‘Ray’
CHARTING A NEW PATH IN LENDING
INSIDE: TITAN
Sabrina Dukhovny
Arixa Capital
TRAILBLAZER
Susan Andress
Residential Capital Partners
AND MORE...
At Pacific Private Money, we strive to provide best-in-class alternative financing solutions for real estate transactions. Our team of experienced professional has built and earns a reputation for transparency, speed, and reliability.
Whether you are a self-employed borrower with a seasoning of funds and reserves issue, a real estate professional trying to provide their client with all the options available to them, or a mortgage broker who wants smart funding to achieve their client's goals, private money is a great tool that gives the borrower lending luxuries such as the ability to make cash-like o ers.
Partner and CEO
Geraci LLP
ANTHONY GERACI
a.geraci@geracillp.com
Senior Vice President, Marketing
LESLEY BOYD
l.boyd@geracillp.com
Creative Director
LYNDA HIGHT
l.hight@geracillp.com
CONTRIBUTORS
Sabrina Dukhovny • Janine Cascio
Susan Andress • Charles Peckman
Michelle Llena
FOUNDING
Welcome to the June Edition of Originate Report!
“If your actions create a legacy that inspires others to dream more, learn more, do more, and become more, then you are an excellent leader.” – Dolly
PartonInspiration awakens us to new possibilities and drives us to accomplish more than we ever thought possible. You can find it in individual experiences, music, art, family, friends, and in those you’d like to emulate, especially in your chosen field of business. We dedicate the pages within this month’s Originate Report to those fearless female leaders in the industry who have individually shared their experiences, hopefully leading the way to inspiration for those who follow in their footsteps. Collectively, this group of women highlights the possibilities – the heights – to which you can rise despite any obstacles that may be in your way.
Some of the most inspirational leaders have had to overcome adversities that could have broken them, but instead instilled a desire to succeed that is imbued in every molecule of their being. For our cover story, we had the privilege of sitting down with a woman who exemplifies the inspirational leader persona, Rayman “Ray” Mathoda. Currently the CEO of the nation’s leading private, direct lender, Anchor Loans, Ray’s journey to the top was not easy. Born in India, Ray’s life was laid out for her – a life that included a career path and an arranged marriage. However, against the wishes of her family, Ray moved to the states for college and carved her own path. Studying business and learning to embrace her true self, Ray was welcomed into the LGBTQ+ community with open arms and became a true advocate for universal acceptance. Read more about her growth as a person and an executive in this engrossing cover story for our Women in Real Estate edition.
MARK HANF
President, Pacific Private Money
ORIGINATE
www.geracilawfirm.com/originate-report GERACI
www.geracilawfirm.com LIGHTNING
Stories where women are rising to the occasion can be found throughout the industry. In the pages of this month’s issue, we celebrate their successes and commiserate about their struggles. Thank you to all the women who have shared their stories that will no doubt inspire the next generation.
The team at Geraci Conferences is working steadily toward our flagship event, Captivate, coming up August 24-25th in Las Vegas. Join us and hundreds of your peers for quality networking, education, and dealmaking at one of the premier private lending events in the country.
Meanwhile, at Originate Report, we are searching for companies to feature in our Captivate Special Edition. I would love to hear your story!
Till Next Time…
www.geracicon.com
More than 25 years ago, a group of world-class poker players realized there was a small industry – fix and flip investments in real estate – that offered attractive lending opportunities but was not being served by conventional lenders and banks. From this realization, Anchor Loans was born. Today, Anchor Loans remains the nation’s leading private, direct lender to experienced residential real estate investors and builders with more than $13 billion in loans funded to date.
For the entirety of Anchor Loans’ existence, the firm has built deep client relationships that lead to substantial repeat business — more
than 75 percent of clients have come from referrals. When it came time to establish a new relationship to elevate the lender’s capabilities and footprint with a new CEO, Anchor Loans tapped industry veteran Rayman ‘Ray’ Mathoda to take the helm in February 2023.
Long before the pivotal poker game transpired, Ray was living far from California in India where she was born and raised. She thrived as the Delhi State Swimming Champion and, in academics, became involved with public speaking and social movements. She strove to serve the nation by following in the footsteps of her public servant father, but something was missing.
Having grown up in a family that primarily consisted of doctors, Ray said her life path was charted in her head from a young age –become educated on capitalism and business in the United States or the U.K., return to India, take part in an arranged marriage within the Sikh community, grow a business, and ultimately run for state or national public office.
However, as she continued to learn about her own truth and the possibilities that lay on the horizon in the U.S. and India, she became disillusioned with this prefabricated destiny. After attending Princeton and Northwestern Universities, she became a U.S. citizen and ventured into a career in business. This career has included C-level positions at McKinsey, Genesis Capital, Hudson & Marshall (now ServiceLink Auction), and Xome.
Most recently, Ray was a co-founder and partner at Emerge Life Scienc-
es, a portfolio of biotech start-ups focused on developing and commercializing genomics and protein engineering solutions to serve lower-income consumers in India and emerging markets.
This new journey in America also included coming to terms with her queer identity. Because of her traditional upbringing in India, Ray said she approached coming out with trepidation but added that the support from the LGBTQ+ community has allowed her to live as her authentic self.
“I didn’t think that falling in love was in the cards for me,” she joked. “But, outside of my plans, I fell in love with my soulmate at a high school reunion and it changed my life. Coming out, though, wasn’t followed by feelings of pride. It led to periods of shame and rejection for me and within my progressive and Rayman “Ray” Mathoda: Continues on pg. 8
"The yogis believe that the most important thing in life is to try to understand and live in reality as it is, and not as we want it to be."
highly educated family. Even though progress has been made, I still carry those feelings of rejection and loss of family. That is one of the many reasons why I continue to advocate for LGBTQ+ issues in the Desi community and beyond in the U.S.”
In a 2022 article written for American Kahani, a publication geared towards Indian Americans, Ray said it is critical for the Indian community to embrace all aspects of LGBTQ+ life.
“The Desi diaspora must realize that the only way Desi LGBTQ+ individuals can live open lives of truth and acceptance — key to their mental health — is if our straight allies and family members come out in support of us, to protect us, to model the right behavior for others, especially elders, and to give LGBTQ+ children and youth shelter so they may become strong and prosper,” she said.
Ray currently serves as Director at Mosaic Sustainable Finance, one of the nation’s leading clean energy fintechs, and as Chairperson of the Board at Desi Rainbow Parents & Allies, the leading – and only national – 501(c)(3) non-profit serving South Asian LGBTQ+ families in the U.S.
The continued fight for acceptance and equality, Ray said, is a source of inspiration for her – especially as she sees young Indian Americans fighting
for representation in business and beyond. In addition to her advocacy for the LGBTQ+ community, Ray said she draws inspiration from two unlikely sources: the yogic tradition in India, and a small, green alien.
“The yogis believe that the most important thing in life is to try to understand and live in reality as it is, and not as we want it to be,” she said. “My other source of wisdom has been Yoda in the Star Wars franchise when he tells Luke ‘Do or do not, there is no try.’ To me, that means
the job of a leader is to do whatever it takes to succeed, not just try my best.”
This mantra of doing whatever it takes to succeed within the bounds of ethics is a mindset that carries over into her work at Anchor Loans. In a post-2008-9 Wall Street crash and COVID-19 landscape, Ray said it is critical to build the healthiest team possible.
“We are aggressively acquiring the talent, knowledge, and resources
to build on our current strengths and insights,” she said. “We are expanding our product offerings beyond fix and flip, bridge loans, and single-family rental, and are also leveraging our relationship with Pretium to find ways to become even more valuable for our clients, beyond just capital.”
(Anchor Loans was acquired by Pretium in 2021. Pretium is a specialized alternative investment management firm focused on U.S. residential real estate, residential
credit, and corporate credit with more than $50 billion in assets.)
Anchor’s message to the marketplace is simple: they intend to be the dependable source of capital at scale. To accomplish this, Ray knows that she will have to add the infrastructure and origination capabilities needed to scale, something she has done successfully in the past.
“When I was co-CEO at Genesis, I was able to transform and scale what was then a local Los Angeles-focused
lender to create a successful and profitable national lender focused on larger, more sophisticated developers,” Ray said. “We were also able to build a more institutional platform that eventually made it an attractive acquisition candidate for Goldman Sachs.”
At Anchor Loans, Ray said one of her primary goals is to build on the firm’s momentum and status as a thought leader in the lending space.
Rayman “Ray” Mathoda: Continues on pg. 10
This cannot be done, though, by being complacent and putting talent development on the back burner.
