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Rental Financing For Investors with Caeli Ridge

SHOW SUMMARY:

Larry has been excited to interview Caeli Ridge for long time. Caeli Ridge is the president and CEO of Ridge Lending Group and a fellow real estate investor. She has spent around 20 years as a nationwide lender, loan officer, and real estate investor in both residential and commercial properties.

Caeli is also an established real estate investor. She has held up to 42 investment properties across the United States. She has worked with tens of thousands of RE investors and homeowners all over the country and has helped more families realise their dreams of homeownership as real estate investors than any other mortgage lender in the country.

Ridge Lending is the preferred lender for over four dozen investment networks nationwide.

SHOW HIGHLIGHTS:

  • About Ridge Lending Group
  • Who Caeli Ridge is
  • Having a comprehensive and diverse product line of loan products for investors
  • - The Golden tickets
  • - Specialty
  • - Short-term fix and flip money
  • - Commercial financing
  • What residential properties are
  • What their ideal borrower would look like
  • What happens when the borrower has exhausted their Fannie Freddie capability
  • Fix and flip type of loan
  • Refinances available for investment property:
  • - Rate-and-term refinances
  • - Cash-out refinances: delay cash-out and standard
  • Why it’s important to work with a lender that understands the details of non-owner occupied
  • Difference between the delayed CO refinance and the standard CO refinance on the BRRR methods
  • Commercial lending
  • How important having some experience is
  • Their process

Quotes:

  • “Your network is your net worth.”
  • “It is the leverage or the use of other people’s money that gives us the greatest rate of returns.”
  • “Lending on investment properties is like navigating a battleship in a creek.”

RESOURCES AND LINKS FROM THIS SHOW:

  • Ridge Lending Group
  • Email Address: info@ridgelendinggroup.com
  • Contact information: 855-747-4343

SHOW TRANSCRIPT:

Larry: Welcome to the Brain-Pic-A-Pro Show live from Lake Wylie, South Carolina. I’m Larry Goins. Thank you, guys, so much for watching. I really, really appreciate it. Please be sure and share, comment, give us some feedback. We really appreciate it, whether you’re watching or listening. It means a lot to us. It really does. We try to bring you some really, really, really good content, good information. You know, things that you can use, contacts you can use because your network is your net worth, and today is no exception. In fact, I gotta tell you, I’ve been really, really excited, as soon as I found out I was gonna interview our guest today, I’m like, man, I’ve been wanting to interview her for a long, long time, I’ve been wanting to pick her brain about different lending programs and whatnot, and she’s just a mover and a shaker, we’re in a Mastermind together, just a great person all around, and the best news is she’s got money and she wants to loan it to you, right? And please give a warm welcome to Caeli Ridge. Hey.

Caeli: Hey, Larry. So should I get an applause? This isn’t live, is it?

Larry: Wooh!

Caeli: Hi, everybody.

Larry: That’s awesome –

Caeli: Thank you for having me. I’m very happy to be here.

Larry: I’m really excited you’re here. If you don’t mind, would you start and just give our viewers and listeners a little bit of background about who is Caeli Ridge.

Caeli: You bet. So, I have kind of a sound bite, a little bit of rhetoric here I’ll share with you guys. So the company name is Ridge Lending Group. We are a second-generation company that focuses almost exclusively in the non-owner-occupied side of lending, though we’re fully functional, we do everything, you know, VA, FHA, owner-occupied, of course. Our special skill sets have really been carved out for investors and their lending needs. We’re licensed nationwide so we have a nice broad footprint in all the different markets that are producing the appropriate returns and those markets that our investors are interested in. I’ve been working with investors for a little over twenty-one years now, but probably the one thing that is unique about us, for me, in particular, is that I too am a real estate investor, so I’ve held lots and lots of properties all over the country, so, you know, I feel like that unique perspective I hope maybe adds a little bit of credibility, but more than that, I’ve tried very hard to leverage my experiences as an investor and a lender to help educate the real estate investor from a lender’s perspective. You know, I’m sure you’ll agree, there’s a lot of moving parts, right, in just real estate investing on its own, and I always say that you start to layer on the financing side of that and it exponentially increases that learning curve, but, it’s the leverage or use of other people’s money that gives us the greatest rate of return. So, for those reasons, I think that it’s just crucial for the individual to get some background information, have some definitions about what’s going on from the underwriter’s perspective, right? What are the qualification, requirements, how do I optimize these things, so if we have a value add, I would say that it’s education. Ridge Lending is probably known for the education piece that it provides for the investor.

