In this episode, Jason Williams and Frank Patalano sit down with Julianne Peterson from Old Capital to break down what is really happening in today’s lending environment. They unpack how the market shifted after the bridge loan boom, why so many operators are feeling pressure, and what lenders are actually looking for now. This is a practical conversation for both new and experienced investors who want to understand how to structure deals that truly qualify in today’s climate.

Topics Covered

• The shift from easy bridge debt to tighter underwriting standards
• Why lenders now require GPs to bring their own capital into deals
• How net worth and liquidity requirements are calculated
• What post close liquidity really means and how to plan for it
• Why agency lending is more selective than ever
• The importance of having a roadmap before underwriting deals
• How to build the right sponsorship and lending relationships
• Current rate environment including SOFR, treasury spreads, and what may happen next
• Why partnerships and trust matter more than ever in multifamily

Quotes

• "Lenders are not going to do that anymore. They want to see that the general partners have an investment in this of their own money."
• "If you don’t do a roadmap, you have no idea. Before you start underwriting and getting excited, figure out what you’re worth."

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🎧 Connect with Frank:

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🎧 Connect with Julie

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In this episode of the Ironclad Underwriting Podcast, Jason Williams and co-host Frank Patalano break down one of the most misunderstood documents in commercial real estate: the Letter of Intent (LOI).

They unpack what an LOI is, how it differs from a Purchase and Sale Agreement (PSA), and why, even though it’s not legally binding, you should treat it like it is. From due diligence checklists to earnest money deposits, financing contingencies, and retreading in shifting markets, this episode is a masterclass in protecting both your deal and your reputation.

Topics Covered

• What an LOI really is-and what it’s not
• Key differences between an LOI and a PSA (Purchase & Sale Agreement)
• Why reputation matters more than legal technicalities
• Earnest money deposits: How much to offer and when it goes hard
• Due diligence timelines (30, 60, 90 days?)
• Financing contingencies and reasonable rate protections
• Retrading: When it’s acceptable and when it damages credibility
• “Money hard day one”, risks and market considerations
• Building a comprehensive due diligence checklist
• Lease audits and pet discrepancies
• Insurance loss runs and premium surprises
• Service agreements and auto-renewal traps
• Roof warranties and capital improvements
• Surveys, environmental reports, and title considerations
• LOI expiration dates and protecting your leverage
• Preventing sellers from negotiating with multiple buyers simultaneously
• Real-world examples of costly oversights in underwriting

Notable Quotes

• “Even though an LOI is not legally binding, your offer was accepted based on that. It’s your word. It’s your reputation.”
• “I treat LOIs as if they’re contracts, even though they’re not, because I value my reputation and I want people to value it as well.”

🎧 Connect with Jason:

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🎧 Connect with Frank:

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In this episode of Ironclad Underwriting, Jason Williams and co-host Frank wrap up The Cost of Vacancy series by tackling a critical question: when does it make more sense to keep a resident instead of turning a unit? They break down the real math behind renewals, concessions, and turnover costs while sharing real-world stories from managing multifamily properties across multiple markets. The conversation highlights how safety, tenant quality, and strong property management play a major role in retention and long-term cash flow.

Topics Covered

• Retention vs. turnover and how each impacts NOI
• The true cost of vacancy, make-ready, and lost rent
• When below-market rent can be the smarter financial move
• Concessions as a renewal strategy and when they backfire
• Occupancy thresholds and loss of pricing power below 90%
• How bad residents can push good tenants out
• Safety, community, and responsiveness as retention drivers
• Renewal rates, turnover KPIs, and what “healthy” looks like

Quotes

• “The cheapest unit to fill is the one that never went vacant.”
• “You lose almost all of your pricing power when occupancy drops below 90 percent.”

🎧 Connect with Jason:

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn