Episodios

  • The Rain City Way: How a Lifestyle Lender Became a National Platform

    The Rain City Way: How a Lifestyle Lender Became a National Platform
    Mar 10 2026
    Fred Rea, Founder of Rain City Capital, and Ian Morell, Partner since 2013, join Kevin Kim to trace Rain City's path from courthouse-step hard money lending in Washington to becoming a national private lender. They discuss their early days funding foreclosure auctions, the decision during COVID to expand beyond the Pacific Northwest, and the push to access institutional capital through securitization. The conversation covers growth challenges, lessons learned in DSCR lending, culture-driven leadership, and how Rain City balances portfolio flexibility with scalable capital markets execution. Fred Rea is the Founder and President of Rain City Capital, one of the Pacific Northwest's leading private lenders — and an Inc. 5000 fastest-growing company two years in a row. Since founding Rain City in 2009, Fred has grown the firm from a regional hard money lender into a scaled lending platform, having now funded over $3 billion across thousands of transactions for real estate investors nationwide. With 20+ years in the mortgage industry, Fred brings rare hands-on perspective to the lending world — having personally flipped 50+ homes and developed 15+ ground-up construction projects. In 2024, he led Rain City through its first institutional securitization, a $200M milestone that cemented the company's position among the most sophisticated private lenders in the country. Beyond building Rain City, Fred is the host of the Good Nuggets podcast and the founder of Flip It Forward, a charitable initiative that donates fix-and-flip profits to community causes. He lives in Bothell, Washington with his wife and two children. -------- Ian Morell is a partner and Chief Revenue Officer at Rain City Capital, as well as the founder of Caliber Real Estate, which he successfully built into one of Washington's fastest-growing companies before its acquisition in 2020. With a lifelong passion for entrepreneurship and recognition as a former 40 Under 40 honoree, Ian's impact in the real estate and lending world is impressive, he has personally funded over $600 million in loans and manages a 200-door rental portfolio spanning Seattle, Nashville, and Austin. Bullet Points: [00:00:00] Introduction to Fred Rea and Ian Morrell of Rain City Capital. [00:02:26] Fred's start in hard money lending and early foreclosure auction experience. [00:03:45] Competing at the courthouse steps and the origins of their partnership. [00:06:43] Launching with a fund model and lessons from the 2008 crash. [00:10:00] COVID as the inflection point for national expansion. [00:11:14] From hyper-local lending to scaling beyond Washington and Oregon. [00:15:37] Early exposure to the secondary market and loan sales. [00:17:28] Balancing portfolio flexibility with institutional capital access. [00:21:17] Setting the goal to become a top 10 lender nationally. [00:22:44] Company culture: "Have fun and get it done" as a core operating philosophy. [00:26:38] Team growth from 25–30 employees to a nationwide footprint. [00:28:15] Staying focused on fix-and-flip as core business while expanding vertically. [00:33:17] Lessons learned from DSCR lending losses and underwriting discipline. [00:37:19] Advice for lenders entering DSCR: broker first and understand buyback risk. [00:41:41] Ground-up construction and ADU lending opportunities. [00:42:39] Entering securitization: preparation, roadshows, and operational demands. [00:52:42] Payoff speeds, portfolio management, and structural considerations in rated deals. [00:54:45] Market outlook for 2026: flat RTL, opportunity in DSCR and construction. [00:58:04] Expansion plans: broker channel growth, table funding, and California entry. [01:00:00] How brokers and borrowers can connect with Rain City Capital. Links: Learn more about Rain City Capital at https://raincitycapital.com Learn more about Fortra Law at: https://fortralaw.com Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at: https://fortralaw.com/lender-lounge-podcast/ Subscribe to the Fortra Law newsletter at: https://fortralaw.com/sign-up/ Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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    1 h y 1 m
  • S6E1 | Building The Future of Private Lending featuring Linda Hyde