Larry: Well, you know, I’m really glad you said that. I remember a while back, it’s been probably a year or two ago, I was asking all my friends in the Mastermind and people who were movers and shakers, you know, “Who’s the best lender I can send my buyers to to get financing for their rental properties?” and, beyond a shadow of a doubt, your name came up every single time. Every single time.

Caeli: That makes me happy.

Larry: Yeah. So I was really excited about that. That’s awesome. So, why don’t you tell our viewers and listeners a little bit about what kind of loan programs and whatnot that you have and who’s your ideal customer.

Caeli: Sure. I know that we’re not gonna be everything to everybody, but I’ve tried very hard to have a very comprehensive and diverse product line of loan products for investors, so there’s four prongs to this tool. The first is what we call the Golden Tickets. I think I might have coined that, although I plagiarized it from a Willy Wonka movie. The Golden Tickets is what we call them. This is the highest leverage at the lowest interest rate literally on the planet, these are the Fannie Mae-Freddie Mac loans, so we usually start by exhausting those first for residential properties, and, by definition, for those of you who might be new, residential property is single-family up to four units, so Fannie-Freddie first, then we move on to what we call specialties, some people might call them portfolio, they may call them non-QM. These products are very similar to the Fannie-Freddie loans. The differences are going to be interest rate will be higher and the guidelines might be a little less restrictive. These loans are generally used for those individuals that have either exhausted their Golden Tickets or maybe they can’t quite fit in to the more confining box of Fannie-Freddie guidelines. We call them specialty. So, conventional specialty. We also have some short-term fix-and-flip money for those that are not maybe holding their property as long and they’re looking for a quicker return, and then we’ll have some commercial financing for the five units and above. Now, I don’t wanna go too far down that route, but commercial financing does have an element that will allow cross-collateralization of residential properties into kind of one blanket of that commercial loan. I’m not a big fan of this, maybe if it’s interesting to you, we could talk about why, but we do have that product. And so I think that was your first question. What is our ideal, our profile borrower, is that what the other question was, Larry?

Larry: Right, exactly.

Caeli: Okay. Generally speaking, you know, it’s pretty diverse actually. I mean, we’ve got clients that are starting at twenty years old, sometimes even younger, where we’ve got, you know, parents that wanna get their kids into real estate investing really early, but, generally speaking, let’s say twenty-eight to sixty-five is the age demographic, I’d say, on average, and most of our clients have good, reliable W-2 income. Self-employed is fine as well, debt-to-income ratio is good, assets, liquid assets, even non-liquid assets are fairly substantial, and credit scores generally above the 720 mark. Now, those aren’t baseline requirements, you know? Inherently, everybody’s qualifications are gonna be a little bit different but that’s just sort of a baseline overview of what the general borrower we work with looks like.

Larry: Good, good, good. You mentioned a minute ago when you were talking about the Golden Ticket that once a borrower has exhausted their Fannie Mae capability, then you move on. Explain a little bit about that for the people who may not understand what you’re talking about.