“We are building the infrastructure today that will drive value and revenue growth for tomorrow,” she said. “To deliver continuous improvement in our partnerships with experienced real estate entrepreneurs, we are expanding our origination teams to serve all major markets across the country and doubling down on product innovation, data/analytics, and customer service. We’re in the process of finalizing new buildto-rent and single-family rental programs, including financing for build-to-rent communities and large-scale SFR portfolios.”
Continuing to grow Anchor Loans, however, is not a one-person journey. One of the things that attracted Ray to Anchor in the first place was
“My other source of wisdom has been Yoda in the Star Wars franchise when he tells Luke ‘Do or do not, there is no try.’ To me, that means the job of a leader is to do whatever it takes to succeed, not just try my best.”Courtney Jacobson, Chief Growth & Efficiency Officer at Anchor Loans; Brad Chmura, Chief Revenue Officer at Anchor Loans Head sales & marketing efforts that have produced a 30% increase in new clients.
the quality of the organization and culture that her predecessor, and now partner, Andy Pollock, had built. She is committed to deepening the firm’s leadership and further evolving the healthy, non-political company culture as a springboard for hiring additional talent in major markets. Her goal, she added, is to leverage the combined strength of new and existing talent to build Anchor Loans into the unassailable leader in private, direct lending.
In her first few months, Ray has recruited Brent Maloney from Genesis to join Anchor as CFO and recently named Courtney Jacobson, a transformational leader and executor, to a newly created position of Chief Growth and Efficiency Officer. Ray, Courtney, and Chief Revenue Officer, Brad Chmura, have significantly upgraded Anchor’s business intelligence capabilities and launched an integrated sales and marketing effort that, year-to-date, has produced a 30% increase in new clients.
When asked about longer-term growth, Ray said Anchor Loans is always working on new ideas outside the confines of what traditionally constitutes lending. Of note, she added that her team is dedicated to sustaining relationships with experienced developers and sharing macro and microeconomic data and insights into portfolios.
machine learning and is committed to operationalizing them where they make the most sense.
She also pushes back on the commonly held perception that the real estate sector is technologically adverse. “Not every product in America is available online, but the entire inventory of U.S. homes is. Whether it is through pictures, and now increasingly video, you can visit homes and then drill down into an incredible amount of data about the property and the neighborhood,” she said. “Where I think Anchor can continue to grow is in our commitment to utilizing technology in a way that further improves our customer experience and creates simplicity and transparency for all stakeholders who interact with us.”
With this investment in technology, innovation, and human capital, Ray said, Anchor Loans can build stable and efficient sources of funding for experienced developers, builders, and SFR owners to become an ‘allweather,’ national originator that thrives in down cycles as well as up. A lender, she added, that can “grow with our partners as they migrate into different product segments.”
Business-purpose lenders have suspended their loan programs because they don’t have cost-effective, longterm funding strategies. What we’re seeing is the market forcing discipline on our industry.”
Despite these changes in the marketplace – and apprehension when conditions are less than favorable – Ray said Anchor Loans has the opportunity to double down on its commitment to growth and top-tier customer service.
“When I think about what excites me the most about what Anchor has been able to build over the past two decades, it isn’t lost on me how much potential we have, and how we can continue to scale products to adapt to our customer needs,” she said. “Even though I have been in this position for less than six months, I already have a sense of how passionate this team is about providing the best service possible and keeping an eye on what the future holds.”
Anchor Loans' mission is to provide dependable, competitive financing to real estate investors to upgrade aging homes, build new homes, improve neighborhoods, and expand housing opportunities. If you would like to learn more about the services and products offered by Anchor Loans, visit anchorloans.com.
Ray added that Anchor is closely monitoring emerging technologies such as artificial intelligence and
“Many of the newer lenders and market entrants have relied on price and leverage to grow and, in the process, exposed themselves to risk,” she said. “If you look across our industry today, what you see is an incredible level of destabilization and change.
“Be the one that makes change. Be the person that rises to the occasion and proves your value through hard work, dedication, and data-driven decisions. Learn as much as you can, even if it is not within the scope of your job responsibilities. You cannot lead until you have learned.”
This is the advice that Natalie Verrette, President and COO of Champions Funding, gives to future generations of women who are considering starting or are early in their careers in the private lending industry. Not only is this advice given, but it’s also what Verrette has experienced firsthand and lives by.
Champions Funding is a Community Development Financial Institution, or CDFI. In other words, it’s a privatesector financial institution that offers alternative, non-traditional
access to mortgage financing through unique loan programs. As a CDFI, Champions serves mainly diverse creditworthy members from underserved communities that may have been historically affected negatively in the past from redlining. According to Investopedia, “CDFIs often have a focus on social responsibility and inclusion, rather than a pure profit motive and may receive support from the federal government’s CDFI Fund.”
Before Verrette became President and Chief Operations Officer of Champions, she started in the industry at the age of 17 as a junior receptionist at a real estate firm. Her dad was a loan officer and a real estate broker, so Verrette grew up in the industry and observed, through both hard work and networking, how rewarding a career in real estate and mortgage lending could be. When she turned 18, she officially became a receptionist (because 17 was too young), and then, in a few weeks, a processor. She learned everything in the operations department, from underwriting all the way through to post-close loan delivery, while also going to school to receive her college education. Verrette managed operation fulfillment through 2009, when she switched gears into sales for about 10 years. From sales, she increased her networking contacts and rose further upward in her
career trajectory with executivelevel positions at various lending firms, advancing from SVP, to EVP, to her current role.
After 10 years of working together, Verrette’s colleague Evan M. Stone, CEO of Champions, approached her in September 2021 with an irresistible offer — to lead this newly minted CDFI.
“As I learned more about it, essentially the core mission is to serve the underserved. For example, we specialize in buyers who can’t retain housing through the traditional funding methods,” recalls Verrette. “It was intriguing, and it is the first time in my mortgage career to give back in a meaningful way through my work.”
In February 2022, shortly after establishing itself as a CDFI, Champions’ first loan was funded.
For Verrette, a typical workday starts with getting her two children up and ready for school. Afterward, she assesses how the organization is doing and conducts pipeline management by checking in with other team leads, finding more liquidity, and building stronger relationships with warehouse lines and investors. As a self-described servant leader, Verrette remains humble enough to open her mind to others while in leadership. “None of us are infallible. When you see people outgrow your depth of knowledge, that’s very rewarding.”
On the topic of mentorship, Verrette candidly shares this observation: “My mentors were bad leaders. I have seen how [bad] leadership can negatively impact people’s lives, so I do the opposite. My true mentors have been people that I’ve learned
from, and that could mean learning from others’ mistakes and effectively doing my best to not repeat them.”
“Call it reverse mentoring,” she continued. “I remain fortunate enough to be part of a collective group by being in that trust circle and seeing what behaviors drove them.”
As a woman, Verrette says she has experienced some adversity in this traditionally male-dominated industry; however, she believes that men have also experienced hardships in private lending.
“Males also feel that way. Most underwriters were female 10 years ago. Both sides can each have a fair argument about this. As I rose to management and executive levels, predecessors were male. Who mainly sat at the table? Males. As a feminist, I think that men and women need
each other to exist. The way I see the mortgage industry is that there is always the desire and drive to evolve from being a boys’ club.
“The mortgage industry is where women can really excel. How many single moms and women have been able to come into the industry and make a very good living for themselves? Have I experienced sexist remarks? Have I been looked over for a male to take a position? Sure. But for me, I just need to understand and gauge the room. It is better to understand the data and analytics. Be armed with data. Be the better person rather than just a stronger woman. The reality is being more intuitive and to understand who’s the better person for the seat. Ask if credentials are based on an active skill set in the mortgage industry, and if they align with the core values of your company instead of allowing victimhood. However, I do understand that some women may have dealt with very different scenarios.”
When asked who keeps her in check and accountable as a leader, Verrette credits CEO Evan Michael Stone, who is “a sounding board, keeping me grounded.” She also consults with her executive team.
“We hold transparent dialog with one another. Without honest and constructive criticism, one cannot grow, and we even use a safe word — ‘pepperoni’ — if the conversation gets too real.
“I also have friends in the organization that can check me honestly. Then there is my husband, of course; he is my rock, and is unequivocally honest with me. Basically, your people, your team, are your gut check. If you hear laughter, you are doing something right.”
Lastly, Verrette builds on her advice of being the change you want to see. “Figure out what you’re doing. If you love it, learn as much as you can. Also, speak up. Verbalize it. Do it through the appropriate channels.
“If we don’t speak up, how will change evolve? If you can’t go to bed at peace with your day, you need to be that change. As long as you’re inspired, be the change — be the person that makes that difference.”
you can see the results of your work is really rewarding and pushes me to work hard every day.
Q: How has the industry changed since you began your career regarding women?