    S6E1 | Building The Future of Private Lending featuring Linda Hyde
    Jan 13 2026
    Linda Hyde, President of the American Association of Private Lenders (AAPL), joins Kevin Kim to kick off Season 6 of Lender Lounge. In this episode, Linda shares her journey from leading a call center to spearheading one of the most influential organizations in private lending. She reflects on transforming AAPL from a niche "good old boys club" into a national platform for ethics, education, and advocacy in the industry. The conversation explores the association's evolution, grassroots legislative efforts, and its commitment to building a more inclusive, accountable private lending community. Linda also offers a behind-the-scenes look at AAPL's growth, upcoming initiatives, and her personal leadership philosophy. Linda Hyde serves as the President of the American Association of Private Lenders (AAPL), the nation's leading organization dedicated to supporting and advancing the private lending industry. With a deep commitment to professional standards, advocacy, and education, Linda brings a wealth of leadership experience and industry insight to her role. Under her guidance, AAPL continues to champion ethical practices, foster meaningful connections, and provide valuable resources to private lenders, brokers, and service providers nationwide. Her vision is centered on empowering members and promoting sustainable growth in the evolving landscape of private real estate finance. Bullet Points: [00:00:00] Introduction [00:01:06] Linda Hyde introduces her role as President of AAPL and her early days behind the scenes. [00:02:26] Record turnout at the 2025 AAPL Annual Conference and reflections on the event's growth. [00:03:59] How Linda took leadership and shifted AAPL away from exclusionary roots. [00:06:52] Emphasis on inclusivity and attracting a broad range of companies, from small shops to institutions. [00:08:34] Key turning point around 2015 as AAPL began offering education and certifications. [00:11:42] AAPL's year-round programming and expanded member resources beyond the annual event. [00:13:21] Importance of in-person connections at events and their role in shaping industry direction. [00:15:23] AAPL's formal ethics complaint process and how it protects the industry. [00:18:26] The ethics committee's philosophy on accountability and rehabilitation. [00:19:52] AAPL's grassroots approach to legislation and how it differs from lobbying. [00:21:35] Growing recognition of private lending's role in affordable housing by policymakers. [00:24:59] Balancing the needs of institutional players and emerging lenders within AAPL. [00:28:21] How Linda handles competing priorities and pressures from larger sponsors. [00:31:31] Linda's background running call centers and how those skills translated into AAPL leadership. [00:36:25] Linda's approach to learning the industry through observation and asking questions. [00:39:35] How new lenders and brokers can get involved with AAPL through writing, webinars, and committees. [00:41:09] Creation of the fraud committee in response to increasing concerns in the market. [00:43:11] Why AAPL declined to create or support a "blacklist" of industry participants. [00:46:08] The fraud committee's focus on providing tools and standards—not policing behavior. [00:47:31] Recognizing the community effort behind AAPL's growth and Linda's appreciation for her team. [00:50:50] Linda's perspective on the current market cycle and continued opportunity in private lending. [00:53:05] AAPL's plan to remain nimble and responsive in times of crisis. [00:54:17] How Fortra and AAPL partnered closely during COVID to support the industry. [00:56:44] Education and university partnerships as key initiatives for 2026. [00:57:40] A call for members to volunteer as educators and get more involved with AAPL. Links: Learn more about American Association of Private Lenders at: https://aaplonline.com/ Learn more about Geraci Law Firm at: https://www.geracilawfirm.com Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast Subscribe to the Fortra Law newsletter at https://www.fortralaw.com/sign-up Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)
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    59 m
  • 2025 in Review with Kevin Kim: Defaults, Discipline, and What Comes Next