Caeli: Sure. So, conventionally speaking, those Fannie-Freddie loans, there are ten of these per qualified individual. Again, most people will start by exhausting those ten first and, assuming they don’t wanna stop, they wanna keep purchasing and they want to use leverage to do it, they’ll be into our specialty products. So, for all intents and purposes, they’re gonna be very similar to the Fannie-Freddie, same leverage, 75, 80 percent, thirty-year fixed mortgages. Overall, basically the same criteria for qualifying with a little bit more flexibility. Lower credit scores are allowed. Short sale or foreclosure isn’t going to have the same timeline or restriction, but the basic difference for the individual to know about is gonna be the interest rate. So, as an example, let’s say, comparing apples to apples, the same criteria of loan characteristics, let’s say Fannie-Freddie is at 5.75, you can expect the specialty loan of the same characteristics to be at 6.5 up to 7 percent. In addition, I should also mention, Larry, that within the specialty products, there are also asset-based underwrites, so for those individuals, let’s say a self-employed person, he doesn’t wanna pay taxes, right, so their adjusted gross income is such that they can’t qualify for what is normally deemed [inaudible 0:07:58] so thirty-year fixed mortgage on the specialty side actually has a product where the asset-based underwrite is looking at the property exclusively, the debt-service ratio, which is a very simple calculation. On the debt-service side of the specialty products, we’re gonna take the gross rents divided by the PITI, principal, interests, taxes, and insurance, and within that division, if we get a 1.15 or greater, that property qualifies debt-service ratio, and the individual doesn’t need to show the tax returns or the income documentation, that’s an asset-based underwrite for a thirty-year fixed mortgage, so that’s kinda unique too as part of the specialty products.

Larry: That is great. That’s great. And you also do some fix-and-flip-type lending as well, correct?

Caeli: Yep.

Larry: Good.

Caeli: Expand on that?

Larry: If you’d like, yeah. absolutely.

Caeli: So, generally speaking, the fix and flip is going to be the lesser of the following calculation for determining the loan size. We’re either gonna go 80 percent LTC, which is loan to cost, right? Let’s say that the purchase price is $100,000 and the renovation or the fix up is $50,000. We’ll take the low $50,000 times 80 percent, or we’ll go 65 percent ARV, after-repair value, if we know that after you get all those, you know, the paint, the lipstick, whatever it might be, after that’s done and we expect a much higher appraise value, we’ll go 65% off the bat, or 80% off of the LTC, loan to cost.

Larry: I will imagine some of your borrowers actually they get the fix and flip loan and then once they get it fixed up, they got a tenant in it, then you do the refinance for ’em as well, right?

Caeli: I’m glad you said that. Yeah. So, it’s not uncommon that we’ll start with the fix and flip, right? We’ll get them some leverage to get some of the money for the renovation work. We get all that done, it’s a twelve-month interest-only product, no prepayment penalty, but once everything is finished, then we will take them over here into the long-term loan and do a refinance, a rate and term refinance, pay off that short-term fix and flip and replace it with the better interest rate thirty-year fixed loan. Yeah.

Larry: Good, good. Explain what the rate and term is for those that may not know.

Caeli: So when we’re talking about refinancing of an investment property, a non-owner-occupied, there are three refinances available. Conventionally, we’re talking about the long-term right now. The first is rate and term, as I described. It simply just means that we’re taking an existing mortgage and we’re replacing it with a new mortgage. Generally speaking, the replacement is going to be, let’s say that the existing mortgage is on an ARM, an adjustable rate mortgage, and they want it on fixed, so we replace the ARM with the fixed, that would be rate and term, the borrower’s not getting any cash back, for example. Or in our case, it’s an interest-only at a much higher interest rate for a shorter term of time. We’ll replace that with the thirty-year fixed. Both of those things will be rate and term. The other two of the three that I mentioned for refinancing of investment property are cash-out refinances. There is – they’re called delayed cash-out refi and standard cash-out refi. All three of these, just to reiterate, are conventional Fannie-Freddie loan products. Happy to detail the difference between delayed and standard, although it’s a little convoluted, I don’t know if you want me to go down that route at all for this conversation but you’re the boss, you tell me.

Larry: No, it’s whatever you feel like you would like to share. I know it’s really good stuff, and a lot of people – I mean, you’re kinda getting into what I’m assuming a lot of your clientele does is the BRRRR method, correct?

Caeli: Yes, yes, exactly right.

Larry: Yeah, explain that a little bit. I mean, I know people hear it here and there, but explain a little bit about the BRRRR method and then why it’s so important and how people use it and why it’s important to build a relationship with somebody like you to be able to continue to do this.