Q: Why did you choose Private Lending?
I wouldn’t say that I chose Private Lending specifically, however I have always been in the mortgage industry. I started my career with a small entrepreneurial company buying distressed whole loans during the Great Financial Crisis, and I had the opportunity to work in nearly every department over my 5-year tenure. In addition to the fundamentals of the mortgage industry, I learned how to build processes, develop technology, lead a team, and grow a company. I felt my skills could translate to any industry and I wasn’t sure if I would stay in mortgage. But the mortgage world is a small one, and if you work hard and make good connections, those connections can drive your career. One role led to another, and I’ve now been in the industry for 16 years, with 9 of those years in Private Lending.
Q: What is your current role and what do you do day-to-day?
I am the Executive Vice President of Operations at Arixa Capital, a fund manager and private lender. As an entrepreneurial company, we all wear a lot of hats. I am part of the Executive Team and oversee our loan operations, investor relations, and compliance departments. That means my day ranges from approving loan-level exceptions, to setting policies and procedures, to capital raising and providing due diligence. I also direct our technology strategy. We have proprietary technology that is constantly evolving to support our business and to help streamline our operations to ensure we maintain our competitive advantage and accommodate our growth plan.
Q: What excites you about your role today?
I get excited about the ability to affect change. Having a role where
When I first started in the mortgage industry and would attend conferences, I could go an entire day and not have a meeting with another woman. While the conferences and industry are still very male dominated, there are now many women leading very successful Private Lending companies. There is a networking group dedicated to women in the industry, Women in Private Lending, that was started by an incredible group of women including my co-worker, Kristina Sawyer. There is still a lot of work to do to ensure that management and executive teams are more diverse and that women aren’t only represented at the staff level, but I think there has been a lot of positive movement and highlighting women and their accomplishments helps show the next generation what’s possible.
Q: Can you explain a time where you faced adversity or had struggles early on in your career? Where did it all begin? How did these experiences mold and shape you into the leader you are today?
I will never forget the look of disappointment when I showed up alone to a vendor meeting in my early 20s. I was not who he expected at the meeting. Whether it was the fact that I was young, a junior in the company, or a woman, I’ll never know. That feeling always stuck with me, but I didn’t let it discourage me.
I continued to dress up, work hard, and let my knowledge and work ethic speak for itself. And I ended up having an amazing relationship with that vendor for many years to come.
Q: Is there anything that you wish you could go back and tell yourself at the beginning of your career? Relax. I have always strived for perfection in everything I do. But needing to be perfect leads to a lot of extra stress and anxiety. I probably can give my current self the same advice.
Q: Who is someone that has had a significant effect on your career and why?
My Dad. My Dad has been a banker since he was in high school. He started as a bank teller and worked his way up to senior management at several bank organizations. He has an amazing mix of integrity, a strong work ethic, and the ability to have fun at work. Everyone I’ve ever met enjoyed working with him but also valued his experience in the industry. He never complained about going to work and always came home with stories about his day. He never made work seem like a chore, but a fun part of his life. I have tried to approach work the same way and not have it be something I have to do but something I enjoy doing.
Q: What has been your favorite aspect of being in private lending over the years?
The people. I enjoy being part of a tight-knit industry where you continuously cross paths with the same people. It also means that you never know who you may work with or for in the future, so treat everyone
with respect. Arixa has built a topnotch team of industry professionals that take pride in their work and always step up to support each other. They make work enjoyable every day.
Q: What would you consider to be the highlight of your career thus far?
Becoming a female Chief Operating Officer in my early 30s in a male dominated industry.
Q: What do you enjoy most about your job? Least?
My favorite part about my job is the variety. The mix of strategy, problem solving, technology development, process improvement, capital raising, and relationship building keeps me on my toes and ensures that no day is the same as the last. My least favorite part is feeling like there is not enough time to accomplish everything I want to do.
Q: Is time or money more valuable and why?
Time. When you’re young, you have time and less money, and when you’re older you may have more money, but time is precious. When I was young, I spent my free time traveling on a budget with money I didn’t really have. Now that I’m older, I have more means to do the things I want to do but the time is hard to come by. I find myself spending money to maximize my time.
Q: How do you make sure your company stays ahead in this industry?
We never accept the status quo as good enough. We are continuously evolving our processes, technology, and expertise. We collect feedback from our borrowers and investors
on how we are doing and use it to improve. We attend industry conferences and share takeaways with the team to ensure everyone knows what is changing in both the industry and broader economy.
Q: What tools do you use to aid you in your role to be most efficient, organized, and focused? I live by my calendar and make a lot of lists and Excel tables, both in my work life and my personal life. I always maintain my calendar to ensure I’ll be on time to meetings and start my day with a list of to dos. I use Excel to organize everything in my life from large data sets to teacher appreciation gifts for my daughter’s school.
Q: What advice would you give to a woman who has just started out in private lending?
My advice to women starting out in any industry is to:
• Find good mentors. A mentor doesn’t have to be a boss but anyone that you can learn from and model behavior off of.
• Learn as much as you can and don’t be afraid to ask questions. The more you understand the big picture and all the connecting pieces, the more valuable you will be in any role.
• Hold yourself to a higher standard than your peers with regards to everything: be on time to work and meetings, dress in a professional manner, and stay away from work drama.
• Work hard and never think you’re above any job.
For more information, please visit: https://www.arixacapital.com/
Blackburne & Sons Realty Capital Corporation is a family-owned hard money commercial lending company established in 1980. This Sacramento-based private lending firm fractionalizes first mortgage or bridge loans for multiple accredited investors nationwide, focusing mainly on standing commercial properties. Their diverse real estate portfolio ranges from large multi-dwelling residential
complexes, funeral homes, industrial buildings, and office or retail spaces to, according to their website, “politically incorrect properties, such as gentlemen’s clubs, adult bookstores, and cannabis properties”. A refinanced potato farm stands out among their list of recent closings.
Justine Smith, Vice President and Controller for Blackburne & Sons, got into the private lending industry as
a fresh college graduate, originally interviewing in 2010 for a financial analyst position. Although she successfully landed the role, this position was short-lived, and Smith transitioned into the accounting department. “I moved to Accounting, where I was a staff accountant. I then became an assistant controller, to controller, until eventually I became vice president in 2021,” recalls Smith. When asked why she still has
"Know your worth, don’t be afraid to take risks, and continually set goals through hard work."
- Justine Smith, Vice President and Controller of Blackburne & Sons
the title of controller in her LinkedIn profile, Smith says matter-of-factly that she is that, too.
At Blackburne & Sons, Smith wears many hats, handling everything from accounting and loan servicing, preparing monthly/quarterly/annual financial reports; the loan process — supervising loan originations and applications, approving loan documents and loan approval letters; to interacting with investors and borrowers daily, all while managing her team.
“I spent a good amount of time building a team that I can trust,” says Smith. “As a manager, I trust my team to get their jobs done. I encourage them to not be afraid to ask questions. I try to be available and promote PMA, which stands for a positive mental attitude, and I try to be approachable.”
Smith greatly credits her mentor Angela Vannucci, a former seniorlevel executive at Blackburne & Sons, for equipping and empowering her with many of the leadership traits and skills she has today.
“When I started in accounting, she was the person who taught me everything I knew. She taught me to pay close attention, especially to minute details, and she was always incredibly available and supportive.
a little bit and give me a kickstart to find answers on my own. I try to do the same thing with my team because that worked very well for me.
“She was the vice president before I was. I’ll actually be going to her wedding next month,” says Smith proudly.
When asked if Smith’s leadership style might differ from that of a man’s, she admits that she is not sure because she hasn’t directly worked for any male leadership.
“The owner is male, yes, but he lives in Indiana. We’re a very small office. There are only eight of us, and one more in Indiana. Three of the staff are male. This is the male to female ratio right now, but it hasn’t always been that way.”
Smith also says that in her 13 years at Blackburne & Sons, she has seen females in leadership roles the whole time. “I have found that, through the years, I have had more interactions with women, so I do believe there to be an increase in women in the industry in general. However, I’ve always had the opportunity to witness strong female leadership.”
turning. I think that, in general, just having this diversity is affecting the industry in a positive way. It shows a growing respect for our intelligence and worth in the industry.”
As a caution, however, Smith believes fear to be the most dangerous trait that could derail female leaders’ careers. “Women have a deep-seated fear of rejection, of change or the unknown, of not having the same respect, or not knowing one’s selfworth. Women should take note that they are fully capable of working and competing in this field. There are now many examples of successful women to look up to in the industry.”
Offering advice to the next generation of female leaders, Smith emphasizes having courage, setting goals, and remaining positive.
