Roofers come in varying degrees of expertise.  

@Jay Hinrichs@Chris Seveneythis is not my area of expertise but OP said "they don't refinance unless it's a LTR"i don't understand this. 

@Toby Fellowsno way - 100% no - hard pass.high risk low reward. 

BUT, when you “accept” business that has low profitability, takes an inordinate amount of time, is outside your area of expertise, or does not add to your reputation for expertise, you’re replacing highly profitable business that does add to your reputation as an expert and leads to more profitable business.

Based on your expertise which is the best Markets on the west coast for your lending criteria?

This thorough investigation helps identify potential red flags and ensures that the sponsor has the resources and expertise to execute the project successfully.Financial AnalysisExamine the sponsor's financial statements, funding sources, and capital structure to evaluate their financial health and stability.

Louis as you know can be very block by block and requires some inside expertise in order to ensure a profitable investment.

With your opinion and expertise, would you expect increases similar to this over the next 2 years?

Before proceeding, I am seeking your expertise to evaluate whether this investment opportunity aligns with sound financial considerations.

You "just" need to understand the risks and rewards and decide if that works for you.