    2025 in Review with Kevin Kim: Defaults, Discipline, and What Comes Next
    Dec 18 2025
    In this solo wrap-up episode, Kevin Kim reflects on key trends and challenges the private lending industry faced in 2025 while sharing predictions and recommendations for 2026. From increased borrower fraud and rising defaults in major markets to the growth of in-house servicing and securitization opportunities for independent lenders, Kevin explores how lenders can adapt to shifting conditions. He also emphasizes operational discipline, compliance, and technology adoption—including blockchain and AI—as essential strategies for staying competitive in the year ahead. Bullet Points: [00:00:00] 2025's winners, losers, and the rise of borrower and vendor fraud. [00:02:08] Regional default trends, with Texas, Florida, and Northeast hit hardest. [00:03:00] Securitization expands among independent lenders. [00:04:10] Expansion of verticals like wholesale, table funding, and servicing. [00:05:10] DSCR lending becomes a borrower retention tool. [00:06:00] Growth and risk in construction lending. [00:07:05] Secondary and tertiary markets see rising volume. [00:08:10] 2026 outlook: cautious Fed, ongoing fraud risk, and use of AI. [00:09:20] Increased adoption of in-house and third-party servicing. [00:10:00] Rise of blockchain and tokenization in private lending. [00:11:00] SEC regulatory shifts: finder's fees, private fund rules, and accredited investor definition. [00:12:10] Operational discipline: reporting, licensing, and compliance reminders. [00:13:25] Growth of wholesale programs and the need for licensing clarity. [00:14:20] Risks of automation: operational errors in document production. [00:15:00] FortraCon 2026 returns to the Cosmopolitan in Las Vegas. Links: Learn more about Geraci Law Firm at: https://www.geracilawfirm.com Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube
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    15 m
  • From Regulation to Resilience: How CMA Champions California Lenders

    From Regulation to Resilience: How CMA Champions California Lenders
    Nov 19 2025
    In this episode of Lender Lounge, host Kevin Kim sits down with Brad Laddusaw of SNL Capital Group and Brock VandenBerg of Talamar Financial for a dynamic discussion on the realities of private lending in California. Both guests bring unique perspectives—Brad as the President of the California Mortgage Association (CMA) and Brock as a seasoned fund manager. They explore topics such as the complexities of lending regulation in California, the role and value of CMA in advocacy and education, the evolution of loan products, and the importance of industry collaboration. The episode offers candid insights into the challenges, nuances, and opportunities in one of the country's most tightly regulated yet influential lending markets. Brad Laddusaw, CPA and CA DRE Broker, graduated CSUF in Accounting & Finance. He began at Ernst & Young, became VP Finance at a private lending firm, and in 2017 co-founded S&L Capital Group, providing asset-based bridge loans in California. He has underwritten $300M+ in trust deed investments and serves as President of the California Mortgage Association. Brock VandenBerg is President of TaliMar Financial and Fund manager for TaliMar Income Fund I. TaliMar Financial is a leading private lender funding residential and commercial bridge Fix and Flip, Bridge, and New Construction loans throughout California. Bullet Points: [00:00:00] Introduction [00:01:13] Guest introductions and lending model overviews. [00:03:22] SNL Capital Group's trustee-to-investor lending strategy. [00:05:30] Growth of Talamar Financial's mortgage fund and investor base. [00:06:21] Lending focus areas and geographical footprint for both guests. [00:08:56] California's regulatory environment and its national significance. [00:10:39] Overview and mission of the California Mortgage Association (CMA). [00:13:17] Fragmentation in private lending and differences in business models. [00:14:22] Perception and branding of "hard money" vs. asset-based lending. [00:16:34] CMA's diverse lender base and its value in bridging niche markets. [00:18:33] Importance of CMA for both California and national lenders. [00:19:05] CMA's relevance for mortgage brokers, brokers, and compliance staff. [00:20:49] California's dominance at national lending conferences. [00:22:39] Experience and knowledge-sharing among CMA's "old guard." [00:24:00] Educational value of CMA's legislative panel and private money basics. [00:25:31] Working relationship with California's DRE and regulatory transparency. [00:28:03] Importance of proactive compliance to avoid audits and exams. [00:29:43] Pros and cons of California's transparency vs. regulatory complexity. [00:31:43] Need for specialized legal counsel in California private lending. [00:32:25] Risk of regulatory non-compliance and misadvice from general counsel. [00:33:40] Misconceptions about CMA and expanding national relevance. [00:35:54] CMA's role in trend forecasting and regional market insights. [00:37:03] Ground-level issues in ADU projects and construction timelines. [00:39:09] Conservative underwriting as a safeguard in volatile markets. [00:40:13] Institutional shops' hesitation toward non-box-conforming loans. [00:41:48] Strategies for attracting new blood to CMA and growing membership. [00:42:50] Pop-up events and localized education as membership drivers. [00:43:31] Positive shift in CMA's atmosphere and member engagement. [00:46:35] Launch of CMA's Fund Manager Committee for peer discussion. [00:47:23] Opportunities for institutional involvement and education at CMA. [00:49:29] Importance of promoting CMA's advocacy wins and impact. [00:51:18] California's influence on national legislative trends in real estate. [00:52:50] Overview of CMA's Lobby Day and legislative engagement. [00:54:22] The importance of direct outreach to local legislators. [00:56:02] How listeners can get involved in CMA and advocacy efforts. Links: Learn more about SNL Capital Group at: https://snlcap.com/ Learn more about Talamar Financial at: https://www.talamarfinancial.com/ Learn more about Geraci Law Firm at: https://www.geracilawfirm.com Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube
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    1 h y 27 m
  • S5E11 | The Benefits of Balance Sheet Lending featuring Wes Carpenter

