Old Capital Multifamily Conference 2018 at AT&T Stadium

Over 650 multifamily investors attended the 2018 Old Capital Multifamily Conference at AT&T Stadium on September 13, 2018. 

Testimonials from the event:

 “That was the most exciting and well executed conference I've attended in 42 years in the business.”

“I believe I have been able to add several new people to my team and greatly expand my network. The number one reason I attend the conference is for the networking but, I'm never disappointed in the educational component. You guys are absolutely freaking amazing. Don't stop don't ever stop.”

“The venue was amazing, the networking was solid and the speakers were all great! Well-planned event.”

“You guys crushed it! Best venue by far.”

“It was a huge success and we had a great time! World class delivery!”

“Overall experience was excellent, great content and even better networking. A lot of quality leads and conversations”

“The event was a home run!”

The conference was kicked off by James Eng and Paul Peebles of Old Capital. 


 Fannie Mae leaders (Bill Iacobucci and Mike Metzer) shared their thoughts on the 4 major Texas markets:

B05_4317 (1).jpg

Greg Willett of RealPage gave his insights into the DFW market:


Listing broker panel (Nick Fluellen, Taylor Snoody, Al Silva, and Jakob Andersen) moderated by Michael Becker:


Lender panel ( Fritz Waldvogel, Jason Hull, Tony Spaeth, Robert Cannaday, Ronen Abergel) moderated by Paul Peebles:


Speed Networking:

Speed Networking_2018 conference.jpg

GP Presentations (Lane Beene, Ken Yue, Bonnie Staples, and JC Castillo)


Keynote done by Super Bowl MVP Roger Staubach:


Thank you to everyone who came out and look forward to seeing everyone in 2019!

Presentations from the event can be downloaded here:


Pictures can be downloaded here:



Old Capital Speaker Series: Steve Brown

Over 200 multifamily investors came to the Old Capital Speaker Series with Steve Brown on August 1st, 2018 at the Grapevine Convention Center.  Steve shared his insights on the current commercial real estate market in DFW.  He has been the real estate editor for the Dallas Morning News since the 1980s so he has seen a few cycles. 

Steve Brown Speaker Series.jpg


Some of the key takeaways from the presentation for me:

1)      It is all about jobs.  DFW added 122,000 new jobs year over year through May 2018.  1st in the nation.  As companies relocate and jobs continue to enter DFW, every commercial real estate sector improves. 

2)      Jobs lead to population growth.  147,000 new people came to DFW in 2017.  They are coming from Chicago, LA, NY for the jobs and lower cost of living.

3)      Single family homes- In 2006 and 2007, DFW was building 50,000 homes per year.  In 2018, there will be 35,000 homes built.  As the cost of money (interest rates), land, labor continues to increase, the development has pushed further and further outside of DFW suburbs to hit new home pricing under $300,000.  As demographics shift and people are getting married later and having kids later, people are staying in multifamily properties longer.               

4)      DFW has the most new supply in the country in terms of multifamily units over 30,000, which is not enough to house all of the people moving to DFW.  However, the new development is concentrated in the wrong place (North Dallas, Frisco) and wrong price ($2-$3/sf/month rents).  Class A DFW multifamily in these concentrated submarkets are experiencing negative rent growth in order to maintain occupancy.  Class B and C properties are still seeing 2-3% rent growth depending on the submarket. 

Thank you to all the investors who attended, and if were not able to make it you can catch the video replay at the Old Capital Facebook page:  https://www.facebook.com/OldCapitalLending/

Old Capital’s next event will be our annual Multifamily Conference on Thursday September 13th at AT&T Stadium: https://www.eventbrite.com/e/old-capital-multifamily-conference-get-in-the-game-tickets-43198819833

How to win a DFW Multifamily Deal in 2018

Toscana Apartments Closed January 2018

Over 40 DFW multifamily deals have been listed in Q1 2018, and most have been getting under contract in the last month. I wanted to share the top 7 things that are separating the winning bids from all the “2nd place” bids this year.

1)     Pricing- Most deals do not have a listed price, but the listing broker typically has a “whisper price” that they are trying to target. There are 2 schools of thought:

a.      Some brokers start with a low whisper price to get interest from as many buyers as possible, but then end up going through multiple best and final offers to drive the contract price above the whisper price. 

b.     Other brokers start with a higher whisper price and expect potential buyers to be at or near that higher whisper price in their initial LOI. Buyers feel they are getting a “deal” as it is below the initial whisper price.