Caeli: Well, let me start with the last part first. Why it’s so important to work with a lender that really understands the details of non-owner-occupied. It’s crucial, really. I mean, non-owner-occupied lending, whether it’s conventional or fix and flip or specialty or any of the products that I mentioned, it’s not mainstream, and it’s taken me twenty plus years honestly to come up with the systemization and the workflow that we have and the team that I built, so I’ll give you a statistic. So, and I haven’t looked up 2017 yet, but for 2016, I think, and people might be surprised to know that of all the mortgage-backed securities, right? All the mortgages that were resold on the secondary market conventionally, were less than 3 percent were for non-owner-occupied. I mean, think about that. We’re talking about billions and trillions of dollars. Less than 3 percent of all of that was for residential non-owner-occupied, so it paints the picture or it makes my point. Very few bankers, loan officers, lenders really understand how to navigate, as I describe it, the battleship in a creek, okay? Think about that. That’s your visual. Lending on investment properties is like navigating a battleship in a creek. So, we’re very, very good at what we do in answer to that first question. So let’s go back to the education piece and the BRRRR method. I think what I’ll do, ’cause I know, I mean, I can be – we can be sitting here for hours.

Larry: I know, right.

Caeli: But so, I think what I’ll do, the most common format that most residential investors are currently occupying will be the delayed refi so what I’ll do is I will differentiate or define for everybody the difference between the delayed refi to cash-out refinance and the standard. The primary difference between these two is “seasoning,” okay? “Seasoning of ownership” on the property. Delayed, again, both of these are conventional mortgages, best coverage, lowest rates, delayed refi, cash-out refi, is built for speed and the standard cash-out refi is not. Okay, I’ll explain. So, the BRRRR method is people will go and purchase a property, right? Buy, rehab, rent, refi. I don’t know if it’s the right order, they said refi or maybe – yeah.

Larry: Repeat is the last one.

Caeli: Oh, is it repeat?

Larry: Repeat is the last one.

Caeli: I should be in there somewhere. Okay. And then repeat, okay. So, the delayed refi rules, to qualify for that, there’s no seasoning requirement. You can refinance at 75 percent of the ARV immediately, as soon as the property’s appraisal ready. The standard requires six-month ownership seasoning before 75 percent of the ARV is allowed. Now, there are some restrictions on the no seasoning. The first is that it has to be a cash acquisition, the individual sourced and seasoned funds, and that the entire acquisition cost, and I’ll define this, I’ll give you an example in a second, but the entire acquisition cost must be listed on the final settlement statement or what’s called now a CD, closing disclosure, in order to get it up to that much cashback. So let’s – an example, I think, is usually helpful for most people. So, we’re still on the delayed refi, let’s say that the purchase price of the property is $50,000, okay? And let’s say that the rehab or renovation is $25,000, and that we are going to get an appraisal of $100,000 when all is said and done. The delayed refi says we can go 75 percent of the $100,000, so now we have secured a loan for the individual at $75,000, minus the closing cost, that comes off the top, let’s say in our example the closing cost of our loans are $5,000, okay? So, $75,000 loan, $5,000 gets paid towards the closing costs, the remaining $70,000 goes back to the borrower, right? So they’ve got $75,000 all in and they ended up with $70,000 back in cash. When you do that division, I think it ends up being, what, a 92 percent leverage, 93 percent leverage? Pretty slick, man. But, the caveat to that is that the full $75,000 has to be listed as an initial acquisition cost on the final CD. A lot of times, people who are not familiar with this, they have a wrong step because they pay for the property, $50,000, but then the $25,000 renovation is paid for later, right? After they’re owners. And the rules specifically says you can’t get more back than what’s listed on that HUD so you gotta be real careful about having the total acquisition cost on that HUD. If you’re working with a turnkey, they know all these rules, they know exactly how to – Larry, I’m sure that you will be advising them appropriately, but if they do it the wrong way, they either have to take less cash back, half of their capital is gonna be tied up in the property, or they have to wait six months to get the rest of it. If they’re turning and burning, right, in the repeat, rinse, and repeat, and they wanna continue to do this, then they have to be real careful about setting it up right on the front end, and that’s where you come in, that’s where I come in to help advise. TMI, right? That was a lot of information.