“Echoing what I said earlier, knowing your worth is incredibly important. Working hard to achieve your goals and striving for you want will get you there.”
Smith also advises those in higher positions to lift their people up by mentoring and fostering a spirit of confidence and trust.
“I would come to Angela with a question, and she basically would make me figure it out. She knew the answer, but she would guide me just
On calculating the positive impacts of having women in the private lending industry, Smith says that this may not be something that can be easily quantified.
“This industry has statistically been male-dominated, but the tide is
“Pass on the knowledge so that they, too, will succeed,” says Smith.
For more information, please visit: https://www.blackburneandsons.com/
a letter to my
Trust me when I tell you, everything you are going through is for a greater reason and purpose.
Keep pushing through. It all gets better. Trust and let go of control.
Right now, you are well into the first year of branching off on your own, and you have taken the risk to start your own company. Not only has it been successful and secured financial freedom for yourself, but it has also created a greater purpose
and intention which is creating opportunity for others, specifically females in the finance world.
Every day, you wake up with a bigger purpose and life goal of striving to set forth giving females the opportunity to work in finance & succeed. You have built an organization that women in finance can call home and continuously push beyond your own & society’s limitations. You are truly living limitless and inspiring others to do the same.
Janine, you love to overachieve and live in a go-go-go atmosphere. You just have so much you want to accomplish, but not enough time. However, when you learn how to set boundaries and develop a healthy life-work balance, that is when everything comes together for you. You will learn to enjoy yoga and meditation. You will find the need to slow down, rather than the need to send that email. You will learn to see that a day off will benefit the company, rather than being over worked and showing up in exhaustion.
Relax. Do not dwell on the overall success. Do not let overall goals stress you out. Focus on the dayto-day. Focus on being better than yesterday rather than not being where you think you should be. Enjoy the process and know that success is always just around the corner. Your commitment to the journey is bound to leave you constantly exceeding ceilings and outgrowing the old version of yourself.
I know you wish you could flip to the back of your own book and know the do’s and don’ts but know that you will look back with no regrets and see that all the mistakes are lessons learned. You will grow into such a greater version of yourself and build your business if you take these lessons and learn from them rather than repeat them.
My first piece of advice is making sure you have the right team in place. Make sure everyone you hire respects the position and aligns with your core values and vision. Surround yourself with good people. This is really important. Find people who bring positive energy — people you want to be around. You will be highly affected if you have “energy drainers”
around you. You strive and thrive in highly vibrational atmospheres.
Second piece of advice is to hold yourself accountable as well as others. Sales is a numbers game; don’t let yourself or others get discouraged. However, make sure you set goals: monthly goals, 5-year goals, and 10-year goals. Don’t be fearful to let go of anyone that is not holding up to the standard job requirements. Hanging onto people and their potential for too long can have an overall declining effect on the health of the company.
The third piece of advice: it is okay to ask for help. Just because you have outgrown working for your old boss doesn’t mean you know everything. Coming from a salaried position to the CEO of a company are two totally different roles. Having a mentor, specifically someone who has scaled and sold a company, will be a major asset for you. It’s important not to let pride get in the way. A second opinion or set of eyes on something will always help. You will also learn to enjoy meditating, which will give you more clarity on complex problems. You are a creator, and you succeed when you are going into situations with full clarity. Don’t lose sight of this.
Lastly, you will be able to travel and present yourself as the face of the company. You will travel the country attending conferences. You might be one of the younger attendees and be the 1 out of every 50 attendees that are female, but don’t let this discourage you. In fact, let it motivate you. I don’t see this as a problem, but I am here to remind you that this will fuel your greater mission to open a door for more females in the finance world, specifically the private lending industry. You are on a mission, and you are achieving it. You are removing limitations you may have had previously, and you will scale your company and feel that you can achieve anything that you set your mind to. I am so proud of everything you have become and are becoming. Continue to hold space for yourself and those around you. I can’t wait to see where this takes you because you really are just getting started.
For more information, please visit: https://www.simplendingfinancial.com/
Q: What was your very first job?
I have an educational background in geology and during college I was hired to update drilling activity on subsurface maps. Post-graduation, I was employed as an exploration geologist in West Texas which included mapping the subsurface of an area in search for a geologic trap, potentially holding oil reserves. Once it was designated a drill site, I spent time on oil rigs viewing samples of the bits of rocks being pumped to the surface under a microscope and determining when to stop and test for oil reserves. Talk about a “man’s business”! Try spending a little time on an oil rig with a group of roughnecks and drillers as a woman in her early 20’s, or at any age!
I realized quickly that it takes a serious team effort to drill a successful well and I respected the fact that I could never do their job of throwing the chains and handling the extremely
heavy joints of pipe needed to keep a drilling rig operational. I needed that crew. They learned to respect me, as well. I proved that I knew what I was doing and was confident in directing the activity I oversaw. It was very rewarding to work with the crew as a team and drill a successful well. I found that one of the most satisfying aspects of exploration was in “selling the prospect or idea” of drilling a well and getting partners to take a financial partnership position in the project.
Later in my career, I got my securities license, Series 7 and 63, and for 7 years I raised capital from Accredited Investors through many of the Broker Dealers across the country for various types of Oil and Gas Funds, Mineral Funds, Debt Funds and Development projects. I spent 6 months raising capital for a large Class A and B Multifamily apartment complex fund. The Fund Managers
asked me to help them acquire assets for their funds, since I had lived in West Texas for many years. In 2012, I started my own business so that I could help Fund Managers acquire assets for various funds.
Q: How many years have you been in Private Lending and why did you enter this field?
The cycles of the oil and gas industry are typically not represented on a gentle curve. The price of oil can take a plunge and the recovery period can take years to recover. I have experienced more than one of these extreme changes in the price of oil and gas over my career and have worked in other industries during those times. The price of oil dropped from over $100 to around $35 at the end of 2014. Although there was a great deal of interest in both selling assets and acquiring assets, the delta between pricing expectations made my job much more difficult.
In 2017, a friend called because the Private Lender she was working for was interested in increasing his Family Office investor group. They already had the Private Placement Memorandum in place. She asked if I was interested in speaking with the owner of the company about raising capital for Private Lending. I was familiar with debt funds but needed to understand the private lending industry. We met and I was hired to bring in additional private investors. That job transitioned into working with their team to start a Correspondent Lending program
and into working directly with other experienced direct borrowers.
Q: What is your current role and how does that affect your company at large?
I came on board with Residential Capital Partners in August of 2020, during COVID, in the role of Business Development. I knew that the company was well capitalized and that all their principals had been in various aspects of the Real Estate business their entire careers. I also knew that ResCap is a balance sheet lender and could and did make the decision to lend all the way through COVID. ResCap had also added DSCR loans to their platform and they were ready to add resources to build that division of their business. It seemed like a good group to team up with as my next step in this industry. It has been 3 years now, and it has been a very positive experience which has led to a good deal of personal and professional growth. Great decision!
Q: How have you seen your company grow in spite of or because of current market conditions?
Because ResCap is a direct private lender for our Fix and Flip shortterm loans, we have had the ability to continue lending through downturns in this industry, through COVID and during the recent rate increases by the Federal Reserve. Since we do not sell our loans, we did not need to pause our lending until Wall Street determined at what rate they would be buying real estate investment property loans.
ResCap has experienced a period of growth during the turbulent market conditions because of this.
Q: What are some of your goals for 2023 and beyond?
My personal plan for this year is to continue adjusting to our everchanging lending environment as needed and to meeting our clients’ needs in this uncertain time. Our DSCR loan program has seen a good deal of growth and we plan to take steps to continue building that program this year. COMPANY GOALS: Continue to serve our customers while growing our business.
Q: What does success look like for you?
I have a “built in” need to help others reach their goals. If my job does not fulfill that need, I have taken on volunteer jobs that require major commitments, including chairing the annual fundraiser for the Heart Association, chairing the fundraising to build a Ronald McDonald house and a Women’s shelter in Abilene. Assisting and advising direct borrowers who are building their real estate portfolios or acquiring, rehabbing, and selling properties satisfies that “helping others reach their goal” need for me. Helping our borrowers grow their businesses naturally grows both of our companies!
Seeing the void of credit available to the SFR investors at that time, they entrepreneurially started lending into the SFR space and have grown every year since opening their doors. About me: in one of the oil and gas downturns, I worked as the Weather Reporter at the NBC station in Abilene, Texas for a year.
Q: What steps are you or your company taking today to make an impact on the industry?
We believe success is measured one good loan and one good investment at a time. If we can serve our customers from a relationship-based perspective, we believe we can make a positive impact on the industry one transaction at a time. We are also giving back to the industry through our leadership roles at AAPL and NPLA.