A strong price in the LOI is needed to get you into best and final, but the other items below often determine who actually wins the deal as the final bidders are typically separated by less than $50,000.

2)     Hard Money- In DFW multifamily, non-refundable earnest money has become the norm. Most successful buyers in today’s market deposit 1-2% of the purchase price with the title company at execution of the purchase and sale agreement, and then deposit another 1-2% of the purchase price after the due diligence period, which is typically 14-21 days after the purchase and sale agreement has been executed.

A couple recent transactions: 160 unit Class C deal needed $100K Day 1, 120 unit Class C deal needed $200K Day 1, 200 unit Class B deal needed $500K Day 1. 

3)     Days to Close- 60 days is standard in today’s market, especially with Fannie and Freddie Agency loans taking approximately 45 days to close. If you can close in less than 30 days with bank financing or all-cash, the seller might be interested in taking a slightly lower price.

4)     Debt Term Sheet- The most competitive buyers in today’s market are submitting loan term sheets with their LOI’s. The strongest buyers may have experience closing with the Lender that has provided the term sheet, experience closing with the mortgage broker they are working with, or have completed loans like the one outlined in the term sheet they present (ie, if they are attaching a Fannie Mae or Freddie Mac term sheet to the LOI, they have experience closing with Fannie or Freddie). Ideally the lender and/or mortgage broker has also already walked the property.

The more comfortable the listing broker and seller are with your financing, the more likely they are to choose you as the buyer.

5)     Source of Equity - The Seller and Listing broker need to be comfortable with your ability to raise the equity in the next 45 to 60 days to close the transaction. If you are syndicating the equity, what is your track record of syndicating these types of transactions of the past? If this is a 1031, can you show proof of the 1031 funds sitting in an account with a 1031 exchange facilitator? If you cannot raise the equity, do the key principals have enough liquidity to close the transaction with their own cash? 

Strong buyers are showing proof of funds (bank statements) greater than the down payment necessary to close the transaction.

6)     Multifamily Transaction record- The most competitive buyers have experience closing with seller, the listing broker and/or in the market.

As a seller, you learn a lot about a buyer going through a 60 day acquisition. Buyers start to get a reputation for how they conduct business, and if a seller has a positive experience with a buyer they might buy multiple deals from the same seller based on one successful transaction.

Listing brokers favor buyers that have listed properties with them in the past or have future properties that they can list for sale. If you have a property coming on the market in the next 3-6 months, it doesn’t hurt to mention that to the listing broker.

Buyers who already own in the market have a distinct advantage as lenders prefer buyers who already own in the market, and listing brokers will most likely be aware of the properties they own.

If the buyer has been unable to close on a deal in the past, they need to be able to explain why they will be able to close on this deal.   

7)     Upfront Due Diligence - The most competitive buyers have already done extensive due diligence by the time they submit their LOI. They have a detailed year one budget and CapEx plan, all decision makers have walked the property and they have engaged the 3rd party management company that will manage the asset. In some cases, the seller might interview the final bidders and it shows you are well prepared to qualify for the loan and can raise the equity if you can articulate your business plan and team members.

These are the top 7 things that you need to consider before making an offer on a multifamily deal here in DFW. Old Capital finances 1 out of every 3 Class B and C class multifamily in DFW so whether you need a debt quote or have a question about one of these 7 items, please reach out to me at: jeng@oldcapitallending.com or 214-300-5035. 

Old Capital Speaker Series: Mark Dotzour

Over 450 multifamily investors attended the Old Capital Speaker Series presentation on March 28th at the Grapevine Convention Center. Mark Dotzour, one of the top economist on the Texas economy, delivered a presentation titled “Clear Sailing Ahead”.    

Dotzour 2018_1.jpg


Below are a couple takeaways from the event:

1)      Current expansion is 105 months (June 2009-March 2018), which is the 3rd longest ever.  Longest was 120 months (March 1991-March 2001) and 2nd longest was 106 months (Feb 1961-Dec 1969). 

2)      States with the most employment growth in 21st Century: Texas (+2.7MM jobs), California (+2.0MM), and Florida (+1.8MM). States with least: Michigan (-377K), Ohio (-125K), Illinois (-56K).