    S5E11 | The Benefits of Balance Sheet Lending featuring Wes Carpenter
    Oct 14 2025
    Wes Carpenter, Managing Partner at Stormfield Capital, joins Kevin Kim in this episode of Lender Lounge. With a background in multifamily investing and over a decade in private lending, Wes shares the unique story of building Stormfield into a contrarian, institutional-grade lender. Unlike many of its peers, Stormfield operates as a true balance sheet lender with no structural leverage or loan sales, holding over $750 million in AUM. Wes discusses the evolution from syndicating hard money deals to launching a fully audited, institutional fund, highlighting their focus on durability, disciplined underwriting, and investor-first principles. The conversation covers market shifts, the rise of securitization, and the long-term outlook for residential and commercial lending. Bullet Points: [00:00:00] Introduction [00:01:07] Wes Carpenter introduces Stormfield Capital and their lending strategy. [00:02:32] The firm's origin story and how it differs from other lenders. [00:04:24] From syndicating loans to launching their first fund in 2016. [00:07:06] Why Stormfield committed to being a balance sheet lender. [00:10:06] Avoiding correspondent lending in favor of business independence. [00:12:20] Wes's early background in multifamily and discovering bridge lending. [00:14:23] Strategic CRE lending only when risk is asymmetrical. [00:15:24] Borrower evolution from fix-and-flip to long-term investing. [00:17:18] Transitioning Stormfield into an institutional asset manager. [00:19:52] Staying unlevered and resisting the temptation of selling loans. [00:22:05] Building the fund with full audit and third-party admin from day one. [00:24:30] Avoiding structural leverage to ensure durability in down markets. [00:26:03] Stormfield's growth during periods of market dislocation. [00:28:14] Reaction to widespread leverage and securitization in the market. [00:31:03] Questioning if bond investors are being adequately compensated. [00:33:05] Disconnect between pension/endowment capital and direct originators. [00:34:04] Why RTL's short-term nature challenges traditional securitization. [00:36:57] SMAs may be a more viable path for institutional entry. [00:38:17] Recognition of self-originated securitizations gaining better pricing. [00:40:03] Stormfield's continued commitment to residential lending. [00:42:14] Reducing Florida exposure due to insurance and demographic shifts. [00:44:36] Stormfield's contrarian approach and resisting mainstream trends. [00:46:19] Declining DSCR offerings to stay focused on core strategy. [00:48:42] Gaining traction with endowments through early planning and access. [00:50:08] The hidden challenges and risks of institutional capital. [00:53:33] HNW investors provide stability compared to large institutions. [00:57:20] Wes's market outlook: multifamily trough and market reset. [01:00:59] The lack of permanent agency financing as a long-term concern. [01:01:06] Regional variations and pricing corrections in residential real estate. [01:02:09] Competitive pressure from aggressive lenders versus discipline. [01:02:09] Kiavi's real advantage is borrower experience, not just price. [01:04:34] Tech investment and borrower UX need more industry focus. Links: Learn more about Stormfield Capital at https://www.stormfieldcapital.com/ Learn more about Geraci Law Firm at https://www.geracilawfirm.com Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube
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    1 h y 12 m
  • S5E10 | From Fighting to Funding with "Sam" Sarkis Chivitchian

