10/23/23 Dallas Mastermind Group Meeting Copy

Dallas October 2023 Key Take Aways!

Kimber Davison, VP & Managing Shareholder at Griffith Davison

• Kimber shared that the Griffith Davison office in Fort Worth will begin hosting REAL Professionals Meetings and she encouraged everyone to attend the 1^st meeting Thursday, November 9^th and to invite some of their DFW colleagues.
• Kimber reminded everyone that there is now a REAL Professionals meeting in their Austin office, so if anyone has connections in Austin, please share their contact information so they can receive the meeting invitation.
• The Griffth Davison Dallas office remodel is still taking place on the 12^th floor and should be completed by January 2024.

Larry Luby & Stephen Scott w/ The Finance Person

• They offer 100% Loan to Cost “LTC” Loan or LTC ratio, is used in commercial real estate financing to determine the ratio of debt relative to the cost of developing the property. It relates to the total cost of the project as a whole, including land acquisition.

• Their specialty is to represent borrowers for a special kind of real estate development called “Build to Suit” which basically means the following:  a commercial building or space specifically constructed to the client’s needs and this process focuses on one end user.

Scott Lynn, Founder and Principal of Caché Realty Capital

• Scott has a long history of investing alongside his clients in a variety of investment structures that include direct equity, preferred equity, and mezzanine loans. He currently manages a portfolio of diversified commercial real estate investments in land, shopping centers, office buildings, for-sale housing, senior care and multifamily.

• Scott spent the Summer in North Carolina so he attended the Greenville, South Carolina REAL meetings which also incorporates Columbia.  He shared that they tend to have a very good turnout, so he has truly enjoyed his time with the REAL Professionals groups.

James Smith, Managing Director at Smith, Jackson, Boyer & Bovard “SJBB”

• Jim shared with the group the following information on the Corporate Transparency Act:  Beginning January 1, 2024, the US Corporate Transparency Act (CTA) will require corporations, limited liability companies, limited partnerships, and other similar entities to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau within the US Department of the Treasury.  Also, all entities formed or registered to do business in the United States will need to either (i) confirm they qualify for an exemption from the CTA’s reporting requirements or (ii) timely submit a beneficial ownership information (BOI) report to the U.S. Treasury’s Financial Crimes and Enforcement Network (FinCEN).

• Kimber shared that she is telling her clients to “be aware of the new act but not to panic” because there is still A LOT that needs to be ironed out before this affects anyone.

John Rhodes, Foresite Group

• They are seeking engineers at their Fort Worth office so John encouraged the group to send contact information his way if they know of anybody that may be interested.
• John has seen a lot of “very healthy multi-family deals that are out there just sitting” so as soon as the feeding frenzy starts up again, he feels strongly that those clients will become extremely busy.

John Nagle, CMG Home Loans

• CMG loan officers specialize in all new purchase and refinance mortgage needs and act as financial counselors to help borrowers make informed decisions.
• Besides the conventional loans (Fannie Mae, Freddie Mac) and the government loans (VA, FHA, USDA) they also offer an “All-In-One-Loan” which was developed by homeowners and mortgage professionals as a solution. By combining banking functionality with home financing into one dynamic instrument, borrowers can save tens of thousands of dollars and years off their loan.
• Also, to help more buyers over the interest rate hurdle and to help sellers garner more interest in their home, CMG has created the “List & Lock Loan”.  With their exclusive List & Lock advantage, sellers can advertise discounted rates on their listings, drawing in more buyer demand, and giving the future buyer a desirable rate on their mortgage.  The steps include  clients determine how much they wish to contribute toward lowering the rate (max contribution is 3%); they purchase a 60-day rate lock on that rate, which will be transferred to their future buyer; and the plan is to market their house with a discounted rate, attract more buyers, and sell faster.

Sue Turk, Partner at Cava Enterprises

• With several years of experience in the banking/lending industry, Sue works with builders and developers on their projects assisting them with lending options and marketing campaigns.
• Sue shared that nothing has been confirmed as of yet, but it is very likely that she will be starting her own Title Company very soon, so she hopes to have an update for everyone at the November meeting.

Steve Potts, President of Potts Law Group, handles all aspects of commercial real estate and has over 40 years of experience in commercial real estate.