3)      Reasons why expansion will continue:

a.       Consumers’ confidence is high and they are spending money again

b.      Household net worth is all time high at close to $1Trilion

c.       Small businesses and large corporate employers are looking to expand and plan on hiring

d.      Over 5.8MM job openings in US with unemployment at 4%.

4)      Threats to US expansion:

a.       Short term interest rates (federal funds rate currently 1.50%) increase too fast and end up higher than 10 year treasury (currently 2.80%). 

b.      Long term interest rates increase due to higher inflation due to higher oil prices, US budget deficit spending for infrastructure, cost increases due to labor shortage 

If you would like the slides from the event, please e-mail James Eng at Jeng@oldcapitallending.com

Registration for our next event below:

Old Capital Multifamily Conference at AT&T Stadium on September 13th:


Old Capital Speaker Series: Q1 2018 Multifamily Outlook

Over 300 multifamily investors attended the Old Capital Speaker Series presentation on February 15th at the Grapevine Convention Center.  Speakers covered the 2018 multifamily outlook for DFW and implications of Trump’s new tax bill. 

Speakers included:

David Kahn- Costar Group

Mark Patten – McKinnon Patten & Associates

David Kahn

David Kahn

Takeaways from the event:

1)      DFW Employment growth still double the US Average with major corporate expansion and relocations leading the way. 

2)      Industrial sector (logistics) absorption very strong since 2014, which is driving demand of B &C class multifamily

3)      DFW still affordable: Home Value to Median income in DFW averages about 3 compared to national average of 4 with California ratio of 8-10

4)      Rent growth in DFW average 2.7% in 2017 and is expected to be 2%-3% in 2018 and 2019.  Class B and C closer to 4-5% vs. Class A in near 2%.

5)      DFW Class A vacancy of 10% vs. 6% for Class B & C.

6)      DFW cap rates: Class A at 5%, Class B at 6% and Class C at 7%

If you would like the slides from the event, please e-mail James Eng at Jeng@oldcapitallending.com

Registrations for our upcoming events are below:

Mark Dotzour at Grapevine Convention Center on March 28th:


Old Capital Multifamily Conference at AT&T Stadium on September 13th:


Old Capital Multifamily Conference Recap

Over 450 multifamily investors attended the Old Capital Multifamily Conference on October 5th in Dallas, TX.  The conference featured panels with listing brokers, property management companies, lenders, and owners.  The conference concluded with a keynote from Navy Seal Robert O’Neill. 

Comments from attendees:

 “Best real estate meeting/conference I've ever been to by a longshot.  Being out in CA, but wanting to invest in DFW regions, this was really worth the effort and expense.”

“Old Capital puts on the best events – events that are fun, interesting, educational, and with great networking opportunities.  I really commend you guys for giving back to the industry that continues to give all of us so much!”

“Highest yield networking event I have ever attended. As an Out of state investor interested in DFW, it was worth every penny and then some.”

“The keynote speaker was fantastic, and I think the whole thing went really well – what a success for the first year!  Looking forward to many years to come.”

“The Best Networking Event in the last several years - hands down!”

See pictures below:

Listing Broker Panel

Listing Broker Panel

Listing Brokers on stage

Listing Brokers on stage

Property Management Panel

Property Management Panel

Lender Panel

Lender Panel

Owners Panel

Owners Panel

Robert O'Neill on stage

Robert O'Neill on stage

Thank you to our sponsors and speakers.  If you would like to receive the slides from this event or inquire about attending next year’s event, please reach out to James Eng at jeng@oldcapitallending.com or 214-300-5035.

Impact of Rising Interest Rates on Multifamily Values

The obvious and immediate impact of rising interest rates are:

1)      Increase borrowing cost for investors.  Post-election the 10 year treasury increased 60bps from 1.75%-2.35%, which increased borrowing costs from 4.40% to 5.00% on a typical 10 year loan.

2)      Decreased leverage as loan proceeds are typically maxed out at 1.25x debt service coverage.  Most Fannie Mae loans do not lock an interest rate until a week before closing.  Due to higher debt service, loans originally sized at 80% LTV were cut back to 75% LTV.     

Both of these changes drive investor returns lower as 75-80% of their capital stack (debt) is more expensive, and a larger percentage of their capital stack is coming from equity.

If these were the only factors of multifamily valuations, then higher interest rates would lead to lower multifamily values in 2017.  However, we have to understand the underlying causes of the interest rate increases to better gauge how valuations will be impacted.

Why did interest rates move upwards in Q4 2016?

