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All Forum Posts by: Joseph Pytcher

Joseph Pytcher has started 50 posts and replied 213 times.

Post: Has anyone done business with this company or person

Joseph PytcherPosted
  • Developer
  • Frisco, TX
  • Posts 274
  • Votes 56

Jumping back to this conversation. Has anyone been able to get anything from this guy? He deserves to be in prison. I hope someone's doing something about it.

Quote from @Jay Hinrichs:
Quote from @Joseph Pytcher:
Quote from @Jay Hinrichs:
Quote from @Erik Estrada:
Quote from @Chris Seveney:

@Wyatt Ferm

Most of those lenders will want an appraisal done. There are not a lot that will do it without an appraisal or BPO


 Kiavi does a virtual inspection. You still need access to the property to do it, but it's a bit faster than doing a normal appraisal. 

ROC does a normal appraisal, but they can close very quickly if you place the loan on a rush 


Joseph when I did those deals with you  in Dallas I think I used Kiavi and for me they did not do appraisals  but that was what 6 or 7 years ago.. Kiavi is forever contacting me to bring them deals.. I have used LIma one on my personal new builds  .. ONLY last resort when my bank LOC's were maxed and I had a deal I did not want to miss they can be frustrating to work with I found. But then again every lender that is not my commercial banks I find frustrating. :)..

Good luck with it I am sure you will do very well since your experience is at both ends being a flipper and a lender.

 I don't think Kiavi does a white glove funding. I think it's just brokering loans to them. 


ya I dont know for sure.. kind of lost touch when Peer st went under.. there is another one like peer st..  Realty shares co founder started when he left RS . it but I cant recall his name.. you could google for it and see if they are still operating.

 Doesn't look like they're around anymore. 

Quote from @Jay Hinrichs:
Quote from @Erik Estrada:
Quote from @Chris Seveney:

@Wyatt Ferm

Most of those lenders will want an appraisal done. There are not a lot that will do it without an appraisal or BPO


 Kiavi does a virtual inspection. You still need access to the property to do it, but it's a bit faster than doing a normal appraisal. 

ROC does a normal appraisal, but they can close very quickly if you place the loan on a rush 


Joseph when I did those deals with you  in Dallas I think I used Kiavi and for me they did not do appraisals  but that was what 6 or 7 years ago.. Kiavi is forever contacting me to bring them deals.. I have used LIma one on my personal new builds  .. ONLY last resort when my bank LOC's were maxed and I had a deal I did not want to miss they can be frustrating to work with I found. But then again every lender that is not my commercial banks I find frustrating. :)..

Good luck with it I am sure you will do very well since your experience is at both ends being a flipper and a lender.

 I don't think Kiavi does a white glove funding. I think it's just brokering loans to them. 

Quote from @Jay Hinrichs:
Quote from @Erik Estrada:
Quote from @Chris Seveney:

@Wyatt Ferm

Most of those lenders will want an appraisal done. There are not a lot that will do it without an appraisal or BPO


 Kiavi does a virtual inspection. You still need access to the property to do it, but it's a bit faster than doing a normal appraisal. 

ROC does a normal appraisal, but they can close very quickly if you place the loan on a rush 


Joseph when I did those deals with you  in Dallas I think I used Kiavi and for me they did not do appraisals  but that was what 6 or 7 years ago.. Kiavi is forever contacting me to bring them deals.. I have used LIma one on my personal new builds  .. ONLY last resort when my bank LOC's were maxed and I had a deal I did not want to miss they can be frustrating to work with I found. But then again every lender that is not my commercial banks I find frustrating. :)..

Good luck with it I am sure you will do very well since your experience is at both ends being a flipper and a lender.

 Hey Jay, thanks for the info! I'll look into them as well. Do you have a contact there you like to work with? 

Quote from @Robin Simon:
Quote from @Joseph Pytcher:
Quote from @Wyatt Ferm:

No appraisal is interesting. All the hard money lenders I've worked with in the past (and the one I currently work for) deem an appraisal necessary for risk management purposes to insure AIV and ARV estimates are good.

Curious how you'd manage risk without one? 

I'd mainly be lending in DFW. I am a licensed broker in Texas. I can figure out ARV without an appraisal easily. 

 definitely pretty common among Hard Money Lenders - just have to have a strong valuation team and expertise 

Yeah I can't remember the last time I had to get an appraisal on a hard money loan. 
Quote from @Wyatt Ferm:

No appraisal is interesting. All the hard money lenders I've worked with in the past (and the one I currently work for) deem an appraisal necessary for risk management purposes to insure AIV and ARV estimates are good.

Curious how you'd manage risk without one? 

I'd mainly be lending in DFW. I am a licensed broker in Texas. I can figure out ARV without an appraisal easily. 

So a bit of background. I've been in real estate for almost 17 years. I've been a licensed lender since 2008 and have flipped hundreds of homes. Starting a hard money lending company makes sense to me since I have hundreds of contacts in this business that I've built relationships for years, as well as it aligns with my origination background. 

My question is, I am looking at using a white label table funder to start with while I raise my own funding. Who would you recommend that you've worked with in the past that has the best terms? 

What I'd ideally like to offer are the following...

Up to 75% LTV

Up to 100% LTC

12.49% Rate

2 Points

6 month terms with options to renew. 

No appraisal

I realize I don't get to choose the terms when using a white label service but I'd like to get close until I have my own funding. 

The lenders I've been looking at are the following...

RCN Capital

Roc Capital

CityScape Finance

New Silver

Lima One Capital

Any feedback on these funders? If you have other options, please let me know! 

Thanks! 

Working our on capital stack for a large multifamily development and needing some different options with private debt/equity. I have some soft quotes for bank debt but I'd prefer to stick with private debt if possible. 

Please send me a PM. Thanks! 

Post: 300 Unit Multifamily Development

Joseph PytcherPosted
  • Developer
  • Frisco, TX
  • Posts 274
  • Votes 56
Quote from @Sam Applegate:

I’m not as experienced in development, so I'm going to take a stab at extrapolating my multifamily knowledge to development.  

LP's have a significant amount of dry powder but the majority of it is on the sidelines. They have been very hesitant to deploy capital, especially if you don't have a track record. If the fed cut rates next month it's possible some of this capital will become more active, although tough to say. For multifamily acquisition, LP's are looking for a high teen IRR with conservative underwriting. I can't speak to the return thresholds for development but it's safe to assume it's higher given the larger risk profile.

That being said, it doesn't hurt to give it a try as you never know where those new relationships will take you.

Hey Sam, thank you for that. I do understand all that side of it. I'm invested in several syndication deals. I'm merely looking for any recommendations on a KP. Money is still out there working. Plenty of family offices still investing, etc. Just looking for the right person. 

Post: 300 Unit Multifamily Development

Joseph PytcherPosted
  • Developer
  • Frisco, TX
  • Posts 274
  • Votes 56

Needing some advice. Just as a preface, I have done many large developments, lots of SFR, master planned communities, etc. At the moment, my business partner and I are working on a 300 unit MF development with a $68 million total capitalization here in North Texas. At first, we were going to GC the project, bring in a KP to meet the net worth requirements of the loan and raise the equity, however, I am considering just working with an operator who has the net worth requires and can raise the equity themselves and just GC the construction and ask for a 5% GP.

Is this unreasonable to ask for? Looking for recommendations on operators that would be interested in working with me on this project to get it done. The project is shovel ready. All of the architecture, civil, and structural engineering is all complete and approved by the city. We're ready to go. Just need the funding. We're working with some investment bankers and hedge funds but nothing concrete just yet. 

Thanks you the help,

Joseph