Larry: It was great stuff. It really was. So the bottom line is you gotta include the rehab cost in your acquisition on the HUD.

Caeli: Correct.

Larry: Yeah.

Caeli: And I usually say HUD but any more people, you know, they don’t know what a HUD is anymore ’cause they keep changing.

Larry: Exactly. Exactly. Can you believe that? That’s the government for us.

Caeli: It kills me. Don’t get me started. Don’t get me started.

Larry: I know, right? I know, right. So that’s the delayed.

Caeli: That’s delayed.

Larry: Okay.

Caeli: The standard, forget all of that. Six months’ ownership, I don’t care what was on the HUD, I don’t care if you paid cash for it, none of that matters anymore. If you’ve got six months’ ownership, we’re gonna give you 75 percent of the ARV without any of those other restrictions. So, again, it boils down to speed. The terms of the loan, the interest rate, all of that is gonna be the same.

Larry: Oh, that’s good.

Caeli: Yeah.

Larry: That is good. That is good. Now, you do some commercial lending as well, right?

Caeli: Yes, sir.

Larry: Would you like to share a little bit about that?

Caeli: Sure. So, commercially, and I would say 15 percent of what we fund is for commercial properties. Our minimum loan size on commercial is $500,000. We can pretty much do anything, and then for those that don’t know a lot about commercial financing, it’s really more about the property than it is the individual, right? That kind of asset-based underwrite, the debt-service ratio.

Larry: Right.

Caeli: And the borrower, we wanna see some liquidity with our client. More often than not, it’s gonna be how the property stands on its own. I’ll give you some of the terms that you can generally expect for commercial. Usually, and Fannie-Freddie actually have a commercial product. I might come back to that. Generally speaking, though, commercial products are on a balloon feature. For those that don’t know what that means is that you’ll choose between a term, maybe five or ten years. Generally, people will take the ten-year, but it’s a balloon, so at the end of the ten years, you are either going to be cutting a check for the principal, the remaining principal balance, or you’re gonna refinance that loan and whatever the prevailing market products, rates, terms are, it’s not like an adjustable rate mortgage where the rate just adjusts, it’s a whole new thing. Prepayment penalties on commercial loans are pretty harsh. If you chose the ten-year balloon, for example, you can expect the prepayment penalty to be a 10 to 1 waterfall, meaning that to get out of this loan in the first of the ten years, you’re paying 10 percent on the outstanding principal balance and year 2 is 9 percent, and year 3 is 8, 7, 6, all the way up to 1, so they make – I mean, you’re incentivized to keep the loan, right? They don’t want you to get out of that loan. Interest rates are gonna be, right now, again, deal dependent, between 6 and 7 percent. Amortizations are hugely a bit shorter, twenty-, twenty-five-year amortization, so you lose a little bit of cash flow, but for the right property, commercial property, I think, you know, there are great products out there. Some people are trying to use the commercial product for residential properties. All of the elements that I just mentioned still apply, but the one thing that I really don’t agree with when we’re taking residential properties and cross-collateralizing multiple single-family to four-units in this one blanket loan, aside from everything else I just mentioned, is it becomes a very inflexible tool. So, if you’ve got five or six properties in this one blanket loan, and let’s say you wanna take one of them, do a cash-out refinance, or maybe you wanna do a 1031 exchange, right? In that example, you’d be forced to re-underwrite the entire loan to gain access to one of your properties, one of your assets, so I think there are better vehicles out there for investors that need financing. I’m not a big fan of the commercial for residential. Commercial for commercial is a different story. Yeah.

Larry: Good, good, good. You know, I’m on your website right now, some really good information, you got a lot of good, quality information here. Talks about the products and testimonials and I know a lot of these people. So, it’s really good stuff. It’s good stuff. I love it.

Caeli: Thanks, Larry.

Larry: I’m just looking through here. Man, I do know all these people. That’s awesome. I just saw Ron last week.