President elect Trump has promised tax cuts and higher infrastructure spending.  Both of these items are going to increase inflation so bond investors demanded a higher yield on the 10 year treasury, which drove the yield up 60 bps.

Let’s look at how the underlying causes of the interest rate increases might raise the value of multifamily properties:

1) Infrastructure spending leads to more jobs, which leads to higher demand for housing and thus higher rent and occupancy.

2) Tax cuts leads to more investment dollars available, which leads to higher demand for multifamily properties and thus Lower cap rates.

As you can see the immediate impact of rising interest rates negatively impacts values through higher borrowing costs and decreased leverage, but the underlying causes of these interest rate increases might benefit multifamily valuations in the long term through more jobs and more investment dollars available for multifamily properties. 

It is hard to say whether multifamily values will continue to rise in 2017, but one thing is clear that as multifamily investments continue to generate cash on cash annual returns of 8-10% the demand for these investments will continue to be strong due to their 2x-3x return relative to other asset types.

If you have any questions about your next refinance or acquisition, please contact James Eng at 214-300-5035 or jeng@oldcapitallending.com.

Recent news:

Fannie and Freddie continue to lend in today’s environment:


Multifamily Financing: Matching Your Debt with your Investment Strategy

By: James Eng, Senior Director Old Capital 

Begin with the end in mind.  How are you going to exit your investment?  What challenges will your buyer encounter when you sell the property?  If there is a market downturn, does your debt allow you to ride out the storm?

This article will look at three investment strategies and the ideal debt for each strategy.

Value Add- Fix, Lease Up, Sale/Refinance. Investment horizon: 2-3 Years

Property needs a capital infusion to cure deferred maintenance, change the tenant profile, and bring down units to market.  These will not qualify for conventional agency financing due to low occupancy and large amount of rehab needed. 


A bridge loan will work well with this type of acquisition, as the lender will give you rehab dollars to bring the property up to market.  Typical terms are: 75% Loan-to-cost, 5 year fixed, 4.50-5.00%, 20-25 year amortization, and recourse under $5MM in loan amount.  Benefits of this loan are you can roll a large amount of rehab into the loan and have no or a small prepayment penalty once the asset is stabilized.  Disadvantage of a bridge loan is that at the end of your loan term, there is balloon payment where the entire principal balance is due.  If the financing market is not as liquid as it is in today’s market, it might be difficult for you to sale or refinance the property.  In order to avoid the balloon, some bridge lenders allow you to have a fully amortizing loan by allowing you to float the interest rate after the initial fixed rate of the loan.

Yield Play- Limited deferred maintenance, improve operations. Investment horizon: 7-10 Years

Property is above 90% occupancy, no large capital projects are needed, and tenant profile is where you want it. 


Agency loan (Fannie Mae or Freddie Mac) works well with this type of acquisition, as you can fix the interest rate for 5, 7, 10, or 12 years with 30 year amortization and the loan is non-recourse at interest rates of 4.25%-4.75%.  In addition to very favorable terms upfront, if the value improves significantly in the first 2-3 years of your ownership there is an opportunity to take additional debt through a supplemental loan.  Disadvantage of these long term loans are if you decide to sale the property, the new buyer will have to assume your loan or you will have to pay a very large prepayment penalty called Yield Maintenance.

Hybrid- Well occupied, but upside available through light capital improvements (under $5,000/unit). Investment horizon 5-10 years.


In this scenario, you have 2 options: Bridge loan or agency loan. 

Bridge loan brings more risk as it is recourse (under $5MM loan amount) and has a loan term of only 5 years, but there is no limited prepayment penalty when you exit or refinance. 

Agency loan is less risky as it is non-recourse ($1MM or above), locks in the interest rate for up to 12 years, and gives you the option of a supplemental loan, but there is a large prepayment penalty if you sale the property early in the loan term.  If you do not want to pay the prepayment penalty, the buyer can assume the loan, but they will be capped at 75% LTC and typically not get as much interest only.  Due to the challenges of an assumption you have to sale the property at a discount compared to offering it free and clear.

As you can see there are many things to consider when matching your debt with your investment strategy on your next multifamily acquisition, Old Capital provides multifamily debt for all 3 investment scenarios and can be your advisor on your next deal.  If you have any questions about your next refinance or acquisition, please contact James Eng at 214-300-5035 or jeng@oldcapitallending.com.