I try to be the best at information gathering as possible. I talk to investors nationwide every day and encourage them to share their successes and what is challenging them in their markets. They know they can call me to discuss any issues they are facing and ask for tips that I’ve heard from others in similar situations. I don’t know how much it impacts the overall industry; but it is impactful to the success of individuals with whom I speak.
Q: What is something most people don’t know about you or your company?
About our company: ResCap was started during the global financial crisis as the principals were looking to buy distressed mortgage debt.
Q: What piece of advice did you personally receive early in your career that has helped shaped the decisions you’ve made?
I was fortunate to have several mentors along the way who encouraged me to become involved in any industry even if it was a predominately male
industry: oil and gas, securities, and private lending. The first mentor showed up while I was in college. Without his support, I don’t know if I would have become a geologist. He was a geologist in town and heard that I was taking a geology class and invited me to visit their office. (There were no female geologists working in the field in that part of West Texas at that time). His was a family business and they invited me to attend geologic professional events with them and encouraged me to take a second class, and a third, etc. I remained close to his family throughout my career.
Q: How has the industry’s acceptance or perception of women changed since you entered the field?
When I entered the private lending business in 2017, it did not occur to me that being a woman in this industry would be an obstacle, I just needed to earn a place here. As a newcomer in any industry, it takes time to earn respect and have a voice. But, now that I have been involved in private lending for almost 6 years, I realize that the number of
women who are participating in conferences has increased and that the professional organizations in our industry are making a point of being more diversified and inclusive.
Q: Tell us about a person or organization you admire. How have they made an important impact on you, the industry, or the world?
I appreciate my first employer in this industry. He built and operated a business of 350+ employees nationwide, but always had an ear for me when I had a question or a new idea to run past him. I was completely new in the industry, but he treated me with respect. I appreciate Leonard Rosen for founding the National Private Lenders Association (with the goal of encouraging changes in the private lending business that would help create a more professional industry) and for calling me early in the founding of the group to invite me to become a member. Leonard also suggested that I consider chairing a committee in the NPLA because he was interested in including more
women in key roles of leadership in the industry.
Q: If you had a clean slate to start over and do anything you wanted to do, what would that be? It depends on how far back we go. Regarding getting involved in the private lending business, I would have become involved in it earlier in my career. One thing I have learned in life is that if someone is approaching you to “help” them with something, they may have seen something in you that you have not yet seen in yourself. You should at least listen to what they are suggesting. I said, “No, that’s not what I do” to raising funds in the securities world when I was approached to help a Fund Manager. I agreed to give it a try and raised 80 MM of his 100 MM goal in the first year. I said, “No, that’s not what I do” for a year to helping the Fund Manager acquire assets for his Fund. I finally agreed, found it to be the perfect match for me and started my own business. These experiences also taught me to watch for traits in others that I see as talents and talk to them about those traits.
Q: What is the best advice you could give someone thinking about making a leap into Private Lending?
For a woman thinking of entering the Private Lending business, I would say that they will find opportunity and support from others who will be willing to mentor them along their journey.
For more information, please visit: https://residentialcapitalpartners.com/
One thing I have learned in life, is that if someone is approaching you to “help” them with something, they may have seen something in you that you have not yet seen in yourself.
Finance, is someone you may think was born into the lending field. With over three decades of experience and roles across all aspects of lending including sales, marketing, lending operations, credit, and compliance, Dana has worked in all channels of the mortgage business including Agency, non-Agency, Business Purpose, and Non-QM.
Dana Georgiou Senior Director of Business Development Invigorate FinanceBut when asked about her beginnings in real estate and mortgage, Dana said she came into the field by accident and always envisioned herself as a college professor. Shortly after
college in New York, she moved back home to Texas and was approached by someone she would not have expected to offer her a job – her old softball coach.
“He said ‘would you like to come work for me? I’ll teach you everything I know about the mortgage industry’. At the time, I thought it would be a temporary job, but it evolved into a career and lifelong journey of learning,” Georgiou said. “I had the opportunity to touch every facet of commercial and residential real estate in those first years, and those lessons have stuck with me to this day.”
By dealing directly with home buyers in those early days, Dana said she fell in love with the idea of helping people obtain the American dream of owning a home. While exploring these different realms, she also said it allowed her to gain a unique perspective on the market.
That unique perspective continues in her role as Senior Director of Business Development with Invigorate Finance. Invigorate is a closed loan mortgage conduit Aggregator and Asset Manager and a rating agency-approved due diligence company for AAA
rated securitization. “The team has decades of experience in the full lifecycle of mortgage and real estate and these powerful combinations allow for us to offer an innovative suite of loan programs and strategies. I am excited to continue my journey at Invigorate,” noted Georgiou.
“I’m somewhat of a unicorn in the industry, because rarely do you find someone who hasn’t picked a lane,” she said. “Many have spent their careers in one space, say sales or operations, but throughout my career, I have been able to sit at many different tables and in many different seats. This has been invaluable as we navigate periods of economic
uncertainty and markets that constantly change.”
By garnering a more holistic picture of the playing field, Georgiou said she has been able to weather the storm and see the bigger forces at play – a mindset that is limited by those who have spent their careers in one segment of the real estate or mortgage space.
“I would encourage anyone who is coming into the mortgage business, whether it’s private lending or mortgage lending as a whole, to try to find companies that will allow you to sit in different seats,” she said. “This
“When I look towards the future, I think about how we can create more opportunities, more jobs, and help even more people secure the American dream through real estate investments or by building real estate legacy wealth."
Dana Georgiou: Continues on pg. 34
allows you to be so much more well-rounded, especially if you can view transactions from different points of view. Often, staying in one lane can lead to having an overly narrow-minded view of the housing landscape, a borrower, or a particular transaction.”
One example of how this broader perspective has assisted her, she noted, has shown itself in the past few years – a period marked by significant real estate and mortgage demand but with a ‘cooling down’ in the past several months. Being able to approach supply corrections with a sense of positivity, she added, can make an enormous difference in how firms react to these external market conditions.
“The evaluation of real estate has become a key focal point in today’s conversation,” she said. “Appraisal data can be supported in several ways, but it doesn’t necessarily make it an accurate view of the property itself. The trends I’m seeing in the marketplace now are hypersensitive to making high-quality loans to experienced customers who have been put on the sidelines by a diminishing return on investment.”
regulation in real estate. This is important, she added, because of the over-regulation that occurred after the 2008-9 financial and housing crisis. While keeping an eye on market trends is important, Dana added that she does not overlook the importance of mentorship, especially early in your career. She often finds herself returning to lessons learned during those early days with her softball coach and added that educating the next generation of lending talent is a ‘badge she wears with pride’.
“I feel proud when people feel comfortable enough to come to me with their concerns, and how we can create professional and personal relationships that transcend any market condition or specific deal,” she said. “Despite the paychecks I have received in this business, what is so much more valuable and fills my heart is seeing people get their start, grow in their roles, and helping them throughout the process and beyond.”
“I was raised by a Navy Veteran who told me I could be anything and do anything I put my mind to,” she said. “I worked with him from a young age, and I always believed that I was strong enough and capable enough to learn and keep growing, and never leave anything on the table. My journey hasn’t been without struggle, and I’ve watched a lot of women get passed by for promotions and a seat at the table, and that is something I continue to fight for in the industry and beyond.”
In addition to making sure women continue to have a voice in lending and real estate, Dana said she also advocates for those just entering the space to take on new opportunities and learn to work outside their comfort zones.
In addition to this diminishing return on investment, Dana said her team is keeping an eye on the landscape surrounding
Throughout her career, Dana admits that she has often seen women feel intimidated by the old attitudes that pepper practically every field. This can be counteracted, she said, by making sure that the voices of women are heard in every facet of the lending field.
“I think what we fail to realize is how young this private lending space is, and how much more we have to grow,” she said. “When I look towards the future, I think about how we can create more opportunities, more jobs, and help even more people secure the American dream through real estate investments or by building real estate legacy wealth. I feel proud to be part of that story.”
For more information, please visit: https://www.invigoratefinance.com/
The team at Originate Report had the pleasure of sitting down with Valerie Hapner to discuss her career, leadership style, and years of experience in the private lending industry. In light of her experience rising up the corporate ladder, she offered advice for the women following in her footsteps.
that I can offer my clients. If you work for a bank, for example, you are limited by the number of loan products you can provide. If your clients don’t fit into that specific box or criteria, you cannot help them. With private money, there is more flexibility and creativity in relation to how financing can be structured.
Additionally, you don’t have to take every storm head on. Sometimes, it is wiser to steer around it – just don’t lose sight of the destination.
Q: What effect do you want to have on the industry as a whole?
Q: What was your first job and current role in the industry?