    S5E10 | From Fighting to Funding with "Sam" Sarkis Chivitchian
    Sep 16 2025

    "Sam" Sarkis Chivitchian is the founder and CEO of Secured Capital Lending, a direct private lending firm specializing in private money and hard money loan products — including fix and flip, construction loans, DSCR, commercial bridge, land loans, and asset-based financing.

    With over 20 years of experience in real estate and finance and more than 1,200+ transactions closed, Sam has become a recognized voice in the private lending industry. He frequently shares his expertise as a guest speaker at national conferences, podcasts, and industry events.

    Beyond lending, Sam is a real estate broker, fund manager, and active developer. Outside of work, he enjoys spending time with his wife and three children and coaching professional MMA fighters. Surprisingly Sam is a former UFC fighter and National Judo Champion, he brings the same discipline and focus to helping investors succeed.


    Bullet Points:

    [00:00:00] Introduction

    [00:01:05] Sam's introduction and early lending background.

    [00:02:15] Discovering private lending through a short sale flip.

    [00:03:25] Working at LBC and founding Secured Capital Lending.

    [00:05:34] How the industry changed from hard money to institutional lending.

    [00:07:54] The growing divide between residential and commercial lending shops.

    [00:08:57] Sam's one-stop-shop approach: hard money vs. private money.

    [00:10:45] Institutionalization's impact on loan structure and underwriting.

    [00:11:32] Early experience selling loans and market shifts in 2020.

    [00:13:15] Thriving during COVID through investor-based lending.

    [00:15:18] Value of asset-based lending during periods of market dislocation.

    [00:16:06] Addressing gaps in institutional credit boxes with common-sense loans.

    [00:17:30] Launching Secured Capital from scratch.

    [00:18:13] Lessons in leadership and scaling slowly.

    [00:20:47] Keeping the team small, focusing on efficiency and quality.

    [00:22:40] Balancing origination, funding, and development ventures.

    [00:23:45] Learning from the 2008 crash and growing organically.

    [00:25:56] Sam's martial arts background and transition from UFC to lending.

    [00:28:57] Retiring from professional MMA and starting a real estate career.

    [00:30:45] How martial arts training shaped Sam's business mindset.

    [00:32:43] Why discipline, resilience, and team dynamics matter in lending.

    [00:34:31] Business parallels between sports competition and lending.

    [00:36:32] Importance of networking, humility, and playing the long game.

    [00:38:57] Advice for new market entrants and why passion is essential.

    [00:40:55] The risk of 100% financing models and chasing yield.

    [00:42:33] Transitioning to balance sheet lending and fund management.

    [00:45:42] Choosing an LPGP fund structure to expand investor access.

    [00:48:27] Using capital variety to match each loan to the right strategy.

    [00:50:34] Thoughts on the current market: volatility, corrections, and inflation.

    [00:53:35] Why short-term market pain could be healthy for the industry.

    [00:54:38] Commercial real estate's comeback and new opportunities.

    [00:56:17] Shifting to more commercial loans at Secured Capital Lending.

    [00:57:48] Concerns about oversaturation and new entrants in California.

    [01:00:16] Why quality execution will define success over the next five years.

    [01:03:11] Caution against extreme lending models and risky strategies.