Caeli: Did you? Oh, you know what? At some point, if he gets to see this, then I need to give him a shout-out. No kidding, Ron Philips is one of my favorite people on the planet.

Larry: He’s a great guy.

Caeli: He’s such a great guy, and, you know, I don’t know that he knows this and I’m gonna have to tell him to watch now, he’s a mentor of mine, and I’ve kind of, you know, I operate in a largely male-dominated field, so I’m kind of a little isolated out here on my own so I haven’t had a lot of opportunities to find mentors out there and Ron has been one of those for me, so I very much appreciate him.

Larry: That’s really good. That’s really good. I’ll make sure he said that as well. That’s good stuff. He’s actually a mentor of mine. I consider him a mentor of mine. He and a couple of other guys actually came to my office and spent two days with me when I was restructuring some things in our business and gave me a lot of really good ideas and feedback to help me.

Caeli: I bet.

Larry: Yeah. Just a great guy. Great guy. So you’re dealing with the really good class of people, right?

Caeli: I am, yes. Yes. I’m lucky.

Larry: That’s awesome. That’s awesome. So, let’s see. Tell us a little bit about a lot of hard money lenders and a lot of people always think about hard money and private money, and a lot of those lenders, yeah, they say they’re hard money but they’re really asset-based plus they wanna qualify the borrower but they only wanna deal with borrowers that have done two or three or five deals in the past, right? Can you touch on that a little bit because you’re really, for your primary product, and I would assume a lot of it is the BRRRR, people doing the BRRRR method, right? And people buying turnkey properties and stuff like that. So, touch a little bit about on experience because I got a feeling you, you know, you can really help some people that may just be starting out or whatever.

Caeli: Yeah. So, you’re right. When we’re talking about commercial or the shorter term hard money, it’s generally a truth that whoever’s funding the deal wants the individual to have some experience and it’s a double-edged sword. How do you get the experience unless you can get the loan, right?

Larry: Right, right.

Caeli: So, you know, for us, I’m gonna focus on the short-term fix and flip. While it’s true that there’s gonna be a little extra scrutiny for us on the first, maybe even the second deal, beyond that, once we have a level of comfort with the individual and we do a lot of handholding, we kind of help guide them through some of the things that may not be – they may not be prepared for or know to expect, so because we’re so investor friendly, some of that comes along with the, you know, service. But maybe I’m not answering the question. Just that it’s true. Most lenders or bankers on the shorter term funds, they want the individual to have some experience, whereas that’s not necessarily true here but just to reiterate, we will probably have a little extra hoops they have to jump through on the first or second deal.

Larry: Sure, absolutely. But that’s also where your education piece comes in because you’re helping build your base by educating people and helping them through those first couple of deals and then they become experienced investors.

Caeli: Yeah. Yes. It takes the first one and the second one, yeah. And, you know, a lot of that comes from, too, Larry, is that I’ve survived, I’m sure as you have, a few downfalls in our industry, lending and housing, and as a result, I feel proud that I can be selective on the different groups that Ridge aligns itself with, so I know that the clients that are coming to us as referrals, et cetera, the turnkeys that they’re already working with or the groups that they’re already working with, are also doing some of that handholding and a lot of education, so I feel pretty comfortable with most of the people that come through our door.

Larry: That’s great. That is great. Could you give us like a little bit about the process, if somebody comes to your website, they’re, you know, they’ve got a deal they wanna fund, what’s kind of the process, the timeframe, that sort of thing?

Caeli: I’m glad you asked that, ’cause this is a little unique to us. Most people find that our up front prequal process is quite different than the way most bankers or lenders will do it. We have an exhaustive prequal. We call it the gauntlet of prequal.

Larry: I love it.

