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Timestamped Show Notes
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Today we’re welcoming Adam Coultish as our guest. Adam was the co-founder of The Funding Department and recently launched his own private lender called Authority Capital. We’ll hear about what he’s learned from looking at over 2500 private loans and about some exciting stuff he has coming up with Authority.
[spp-timestamp time="2:30"] What changes have happened with The Funding Department?
- In the fall, the public-facing mortgage brokerage that I was working with began to do super well, so we had to shift some roles around.
- There was a lot of work on all of our plates. My career had to evolve, so the rest of the guys took over the company.
[spp-timestamp time="3:40"] What is Authority Capital and what problem are you solving?
- Authority Capital is a brand-new private lender, direct to mortgage brokers. We’ve launched in BC and will be going across the country.
- My lending guidelines are very broad. The company is fast and competitive.
[spp-timestamp time="5:25"] When you were at The Funding Department, how many files do you think you viewed?
- It was about 150 a month. I was responsible for evaluating whether it could be done and to quote pricing.
- We ran it for about two years, so I’ve probably looked at around 2500 files there.
[spp-timestamp time="6:16"] What do you think is your biggest takeaway from that experience?
- Being able to have a strong system in place to keep the workflow moving along.
[spp-timestamp time="7:31"] When you put together Authority Capital, what things did you identify were missing in the space?
- The biggest thing we noticed was timeliness. The process needs to be quick because the broker wants to get it in front of their clients as fast as they can.
- Pricing is important too. You need to be aware of the market of the lender.
[spp-timestamp time="9:03"] What other lessons have you picked up?
- If you want to do a good job, you have to be laser-focused.
- It wasn’t easy for me to move, but you have to look towards the future. You must have faith in the direction you’re choosing.
[spp-timestamp time="11:26"] What kind of things do you have in mind to educate people in private lending?
- Teaching is a general passion of mine that I’ve had in all my careers.
- I want people to blow up my phone. I’m here for you to pick my brain extensively.
[spp-timestamp time="14:35"] You also have some ownership of some other real estate stuff, so tell us about that.
- In 2015 I bought a RE/MAX franchise in BC, and about three months later I bought an even bigger one. I’ve since acquired a third franchise.
[spp-timestamp time="15:56"] What’s something you’ve learned from owning these franchises?
- Clients treat realtors way differently than they treat mortgage brokers. It’s a whole different game.
- To see how each individual realtor runs their career has been amazing. It makes me more empathetic to realtors.
- People are much less loyal to realtors. It’s very stressful for them.
If you’re interested in becoming a deal creator, visit http://www.10loansamonth.com/call to find out more.
Authority Capital: https://authoritycapital.ca/