CTW 107: James Eng - Inside Scoop on Financing for First-Timers

May 18, 2019

James Eng serves as a senior director at Old Capital, where he has financed over $500MM in multifamily properties throughout the great state of Texas. Before Old Capital, he underwrote over $750MM in loans for GE Real Estate. He is currently invested as a limited partner in 21 multifamily properties totaling over 6,000 units. James is a graduate of The University of Texas at Austin where he received his degree in Finance.

Topics Covered:

• What lenders are looking for
• Lenders want to see 3rd part property management (50-60 units and above)
• Requirements for agency loans (Fannie Mae and Freddie Mac): sponsors’ networth, liquidity (post-close)
• Make sure you’re raising money from other people and holding some money back to protect your liquidity of your post-close money
• Fannie Mae v. Freddie Mac
• Freddie Mac Small Balance Loan Program ($1-7.5 million with 80% leverage)
• Qualifying for the green programs
• Understanding Texas and the Dallas-Fort Worth market

Nuggets of Wealth

• What is a tool source or platform you use everyday? Yardy Matrix, Costar
• What is top advice that you’d give to someone who wants to get into larger deals? All about team, fill out your sponsorship team
• At the end of your life how do you want to be remembered? As a teacher, someone who taught other people about multifamily
• Where can Commit to Wealth Nation go to contact you and find out more about you and Old Capital?Oldcapitalpodcast.com oldcapitallending.comTexasmultifamily.com [e-mail]