, also let me, let me check on that and I'll update Rochelle on the, on that platform. As soon as I make sure I've got— the only thing we're missing was the insurance. And he was transferring— I know that she told me earlier today in the middle of my debacle with my computer that, um, that he was transferring over the money, uh, into his other account. So it would just show the other, you know, $5,000, $6,000, whatever it was. Perfect. So the only question was the insurance. And I'll, I'll get with Rochelle on that if that's all right. Perfect. All right, we're gonna upload those other two now.

Okay, I'll get to underwriting on these right now.

Thanks so much, buddy.

Yeah, Toby, uh, before we let you go, I have, uh, two questions. Number one, if you open, um, the first file, um Joseph? Yeah, yeah, is that Pepin? Is that Pepin, uh, let me check.

Pepin Investments?

Yes, is that the one? Yeah, I think that's the one. Yes. Okay, now if you look at the document, remember, Richard, you wanted me to ask him this question, um, about the joint venture?

Yeah, I'm trying to remember what. Oh, the reason that we had the joint venture in there?

Yes.

Yeah. Well, just on the corporate docs. Oh, where to put it. We weren't sure where to designate that as title or under experience. The joint venture, it's between Pepin and Prime, who's his brother. They've done a gazillion deals together, but one reason is several of them might in there between the two of them. And with the joint venture agreement, we weren't sure to designate that as title or under experience or both.

Oh, because the joint venture, we're using that to, uh, for the experience tracking, correct?

Yes.

Yeah, so it would go there. And then you can put this right here in the file name. You can put JV agreement, and then that way we'll know to be looking for that as solidifying the experience tracking.

Yeah.

Okay?

Okay. Yeah.

Okay.

And with that, we figured we need to also put in the, the SunBiz and all that stuff, operating agreement, et cetera, for prime also, or do we need to do that?

Because you've got the— you've got the joint venture in there.

Yeah, we have that, but I didn't know if we needed to upload the other operating agreement, etc., for prime— for prime investors.

So let me see here real quick. So Ricardo is our client, Eppin Investments is the—

Joseph— Joseph is a client.

Ricardo is a client. This is his brother Ricardo. So what you're asking me is, do we need to upload operating agreement and articles for Prime Investors?

Correct.

Answer to that is yes, because I've got to make sure that even though it's stupid, I've got to verify that his brother had the right to do a joint venture with him and that there's nobody else that could have, uh, X that out.

Okay, no problem. And it's just, we're just gonna, um give you everything. Uh, we'll give you the, uh, articles, operating agreement, EIN, everything on Primevestors, because we wind up doing other deals with Primevestors too. So we may as well just have everything in it. So go ahead and upload that.

I'm going to move this one over to, um, All right, all right.

We're going to upload the other two also, but I'd appreciate if you could give us some kind of a feedback on this, on these two, and the other two are coming right behind.

All right, I'm on my way.

I'm going to get with Mr. Lago and I'll get back to you via email on that.

Sounds good.

Email it or just put it on the platform?

Just put it— you just put it right here, or yeah, you can put it on the other— you're talking about the other one? Yeah. Just load it up into the credit folder.

Got it. Okay, this was very helpful.

All right, gentlemen, call me if you have any questions.

Yeah, Toby, before I let you go, um, is there any way you could give a two-way access for me and Rich? Because, you know, when he isn't there, I'm not able to log in, and, you know, if you're explaining something— okay, it makes it really difficult.

Yep, I will give you dual access.

Okay, so full access of the same process, and are you going to give it another name like processing 2 or something like that?

One of you will have one way, one login, the other one have another login. That way you're not knocking each other off.

Okay, yeah, and that way we can, when we're Skyping back and forth, we're going to see it. It'll be much more efficient.

Okay, cool.

All right, uh, okay, awesome. Okay, we've got some work to do here, buddy. Let's go, guys. Talk to you soon.

Hey man, see ya.

Thanks.