17 years ago, my first job was at a brokerage firm called UVF on the residential side where I received wonderful on-the-job training. Following that position, l joined a partner to manage another shop until the 2008 crisis. Today, I am the Vice President of Loan Origination for Forbix. I assess, analyze, and facilitate loans and financing options to meet my clients’ needs. I am also a regular attendee and speaker at industry events and conferences throughout the year.
Q: Why did you choose to work in private lending?
Private lending provides a higher level of freedom and relative service
Q: What is your favorite thing about this industry?
It’s a wonderful feeling to have built my career by helping others achieve their financial objectives through real estate. Not to sound cliché, but it’s a win-win situation. I also like the fact that no two deals are alike. Each one starts as a puzzle to solve. The process of piecing the financing plan together is extremely rewarding and the final result is a mini masterpiece. Then, on to the next one!
Q: What is the most valuable lesson you have learned in your career? Never let anyone define who you are or determine what you can achieve. You will face difficult situations and people along the way, but no one, and I mean no one, can make you a victim.
I believe I have been a positive contributor and advocate for the industry, and I want to continue along that path. As much as I stand on my own ground, I am also representing women in this industry, so I am probably under more scrutiny compared to men. By maintaining my integrity and professionalism, I hope that I can serve as a positive role model to other women who may be interested in this industry but are initially reluctant due to concerns about chauvinism.
Q: What are you passionate about?
I am passionate about my family, my friends, and of course helping my clients! The gestalt of my life is connecting with others. It starts with meditation, exercise, and a healthy diet. Those help fuel a constructive mental and spiritual state. From that positive core, I truly enjoy and thrive
on connecting with others. I cultivate the good within and then look for it and nurture it in others.
Q: Have you seen a significant change in the makeup of the industry over the years?
I’ve definitely seen more women in the industry commensurate with more women in general entering into the finance, lending, and real estaterelated fields. However, the number of women is still disproportionate to men in the industry.
Q: How did you navigate power structures early in your career versus later when you held more formal leadership roles?
I’ve always maintained my professionalism and related to clients and colleagues from that place. I had to develop a thick skin, but at the end of the day, clients always want what is best for them. Initial negative preconceived notions or biases dissolved quickly when I was able to present opportunities and financial options that proved to be advantageous for my clients.
Q: Describe your leadership style and how you lead others. Is it different from your male counterparts?
I always strive to lead by example, working from a place of mutual respect, professionalism, and personability. I never ask someone to do something that either I have not done myself or was not willing to do. I am not afraid to roll up my sleeves and dive in, but as a leader, my main priority is empowering others to do their best – not only for the company but also for their own personal growth and fulfillment.
Men and women are equal, but not the same. I believe there are fundamental differences in the way men and women lead – and I celebrate those differences as well as the synergistic benefits. Having said that, I do believe that good leaders, men or women, share similar characteristics including leading by example, compassion, confidence, honesty, and empowering others through the process of collaboration.
Q: How can we calculate the positive impacts of having women in this industry?
Balance creates benefit. Men and women provide different perspectives, perceptions, and approaches to problem solving. Traditional female traits like nurturance, sensitivity, intuition, and cooperativeness readily translate in business in general and especially in our industry. Part of being a successful woman is finding the balance of feminine and masculine energies within. In business, when men and women work together, the potential for success is unlimited.
Q: How can women support other women in the workplace?
Make a point to connect, and not compete, with women coworkers. Going back to the idea that men and women are equal but not the same, women can support other women in navigating the unique challenges they face in the workplace.
Q: How important is it to have a mentor to grow and how do you find one?
If there is someone open and willing, it can be a tremendous benefit although not strictly necessary. In a time with remote workplaces and virtual interactions, the singular mentor relationship is much rarer than it used to be. However, I think multiple people can provide mentorship across different areas. Whether it is one or more people, it is important to realize the relationships should be mutually beneficial. If there is someone whom you respect, admire, and can learn from, think about what you can offer in return.
Q: What advice would you give to the next generation of leaders? Learn from the past, look to the future, but live in the present. Being a leader doesn’t mean always getting your way or having to be right. A good leader sometimes leads best by following. Know who you are and treat others as you would like to be treated. As a leader, your main job is to bring out the best in others. Be open to criticism. Never condemn yourself or others. Finally, it is better to be definitively wrong than tentatively right.
For more information, please visit: https://forbix.com/
VALERIE IS THE CONSUMMATE PROFESSIONAL— EXTREMELY KNOWLEDGEABLE, PERSONABLE, AND FEARLESS IN EVERY TRANSACTION WITH THE ULTIMATE GOAL OF BEST SERVING HER CLIENTS.
- RICHARD LOHREY, MARKETING MANAGER
For Jennifer Young, a Senior Attorney on Geraci LLP’s Corporate & Securities team, the current regulatory landscape – and ongoing trends in real estate practices – offer a unique opportunity to hone her legal craft.
Before joining the team at Geraci, Young worked in PIMCO’s alternative investment division and at a venture capital firm in Silicon Valley. These experiences, she said, have taught her the importance of loving where she works and the projects she works on.
“I have seen so many people become miserable working in settings that do not reflect their abilities and beliefs. I have always been open to learning from those around me and soaking up that information and knowledge,” she said. “The importance of creating
an equitable environment for all to succeed is not lost on me.”
Part of this equitable environment, Young said, includes making sure that women have a ‘seat at the table’ and are part of the decision-making process. As she was getting her start in law, Young added that she often saw instances of gender inequality in the legal and financial industries. Her retort to this? Become the best attorney she can while nurturing a gender-equitable environment where women can have a confident voice and be respected by their peers.
“What is most important to me is making sure I want to be at the table I’m sitting at,” she said. “What I mean by this is simple: making sure I’m inspired by those I’m sitting with, supporting and mentoring peers to develop their full potential,
and fearlessly expressing viewpoints that not only serve my clients but also challenge the status quo, even if those ideas are unpopular or go against traditional norms. I am proud to be part of a team at Geraci where these different perspectives are heard and valued.”
While keeping that mindset at the forefront of equity-related conversations remains critical, Young also said she is closely watching the legal landscape on two different fronts –debt and real estate deal structures.
“Foreign investors and tax-exempt investors are two significant sources of capital for fund managers, and I’ve been seeing an increasing trend with fund managers carefully structuring their funds to afford these investors with tax efficient solutions. Taxexempt investors want to minimize/ eliminate unrelated business taxable
income (UBTI), and foreign investors want to minimize/eliminate the realization of effectively connected income (ECI) and structure their investments in a manner that does not require them to file US income tax returns or be subject to withholding. As a result, the Master/ Feeder Fund structure has become a growing trend. Properly structured, these Master/Feeder Fund structures operate to ‘block’ UBTI and ECI with minimal tax leakage. A Feeder Fund pools capital from offshore investors and feeds that capital into the Master Fund, which directs and oversees all investments held in the Master Fund portfolio. A separate US entity is established to facilitate the Feeder Fund’s investment into the Master Fund in a tax efficient manner, and usually includes the use of both debt and equity, which is often referred to as a ‘US Blocker Corporation.’
Additionally, fund managers are continuing to incorporate private, non-traded REITs to their debt fund structures as well, despite the potential elimination of the 20% pass-through deduction that may be sunsetting end of 2025 (unless extended by Congress). This is likely because other tax benefits available to REITs would remain unchanged: REITs block UBTI, block state withholdings, and reduce withholdings for offshore investors based on tax treaties.
In addition, Young said it is becoming increasingly common for lenders to lend in multiple states or expand into other states instead of just concentrating on lending in a single state.
“What we are continuing to see is private lenders desiring to expand their operations and offer multi-state lending. One of the most common questions I receive is which states require a license and what type of license will be required in those
states. One of the most common misconceptions is that business purpose loans are exempt from licensing requirements in every state. While this may be true in certain states, the answer lies in the statutes and regulations of every individual state, and it requires a state-by-state analysis. What I aim to offer, and what my team provides, is a guiding hand throughout this process.”
The Corporate & Securities team at Geraci LLP specializes in real estate-focused private placements and other investments for private lenders, real estate developers, and entrepreneurs. The experienced team also establishes mortgage funds, real estate acquisition funds, and more.
"Jennifer is the most impressive attorney I’ve had the privilege to work with. She is incredibly hard working, business-minded, and a great leader. Corporate & Securities requires an attorney to balance the law’s requirements with market conditions and client needs. Jennifer has adapted incredibly quickly when it comes to this. On top of all of this, clients, regulators, and her co-workers love working with her."
- Kevin Kim, Esq.
Q: Why did you choose to practice in Private Lending and how long have you been practicing?
