It is odd though, seems like the bank attorney’s made a mistake, they write the judgment, that they didn’t get the full amount, plus fees, etc. 

Read, listen to podcasts, ask questions, read some more, make some mistakes, and learn and grow!

The only reason I'm bringing this up is a big mistake first-time syndicators make is going off of verbal commitments without an actual deal in hand.

Don’t make that rookie mistake !

You have experience, have ironed out your mistakes, and have a couple of contractor teams ready to work.Year 2: you begin leveraging yourself a little more but get great terms due to experience, reserves, and low LTV. 

Or it was just a mistake of not having enough cap ex set aside?

This will fast track your learning curve and keep you from making mistakes trying to do these things yourself. 

Learn from other people’s mistakes.  

Don’t mistake this to assume the market won’t go down.

Looking back, it was a mistake.