Beth Mercante - Secrets of sourcing over 1,200 lenders for your property mortgage

Sep 28, 2021

Standout Quotes:

“There have been some instances like that where I've had to kind of placate everyone” - [Beth]

“I do feel that in the next six months or so, agency lending is going to be a little freer” - [Beth]

“You have to really have professionals that understand underwriting and then be able to negotiate with the lenders” - [Beth]

“Don't go to the internet to find your first deal. Get in the car, drive around, figure out what property you like, property type and locations” – [Beth]

“Really do your due diligence and don't move too quickly just because you're excited that you're going to buy your first deal” – [Beth]

Key Takeaways:

• Bryce describes himself in one word “Grit".
• I grew up in Portland, Oregon.
• I graduated from the University of Washington, I stayed in Seattle and I worked for a local developer there.
• After that I decided that now was the time to move to New York.
• In the world of commercial real estate tech, there's LoopNet, there's Crexi, there's other big sites out there for buying and selling real estate.
• So we have done, I think 200 deals. We've arranged 200 financings, which is really great in basically three years.
• I'm supposed to have a closing in two weeks that is 70 million. So we're definitely moving into the larger realm.
• I'm quoting currently a guy who wants to buy a 200 unit in Texas and he wants a bridge to agency.
• My job as a broker is to make sure everyone's doing what they're supposed to be doing.

Episode Timeline:

[01:47] I'm joined today by Beth Mercante.

[03:16] Beth describes herself with one word "Competitive".

[04:18] Beth shares her backstory.

[06:34] I went in and interviewed with Peat Marwick and they gave me the job in real estate consulting.

[12:19] So tell us about StackSource and what StackSource is and who they are and how they came to be?

[14:23] My pipeline, I would say average is around the 20 to $50 million range.

[15:57] Insider Secrets, we focus mostly on the multifamily sector. So how does that work?

[18:17] So are all of your lender sources are you doing agency debt or is it traditional funding?

[19:53] A lot of bridge lenders will lend you 80% of your purchase price, then they'll also fund a hundred percent of your cap ex meaning your capital improvement costs.

[27:52] What about institutional financing? Do you guys get involved in that at all with any insurance companies or funds?

[33:36] Any pitfalls you see out there today that people should watch for?

[36:52] First question is your favorite tourist attraction?

How to Contact Beth

Website: [e-mail]

Call: [phone]