I chose Private Lending to serve and guide clients with challenges they face as private lenders. Our clients do not have the same support system that bank institutions have and I’m proud to work in a firm that helps private lenders to navigate the challenges they face so that they can successfully operate their private businesses.
Q: What do you do in your day-today?
I assist clients with fund formation, private placements, and other securities offerings for private lenders, real estate developers and real estate entrepreneurs.
Q: What is your alma mater? Western State College of Law.
Q: What is the highlight so far of your career, or alternatively, what are you most proud of in your life?
I’m the most proud of the fact that I gained years of experience as an attorney in the field of financial related services working for different departments: compliance, litigation, transactional and corporate and that I can combine all these different skillsets to serve clients diligently.
Q: What is the best advice you’ve ever received?
To be resilient and never give up on dreams and goals I have. Working as an attorney is challenging so one must be resilient to overcome the challenges and to successfully represent the clients.
Q: If you had to choose a single quote to describe yourself or your thoughts on life, what would it be? It is a quote by Justice Ginsburg: “Fight for the things that you care about, but do it in a way that will lead others to join you.”
Q: To women contemplating either a career in law or in private lending, what would be the first thing you would suggest they do?
I’d suggest that when they are in law school to work in different practice areas to find out which practice area they like the most. While in law school, I made sure to work in different fields such as criminal defense, civil defense and immigration law. The exposure of working in different fields helped me figure out which field of law I am more passionate about and would like to practice upon graduation.
"Nazanin has been a fantastic addition to the firm. She is an extremely hard worker and we're lucky she has joined the Corporate and Securities team."
- Kevin Kim, Esq.Brianna Milligan, Esq. Attorney, Litigation & Bankruptcy
Q: Why did you choose to practice in Private Lending and how long have you been practicing?
I chose to practice in Private Lending because private lenders offer unique solutions to borrowers who may not otherwise have access to funding. Assisting them to continue with their practices in the long term continues to make funding more accessible for those who need it. I have been practicing law for almost two years.
Q: What do you do in your day-today?
In litigation, every day is different. Some days you’re in court, some days you’re preparing for trial, and others it’s a lot of phone calls and
drafting various motions or discovery. Sometimes, it’s all of the above!
Q: What is your alma mater?
Western State College of Law, the oldest law school in Orange County.
Q: What is the highlight so far of your career, or alternatively, what are you most proud of in your life?
What I am most proud of in my life is that I have made it this far! I come from humble beginnings in a small town far away from Orange County. It’s an incredible honor to have become a lawyer, made the friends and connections I have, and to have found a firm like Geraci that makes it enjoyable to do what I do.
Q: What is the best advice you’ve ever received?
The best advice I have ever received is that no task is beneath you.
Q: If you had to choose a single quote to describe yourself or your thoughts on life, what would it be?
It’s a quote from Teddy Roosevelt. It’s kind of a long one but it never fails to resonate with me when I am
reminded of it. “It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”
Q: To women contemplating either a career in law or in private lending, what would be the first thing you would suggest they do? To women either contemplating either a career in law or private lending, the first thing I would suggest you do is talk to someone who does it! I had the great pleasure of working for a fabulous attorney, Leonard Herr, Esq., prior to making my decision to enter law school and watching him daily made me want to practice law. I believe my LinkedIn is public and I often receive messages from law students at my alma mater. I am happy to lend advice to whomever comes knocking!
"Brianna came to us after a year of practice in an unrelated field. She has shown great willingness to learn the industry and is already delivering terrific results for our clients. She has shown an impressive ability to understand the nuance of her cases and has plenty of pirate in her. She's a winner."
- Steven Ernest, Esq.Antoinette "Nichole" Moore, Esq. Attorney, Banking & Finance
Q: Why did you choose to practice in Private Lending and how long have you been practicing?
I like to say that private lending chose me. I’ve practiced in the banking and finance industry since 2010 as counsel for major banking institutions. In 2014, I switched gears. I served as an assistant attorney general for the District of Columbia in the Commercial Division; however, my focus was on affordable housing. Pivoting to private lending felt like I was rounding out my experience.
Q: What is your actual practice area within the firm?
I am somewhat hybrid within the firm as I practice both in Banking and Finance and Lightning Docs.
Q: What do you do in your day-today?
I work on complex transactions and customize loan documents for our clients.
Q: What is your alma mater? University of Maryland- College Park; Washington & Lee University School of Law.
Q: What is the highlight so far of your career, or alternatively, what are you most proud of in your life?
I am really proud of my personal and professional growth. I don’t even recognize the person I was ten years ago. Whenever someone tells me, “You inspire me to follow my dreams. I just love your energy,” it reaffirms that growth.
Q: What is the best advice you’ve ever received?
Very early in my career when I was litigating, a mentor told me “Protect your reputation at all costs. In the end, it is all that we have.” Another by my law school crim pro and capital defense clinic advisor: “Never launch
a lifeboat of oversimplification into a sea of uncertainty.”
Q: If you had to choose a single quote to describe yourself or your thoughts on life, what would it be? Always forward; forward all ways.
Q: To women contemplating either a career in law or in private lending, what would be the first thing you would suggest they do? When it comes to a career in law, things may not always shake out as expected. Be open to infinite opportunities and possibilities because you never know where they will take you; however, always bloom where you are planted.
"Nichole’s experience and knowledge are a strong asset to the Banking and Finance Team, as well as to our Lightning Docs template development team. Her mastery of contracts and legal research enables us to push farther and to help clients faster and with more detail. She is truly a joy to work with, as both our team at Geraci and our clients can see!"
- Melissa Martorella, Esq.Madelaine Ryan, Esq. Attorney, Banking & Finance
Q: Why did you choose to practice in Private Lending and how long have you been practicing?
I initially became interested in private lending mostly because of my interest in real estate law. I have been in private lending for just over one year, and in the end, I really chose this area because it is very challenging and keeps my brain active. Private lending covers so many areas of law, such as property, contracts, compliance, securities, corporate law, and moves incredibly quickly. I love the people that I work with, and I am learning something new every day.
Q: What do you do in your day-today?
I work with our clients to draft all types of documentation, mainly loan documents and modifications. I also work with our closing and foreclosure teams to help finalize deals and assist our clients when their deals do not go as planned.
Q: What is your alma mater?
Wake Forest University for law school and Miami University for undergrad.
Q: What is the highlight so far of your career, or alternatively, what are you most proud of in your life? My career is the highlight and what I am most proud of! I was raised in a large family without a lot of extra resources, and nothing was just given. My family sacrificed a lot for me to have a wonderful education and I have worked very hard to get where I am. I am very proud and lucky to get to do what I do every day.
Q: What is the best advice you’ve ever received?
Roll with the punches – you can’t possibly control everything in life, so sometimes you need to look at what you have and make the best of it, even if the best is still not really that great.
Q: If you had to choose a single quote to describe yourself or your thoughts on life, what would it be?
I don’t remember the exact quote, but it was something like, “be kind
to yourself, you spend more time with you than with anyone else." No one knows what is best for you more than you do, so take care of yourself! I truly feel that when you are at the best you can be, everyone around you will benefit from it as well.
Q: To women contemplating either a career in law or in private lending, what would be the first thing you would suggest they do? Find a mentor and ask questions! These areas of full of successful people who love sharing their experience and knowledge. You will learn more from those people than you will from almost anything else.
For more information, please visit: https://geracilawfirm.com/
"Laine just completed her first year here at Geraci and she is proving to be a wonderful asset to the team. Her leadership, attention to detail, and passion to learn her craft are evident in her work product and in the way she coaches others on the team. We are so lucky to have Laine on our team!"
- Melissa Martorella, Esq.By Charles Peckman, Contributing Writer for Originate Report
Invigorate Finance, a closed-loan mortgage conduit aggregator and asset manager, was founded on a simple idea — to put the client experience first.
Mentors play an important role in shaping us personally and professionally. Can you highlight someone who has helped shape you throughout your life?
have kept me motivated to keep moving forward in my career.
To better understand the ideas — and ideals — that shape Invigorate, Originate Report sat down with Invigorate Finance’s President, Jennifer McGuinness-Lubbert, and Executive Vice President of Asset Management Operations, Aren Anderton.
Jennifer McGuinness-Lubbert (JML): While some may focus on the professional side of this question, I am going to focus on a personal mentor — my son, Alex. He is the best thing I have accomplished, and his positive outlook and unrestricted enthusiasm
Alex has taught me a lot about my personality and how I relate to those around me. Because of him, I have adjusted how I approach certain discussions or situations. I recall a time when he was around four years old, and he refused to listen to an idea that I was trying to convey. He was “stuck” on his idea and had no intention of listening
to me. I realized that this must be how others feel if I refuse to listen to their ideas. This led me to make changes that immediately opened the door for greater collaboration and partnership. Alex has taught me more than he will ever know, and I am a better person and leader because of him.