    [01:04:22] Sam's closing thoughts on building the right way and long-term vision.


    Links:

    Learn more about Secured Capital Lending at https://securedcaplending.com/

    Learn more about Geraci Law Firm at https://www.geracilawfirm.com

    Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast

    Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up

    Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube
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    1 h y 6 m
  • S5E9 | Wall Street Wisdom: Insights From Charlie Woo

    S5E9 | Wall Street Wisdom: Insights From Charlie Woo
    Jul 22 2025
    Charlie Woo, President of Fidelity Bancorp Funding, joins Kevin Kim in this episode of Lender Lounge. With a deep background in investment banking and a pivotal role in past industry-shaping transactions, Charlie shares why he moved from Wall Street to private lending. Fidelity Bridge Loans focuses on small-balance bridge loans for commercial real estate with an emphasis on multifamily and business-purpose residential properties. Charlie discusses the firm's strategic balance between retail and institutional capital, their selective growth into DSCR and construction lending, and the evolving role of capital markets in the sector. The conversation also addresses underwriting discipline, the impact of rising rates, and Fidelity's vision for long-term, flexible growth. Bullet Points: [00:00:00] Charlie introduces himself and her transition from investment banking to Fidelity Bancorp Funding. [00:02:04] Overview of Fidelity's focus on small-balance commercial and multifamily bridge lending. [00:03:33] Evolution of Fidelity from a mortgage brokerage to a private lender with its own fund. [00:04:36] Market shifts driving demand toward multifamily and residential investor deals. [00:05:11] Impact of tariffs and bifurcation in the industrial market. [00:06:52] Charlie's unique entry into private lending after advising M&A deals in the industry. [00:08:52] The firm's focus on building long-term permanence with diversified capital sources. [00:09:48] Trade-offs between staying independent versus private equity buyouts. [00:13:59] Introducing institutional flavor while retaining retail investor priority. [00:15:55] Institutional interest in small-balance commercial lending and originator challenges. [00:20:53] Underwriting approach: asset coverage and borrower strength. [00:24:50] The role of banks today and why private lenders are stepping into bridge loan spaces. [00:28:16] Big banks showing interest in RTL loans and securitization trends. [00:29:23] Expansion into DSCR products for small multifamily and term lending. [00:32:25] Market potential and hesitation around institutional DSCR lending for larger multifamily. [00:33:51] Charlie's Wall Street roots and transition through Genesis and Anchor deals. [00:38:24] Reflections on M&A deals like Anchor, and why Fidelity is choosing independence. [00:44:03] Seeking long-term institutional partners without compromising business model flexibility. [00:52:43] Expansion plans targeting Texas and Pacific Northwest with prudent hiring. [00:56:30] Upcoming entry into ground-up construction and build-to-rent lending. [00:57:43] Outlook on commercial real estate recovery and underwriting discipline. Links: Learn more about Fidelity Bancorp Funding at https://www.fbfloans.com/ Learn more about Geraci Law Firm at https://www.geracilawfirm.com Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up Follow Lender Lounge with Kevin Kim on LinkedIn and YouTube
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    1 h y 4 m
  • S5E8 | The (Unofficial) Roast of Kevin Kim

    S5E8 | The (Unofficial) Roast of Kevin Kim
    Jun 26 2025

    In this special pre-Captivate episode of Lender Lounge, Fortra Law Partners Kevin Kim, Jennifer Young, and Nema Daghbandan trade industry insights, leadership philosophies, and plenty of jabs in a no-holds-barred "roast" of their own. Set against the backdrop of Captivate 2025, this episode blends serious economic forecasting with personal stories from the trio's time building Fortra Law. From market expansion and DSCR strategies to parenting styles, grumpiness, and what it means to be a good older sibling (or not), the episode gives listeners an unfiltered, funny, and refreshingly honest look behind the scenes. Whether you're here for private lending predictions or to find out why Kevin doesn't say "good morning," this one's not to be missed.
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    1 h y 28 m