DFW Multifamily: Class A vs. B vs. C – Submarkets, Amenities, Tenant Base, Lenders

By: James Eng, Senior Director Old Capital

What determines if a multifamily is a Class A or B or C?  Is it the location, the year built, the property and unit amenities, the building characteristics, tenant base, etc..?  In this article, I am going to walk through what makes determines what class a property is, what they are trading for in today’s market in DFW, and who is lending on each type of property. 

Class A

Typical submarkets: Uptown, East Dallas, Plano, Frisco, McKinney

Year built: Late 1990’s-Present

Amenities: Structured or garage parking, gated, pool, clubhouse, fitness center, 9 ft ceilings, stainless steel appliances, faux wood flooring, granite counter tops, 2 inch blinds, and tile back splash


Building characteristics:  Pitched roof, individual HVAC and water heater, and washer/dryer connections. Avg. SF of units 900-1,100 SF.

Typical tenants: White Collar professionals earning over $75,000

Sales price per unit: $125,000-$200,000

Rents $1.50/sf/month-$3.00/sf/month

Lenders: Non-recourse financing at very low rates (under 4.00%) is available for these properties as life insurance, agency, and local banks have no problem lending on Class A properties as they are very stable.

Class B


Typical submarkets: Richardson, Carrollton, Irving

Year built: 1980’s-1990’s

Amenities: Covered parking, gated, pool, clubhouse, fitness center, 8 or 9 ft ceilings, black appliances, faux wood flooring, refinished countertops

Building characteristics:  Pitched roof, mostly brick exterior, individual HVAC, boiler or individual water heater, and washer/dryer connections. Avg. SF of units 800-1,000 SF.


Typical tenants: Blue/White Collar professionals earning over $50,000 annually

Sales price per unit: $65,000-$95,000

Rents $1.10/sf/month-$1.25/sf/month

Lenders: Non-recourse financing at rates near 4.50%-5.00% is available for these properties as agency and local banks are comfortable lending on Class B properties.

Class C

Typical submarkets: Garland, Irving, Arlington

Year of construction: 1960’s-1970’s

Amenities: Surface parking, no perimeter fencing, no clubhouse and very small leasing office, 8 ft ceilings, white appliances, carpet, 1 inch blinds, laundry rooms


Building characteristics:  Flat roof, Chiller for HVAC, Boiler, No washer/dryer connections. Avg. SF of units 600-800 SF.

Typical tenants: Blue Collar supporting service industry earning $30,000-50,000 annually

Sales price per unit: $40,000-$65,000

Rents $0.90/sf/month-$1.10/sf/month

Lenders: Non-recourse financing available for experienced owners through agencies and CMBS.  Recourse financing through local banks for inexperienced owners.

Most properties do not have all the characteristics listed in each class.  As an investor, you have to look at all the components together and decide what class the property currently is and what it can become.  Some aspects of a property you cannot change, but other things you can improve to take a property from one class to the next. 

I help investors in all 3 classes of multifamily on the lending or equity side of the transaction.  I can be reached at 214-300-5035 or you can send me an e-mail at jeng@oldcapitallending.com.

3 Ways to Invest in Multifamily

By: James Eng, Senior Director Old Capital 

After deciding that you want to become a multifamily investor, the next decision you have to make is how you are going to actually invest in multifamily properties.  The 3 most common ways of investing are: Independent rental owner, lead partner/general partner, or limited partner.  Each of these ways of investing has its advantages and disadvantages.  Depending on your current personal balance sheet and current job, will determine which of these ways will be the most beneficial for you.

Independent rental owner: Individual with strong balance sheet looking to own their own properties without partners


  • Ability to control investment and make decisions based on your personal situation
  • No general partners or limited partners to answer to
  • Ability to roll capital gains from one investment to the next utilizing a 1031 exchange


  • Depending on amount of capital, might not be able to acquire enough units to leverage full economies of scale
  • Must sign as guarantor on loan
  • Must find, negotiate, close, and manage the property
  • Concentrated risk in a small number of properties
  • Must spend time learning to be asset manager/property manager

Example: Doctor purchases 25 unit property for $1MM.  He invests $250K as a down payment and takes out a recourse bank loan for $750K.   He must personally sign recourse for the loan.  Due to the small number of units, he either self manages the property or pays a high management fee of 7%-10% of income.