Aren Anderton (AA): The Webster definition of mentor reads, in part, “a trusted counselor or guide” and defines the 5 “c’s” of mentoring — competence, character, confidence, connection, and compassion.
When I reflect on this definition, I immediately think of my father. In my younger years, he took on a tutor and coach role. He told me what to do and how to do it; most importantly, he taught me why to do something. As I began my career, he continued guiding me on work ethic, integrity, and loyalty in the workforce. He led by example by spending 35 years at the same company, and then, after retirement, worked as a
consultant for five more years. He was and always will be the voice in my head guiding me along in my career, helping me differentiate and understand right from wrong.
Jennifer, one element you noted is that you always choose the right person for the job regardless of their identity, which is an important point to note in today’s climate. Can you explain what you meant by wishing to explain “who you are,” not “what you’ve overcome” as a woman in lending?
JML: As the number of women and other underrepresented communities has increased in this sector, so have the returns of diverse businesses and initiatives.
Unlike when I began my career, we are now seeing more women and people from marginalized communities in the C-Suite. I think this is just the beginning. When I say that I want to explain who I am — rather than what I have overcome as a woman
in this industry — it means that no one should be placed in a separate category solely because of who they are. Although I am regularly one of the only women at the table, I have generally been treated as an equal. I will tell you, though, that you need to earn it.
I got my first “shot” because, when a trader was told the model he wanted could not be built by five senior analysts, I volunteered to build it. At that point in my career, I didn’t know how — but I said I would anyway and committed to producing a first run for the desk in three days. I worked 20 hours a day researching and building the model — without Google. The model was then used in the trading business where I worked. I became a valued and consistent resource to the trading desk, and my story continues from there. Moral of this story? Nothing comes to you by itself; you must go after what you want and own who you want to be.
When thinking about how Invigorate has been able to grow so far, you both mentioned how the business has shifted from a single channel to a multi-channel approach. Can you explain the importance of diversifying your business and how Invigorate stands apart in a crowded field?
JML: In any ever-changing market, the only constant is change. Because we are a correspondent aggregator and asset manager, we can proactively
The vision for Invigorate is to address the “gaps” I observed in my previous roles that, at times, hindered optimal execution or achievement in transactions. I believe we can leverage our strengths from past business experiences and adjust what was ineffective or inefficient.
- Jennifer McGuinness-Lubbert
react to changes in the marketplace. This also means we can define and manage the asset management path of loans, create successful outcomes, and optimize returns — all while decreasing the possibility of loss.
Invigorate was built through identifying opportunities and ensuring a nimble platform. Without the ability to adjust in dynamic markets, a financial business will miss opportunities.
AA: Like Jen said, the mortgage industry is constantly changing. Sometimes it changes by the day, and sometimes by the hour. A multichannel approach allows us to rise above any snag in the market and focus on areas of growth. The key concept in this process is diversity.
If we put all our eggs in one basket, that basket is bound to break. With diversity in offerings, this does not happen. In turn, the business can prosper and grow.
When discussing the growth of Invigorate, you both mentioned that sustainable growth is a key factor in a company’s overall success. What, in your mind, is the most important piece of this puzzle?
and scale well. To me, it is important to balance human and technological capital. On top of this, you must foster and build a creative, collaborative environment.
AA: I think the most important piece of the puzzle is combining the right staff with the right technology and growing at a pace that makes sense. It’s a little like the chicken and the egg problem. We need the staff to do the work but must make sure we have the work to keep the staff. Many other companies hire when volume is high and lay off when volume is low, while hoping that, when there is another volume spike, the employees will return. This practice is not sustainable. Avoiding this pattern creates an edge that allows the team at Invigorate to provide consistent results, which creates an environment where loyalty is valued.
What excites you about building this venture from scratch, and what mantras remain central to the continued growth of Invigorate?
our partner lenders, investors, and clients realize their full potential.
The vision for Invigorate is to address the “gaps” I observed in my previous roles that, at times, hindered optimal execution or achievement in transactions. I believe we can leverage our strengths from past business experiences and adjust what was ineffective or inefficient. For me, one of my biggest frustrations in investment banks, REITs, or hedge funds was the focus on building $1 billion+ trades rather than building sustainable businesses. If the market turned, we were either out of the trade or the process was very slow. Invigorate, however, is not just a trade; it is a business.
AA: Ground-up construction yields solid walls and foundations. Similarly, building a company from the ground up allows us to establish safety nets to prevent bad habits. This also allows us to build technological structures tailored to specific needs and to fill the “voids” left open by other companies. As we continue to grow, I am excited to see what the next chapter for Invigorate holds!
JML: You cannot expect to build and lead a great business without recognizing the value of your team. Companies often lose sight of this. In a business like Invigorate, mere numbers or spreadsheet data is not enough — you also must aggregate
JML: What excites me most is having the ability to be truly creative with the solutions we offer. This may sound strange because business building is not known as a “creative” endeavor. However, as we continue to build Invigorate, I have designed new products, developed partnerships, and brought innovative ideas to the market. I also love watching
If you would like to learn more about the unmatched collaboration and two distinct channels offered by Invigorate Finance, visit invigoratefinance.com today.
For more information, please visit: https://www.invigoratefinance.com/
SOUTH WINDSOR, Conn. (April 19th, 2023) – RCN Capital, a leading nationwide private lender specializing in financing for real estate investors, held an official grand opening for a new office in Los Angeles, California to further support the company’s ongoing expansion strategy and increase efforts to gain greater market share on the West Coast. The company also has corporate headquarters in South Windsor, CT as well as a satellite office in Charlotte, NC which was opened in 2021.
“I’m extremely proud and appreciative of the hard work and dedication of all the RCN employees that made our new California office a reality,” said Eric Shaw, RCN Capital’s Lead Loan Officer, and Head of the LA Office. “While RCN Capital has always been a national lender, the addition of this permanent west coast presence exemplifies the goal of RCN to best serve our clients and our employees regardless of time zone.”
Despite market challenges, 2023 is expected to be another notable year for RCN Capital as the company is currently projecting $1.7 billion in originations for the year. The company also recently reached an impressive milestone in February originating over 20,000 loans since inception.
RCN Capital is a South Windsor, CT-based national, direct, private lender. Established in 2010, RCN provides commercial loans for the purchase or refinance of non-owner occupied residential properties. The company specializes in new construction financing, short-term fix & flip and bridge financing, and long-term rental financing for real estate investors. For more information on RCN Capital and RCN’s loan programs, visit www.RCNCapital.com.
May 24, 2023 – LOS ANGELES Nadel, a leading branded merchandise provider, receives the 2023 EcoVadis Silver Medal for exceptional sustainability achievements. This marks Nadel’s third consecutive year partnering with EcoVadis and places them in the top 25% of audited suppliers across various industries.
EcoVadis, the largest provider of trusted business sustainability ratings, conducts a comprehensive evaluation to assess how well companies incorporate sustainability and Corporate Social Responsibility principles into their business. Based on four pillars – Environment, Labor & Human Rights, Ethics, and Sustainable Procurement — Ecovadis rates Nadel’s policies, actions, and results across all areas of operation.
Driven by its motto, “beyond branded merchandise,” Nadel has consistently pursued meaningful impact for environmental and social causes for many years. In 2021, Nadel established its Sustainability Council, comprised of ten leaders across the company’s global organization in order to benchmark their eco-forward vision. Reflecting on Nadel’s sustained dedication to sustainability and its commitment to Environmental, Social, and Governance (ESG) strategies, Nadel's CEO, Craig Nadel, says, "This award is a significant milestone and a big step forward in Nadel’s ongoing journey to continuously enhance and optimize our ESG strategies, further solidifying our position as a sustainability leader in the industry."
In addition to the EcoVadis assessment and recognition, Nadel continues to seek opportunities to improve their ESG journey. They have taken the Climate Pledge, committing to reach net-zero carbon by 2040. Nadel also offsets carbon emissions on shipments through the CarbonFree Shipping Program and collaborates with the SME Climate Hub to drive more sustainability initiatives.
The upgrade from a bronze rating to a silver rating signifies Nadel's progress in their ESG efforts compared to the previous year. “This recognition signifies that we are moving in the right direction and reinforces our commitment to sustainability,” says Nadel’s CSO and member of the Sustainability Council, Debbie Abergel. “It is an exciting milestone that motivates us to continue our efforts and I eagerly anticipate the impactful works that lies ahead.”
Geraci LLP is a full-service law firm and conference line specializing in representing non-conventional lenders.
(949) 379-2600
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