Caeli: The going joke, you know, people will probably, this is the one token mortgage joke that I have, we are asking for substantial amount of documentation, income, assets, all of that stuff, in addition to which we want them to supply us with a few vials of blood and some DNA samples. There’s my token mortgage joke. But, so, it breaks the ice. However, it’s gonna feel like that, so I always wanna set the expectation. I’m big on setting expectations, so what happens is that we will get a referral from maybe a turnkey or somebody finds us online, and they request our Getting Started package. They can do this on our website or they can – we can give it to them manually. The Getting Started package details all the next steps from prequal, checklist of items needed, the vials of blood and DNA, a few minor forms to fill out, but once they have supplied us with everything that we have requested, their file is assigned to our prequal department which is only about twenty-four hours turn time. The nice thing about front loading this, I find, and this is part of the trial and error over so many years, the systemization I referred to earlier. The nice thing about doing all of this prequal up front, two things. One, it’s a foregone conclusion. I know exactly how that individual is gonna get from here to here and there’s, you know, based on their goals, of course, without any question, right? We don’t have failed sales. Not based on the borrower, anyway.

Larry: Right.

Caeli: If he’s got issues, that’s another story, but foregone conclusion. The other nice thing is that, inherently, the non-owner-occupied investor or borrower isn’t just doing one deal. They’re doing a refi, two purchases, a 1031 exchange, so now that we have the template or the “bones,” like I call them, of their file, we don’t have to take them through the prequal gauntlet every single time. We simply refresh, right, outdated documents, pay stubs, bank statements, as we go along, so it’s really a one-time exhaustive process. If they can trust us and indulge us on that front end, it’s well worth it for everybody in the long run.

Larry: That’s really good. You know what, Caeli, this has been awesome. This is really, really good information here. Really appreciate you sharing this.

Caeli: You bet.

Larry: If somebody wanted to reach out to you to go through the gauntlet, you know, I mean, literally it’s great because they do that up front and then you have everything you need, it’s not like they’re gonna have to go through it again and again and again and again each time, right?

Caeli: And they stay with the same – so once they’re through prequal, I didn’t mention this, once they’re totally through prequal, they’re assigned to a senior loan processor team or pod and that’s who they stay with forever. I mean, most of my employees have been with me ten plus years, so that’s another thing is that there’s a relationship that gets built there, right? They know each other. They can pick up the phone and say, “Hey, Rachel,” or, “Hey, Laura, I need a preapproval letter for this deal I’m looking at,” and they’ll have it in five minutes, so, yeah, anyway, sorry, but how do you reach me, that’s what you asked, right?

Larry: Yeah, yeah, that’s great. I want people to reach out to you, you know, I mean, I know, you know, just like anybody, it’s not a fit for everybody, you know, but if people are needing funding and it’s something that you can help ’em with, I want them to reach out to you because I can’t tell people enough your name comes up over and over and over and over and people keep saying, “Where do I get money? Where do I get money?” Now that you’re watching this podcast, you know where to get money. That’s all you need.

Caeli: Okay, so to reach us, there’s a few ways. Toll free, 855-747-4343. An easy way to remember, 855-74-RIDGE is our toll-free. They can reach us online, www.ridgelendinggroup.com, or if they wanna send an e-mail, info@ridgelendinggroup.com. I’m on that distribution list so I will see it personally. Yeah, we’re very accessible.

Larry: That’s great. That’s great. I really appreciate the time and you’re not only looking for lenders but you’re looking for I’m assuming turnkey providers to work with, people who, you know, buy, fix, and flip, buy, fix, and rent, turnkey providers, all that stuff, you know, you build relationships with those because they’re just sources for you for loans as well, right?

Caeli: Yes, sir, yeah. We are the preferred lender for over eighteen dozen different turnkeys across the US.

Larry: Wow.

Caeli: Yeah.

Larry: That’s huge.

Caeli: Yeah.

Larry: That is –

Caeli: [inaudible 0:30:01] my butt, Larry. I pour it on, man, yeah.

Larry: Yeah, you’re busy. You’re busy. That’s great.

Caeli: Yeah, thanks.

Larry: Cool. Well, I’m really, really appreciating you taking the time to be on today. It’s been a lot of fun and been very, very educational and thanks a lot for sharing all the information about your loan programs.

Caeli: You bet. It’s been my pleasure. Thanks for having me.

Larry: Thanks a lot. Take care, everybody. Buh-bye.