Lead Investor/General Partner: Individual who puts deals together by leveraging other people’s money and 3rd party property management to buy larger multifamily properties


  • Earn acquisition fees, sponsorship equity, and/or larger return compared to cash invested in deal
  • Control over property investment decisions
  • Ability to leverage other people’s money to buy larger apartment properties
  • No limit to the size of properties you can buy
  • Leverage 3rd party property management


  • Must sign on loan as guarantor
  • Must spend the time to find the deal, negotiate the deal, raise the equity, and be asset manager of the property

Example: Lead investor acquires a 100 unit multifamily property for $5MM.  Lead investor signs a non-recourse note for $4MM and raises the down payment of $1MM from limited partners.  Lead investor might earn a 1% acquisition fee and/or 10% sponsorship equity for putting the deal together.

Limited Partners: Individual looking for truly passive income at a slightly lower return with diversification across multiple properties, general partners and markets


  • Do not have to sign as guarantor on loan
  • Do not have to find, negotiate, close transactions
  • No day to day responsibilities of managing the property
  • Receive monthly or quarterly distributions of cash flow with limited investment of time after initial due diligence at acquisition
  • Receive same tax benefits in terms of depreciation as independent rental owner and lead investors
  • Ability to receive benefits of economies of scale of larger properties
  • Ability to invest across thousands of units with multiple general partners in multiple submarkets for diversification of risk


  • Must spend time identifying and meeting lead investors
  • No management control of property.  Must rely on general partner to make day to day decisions
  • Limited liquidity as general partner will make decisions about when to sell or refinance the property
  • Lower return due to payment of sponsorship fee and/or sponsorship equity for general partner putting deal together
  • Difficult to utilize 1031 tax deferred exchange as all members of the LLC must go to next transaction

Example: Retired corporate executive has $1MM to invest in real estate.  He invests $50K across 20 separate deals with 5 general partners in 4 different markets: Dallas, Houston, Austin and San Antonio.

No matter which way you decide to invest in multifamily, Old Capital can assist you in getting started in all 3 ways.  Feel free to reach me via phone or e-mail at my contact information below.   

James Eng
Senior Director
Old Capital
T: 214-300-5035
E: jeng@oldcapitallending.com
7460 Warren Parkway, Suite 100
Frisco, TX 75034


3 Questions to ask yourself before purchasing a Multifamily Property


James Eng, Senior Director Old Capital 

Before you purchase your first multifamily, you should ask yourself 3 questions to determine what type of loan you can qualify for:

  1. Is the property stabilized (yield play) or distressed (value play)?
  2. What is your ownership experience with multifamily (5 units and above) real estate?
  3. What is your net worth and liquidity?

Let’s take these questions one by one.  

1. Is the property stabilized (yield play) or distressed (value play)?

Stabilized property characteristics:

  • At least 90% occupied for the past 90 days
  • No major rehab needed (less than $5,000/unit)
  • Clean and accurate historical financials to show consistent income/expenses (no large income or expense swings)

Distressed property characteristics:

  • Under 90% occupancy for past 90 days
  • Large rehab needed (more than $5,000/unit)


2. What is your multifamily ownership experience?

Experienced operator:

  • At least 12 months on multifamily ownership.  Managing member or guarantor on multifamily property (5 units or more)

New Investor:

  • No experience, but a lot of enthusiasm


3. What is your net worth and liquidity?

Net worth must be equal to or greater than the loan amount.

Liquidity must be a minimum of 10% of the loan amount in cash or marketable securities not including the down payment.


Assuming you meet the net worth and liquidity requirements:

  • Stabilized Property + Experienced Operator= Non-recourse loan (Agency or CMBS)
  • Stabilized Property + New Investor= Recourse loan (Bank)
  • Non-stabilized Property + Experienced Operator= Recourse loan (Bank)
  • Non-stabilized Property + New Investor= Recourse loan (Bank)


Typical Non-Recourse Loans terms:

  • 75-80% Loan to Cost
  • 5 or 10 year term
  • 30 year amortization
  • No personal guarantee of loan shortfalls


Typical Recourse Loans terms:

  • 70-75% Loan to Cost
  • 5 year term
  • 20 or 25 year amortization
  • Personally guarantee any loan shortfalls


If you are looking at acquiring or refinancing a commercial real estate property, give me a call at 214-300-5035 or send me an e-mail at jeng@oldcapitallending.com.  To see recent deals I have closed they are highlighted here: https://www.linkedin.com/in/jameseng