00:00.870 --> 00:03.330 Sean Murray: Hello and welcome back to deBanked TV. I'm Sean 00:03.330 --> 00:03.660 Murray. 00:03.690 --> 00:05.580 Johny Fernandez: And I'm Johny Fernandez. So good to be with 00:05.580 --> 00:06.450 you guys today. 00:09.330 --> 00:10.260 Sean Murray: Why are you laughing? 00:11.400 --> 00:12.120 Johny Fernandez: It's a good day. 00:12.360 --> 00:12.930 Sean Murray: It's a good day. 00:12.990 --> 00:13.410 Johny Fernandez: Yeah. 00:13.470 --> 00:16.140 Sean Murray: What's going on? What's different about you? 00:18.810 --> 00:20.910 Johny Fernandez: I ate some candy right before the show. 00:20.940 --> 00:21.510 Sean Murray: Is you're? 00:21.750 --> 00:22.410 Johny Fernandez: And my tongue is. 00:22.680 --> 00:23.550 Sean Murray: Your tongue is blue? 00:23.550 --> 00:25.050 Johny Fernandez: My tongue is deBanked blue. 00:25.080 --> 00:27.840 Sean Murray: Let's see it. Let's see. Oh, my God. 00:30.660 --> 00:31.050 Johny Fernandez: deBanked blue. 00:31.860 --> 00:32.460 Sean Murray: Okay. 00:32.490 --> 00:33.450 Johny Fernandez: Right before the show. 00:33.480 --> 00:34.050 Sean Murray: Great work. 00:34.050 --> 00:36.300 Johny Fernandez: I try to be discreet about it. Yeah. Clearly 00:36.300 --> 00:39.900 that blue airhead. Yeah. Was no, no good. 00:41.130 --> 00:43.950 Sean Murray: But you know it is, it is part of the our theme. So 00:43.950 --> 00:46.260 I appreciate that you that you had a blue one and not maybe 00:46.260 --> 00:49.500 like a red or a green. Yeah, we'd have to cancel the show. 00:49.530 --> 00:53.580 Johny Fernandez: Oh, no. All right, so let's just jump 00:53.580 --> 00:54.510 straight into it because. 00:54.510 --> 00:56.070 Sean Murray: It could be hard taking you seriously, by the 00:56.070 --> 00:58.440 way, talking with a blue tongue for all the serious topics we 00:58.440 --> 01:01.260 have today. Yeah, just ignore Johny's tongue when he's 01:01.260 --> 01:03.900 speaking, yeah just talk like, you know, with your teeth. 01:07.080 --> 01:08.820 Johny Fernandez: All right, so it's good to be with you guys. 01:08.850 --> 01:11.430 Again, again. My name is Johny. I have a blue tongue. This is 01:11.430 --> 01:14.670 Sean. He has a really cool lanyard. What's that about? 01:15.150 --> 01:19.140 Sean Murray: It is a vintage 2018 Broker Fair lanyard, an 01:19.140 --> 01:19.740 original. 01:19.770 --> 01:22.230 Johny Fernandez: An original? Yeah. Are you gonna make it into 01:22.230 --> 01:22.890 an NFT? 01:23.280 --> 01:25.740 Sean Murray: I'm gonna I couldn't make it into an NFT we 01:25.860 --> 01:28.380 could make it into an NFT. But then you know, I don't think 01:28.380 --> 01:30.510 that you would appreciate the value. 01:30.540 --> 01:32.370 Johny Fernandez: I'd rather have it in person. 01:32.400 --> 01:33.090 Sean Murray: The original thing? 01:33.090 --> 01:33.810 Johny Fernandez: The original thing. 01:33.840 --> 01:34.260 Sean Murray: Okay. 01:34.290 --> 01:35.250 Johny Fernandez: Yeah, so. 01:35.670 --> 01:37.290 Sean Murray: I'm getting in the spirit for Broker Fair already. 01:37.290 --> 01:39.300 I was wearing the bracelet the other day. And now I got the 01:39.300 --> 01:41.820 lanyard back on. I hope you guys are excited for Broker Fair 01:41.820 --> 01:43.050 coming up on December 6. 01:43.650 --> 01:45.480 Johny Fernandez: And of course, we're going to have those 01:45.480 --> 01:48.450 details about how you can sign up later on in the show. Later 01:48.450 --> 01:51.480 on in the. Later on in the show. But sign up, you're not gonna 01:51.480 --> 01:55.590 want to miss it, for sure. But let's talk about the couple of 01:55.590 --> 01:58.200 topics that we have. So a couple of important topics that we 01:58.200 --> 02:01.050 have. The first topic we're going to discuss today is 02:01.050 --> 02:03.780 regarding the disclosure law. I know that's something we had 02:03.780 --> 02:07.320 been talking about. We kind of gave you guys a heads up a 02:07.320 --> 02:10.620 little bit earlier in the year regarding it. But we do know 02:10.620 --> 02:13.830 that it was announced yesterday that the new proposed regulation 02:13.830 --> 02:16.620 will help improve the transparency for small 02:16.620 --> 02:19.890 businesses seeking commercial financing. So that was part of 02:19.890 --> 02:23.610 the language that was used in the press release that was sent 02:23.610 --> 02:30.570 out from the superintendents office. So Sean, essentially 02:30.570 --> 02:35.580 this new disclosure law that's in the works right now, it's 02:35.580 --> 02:41.460 going to be the plan deadline is January 1 of 2022. So Sean, what 02:41.460 --> 02:46.230 exactly does this mean for people that number one are, who 02:46.230 --> 02:49.830 is this gona impact? What's gonna happen? And how seriously 02:49.830 --> 02:53.760 should people be taking this because there's a couple of 02:53.760 --> 02:56.130 different things that I read, you know that it's going to 02:56.130 --> 02:58.470 require companies that offer commercial financing in the 02:58.470 --> 03:02.820 amounts of 2.5 million to make standard disclosures. And 03:02.820 --> 03:05.460 eventually, from what I had read it, and you can correct me if 03:05.460 --> 03:08.640 I'm wrong, that it's going to help businesses and individuals 03:08.850 --> 03:11.700 understand and compare the terms of different commercial 03:11.700 --> 03:14.940 financing offers, and they're really stressing the importance 03:14.940 --> 03:18.990 of small businesses, to help them fight to regain their 03:18.990 --> 03:23.820 footing. Okay. So that's what I got. That's that let's compare, 03:23.850 --> 03:26.940 let's compare, because I'm definitely interested to hear 03:27.420 --> 03:32.370 what you have to say about it. And it sounds like they're 03:32.370 --> 03:35.730 trying to protect, but it also sounds like, you know, they're 03:35.730 --> 03:39.480 gonna be implementing different rules for the other side of the 03:39.480 --> 03:42.600 coin, the other side of the transaction. So this would mean 03:42.780 --> 03:44.370 people that are financing so. 03:44.370 --> 03:47.820 Sean Murray: Sure, it is a very, very big deal. This particular 03:47.820 --> 03:51.450 law, it was passed at the end of last year. This is not new. I 03:51.450 --> 03:53.760 was talking about it all last year, at least the second half 03:53.760 --> 03:57.450 of it. It's already the law, this is happening. If you're out 03:57.450 --> 04:00.180 there being like, you know, disclosures in New York State, 04:00.210 --> 04:03.210 great, awesome, you know, I'm all for disclosure, it's a lot 04:03.210 --> 04:06.510 more than that. I think what everyone doesn't realize is that 04:06.510 --> 04:10.710 it's not just about putting a box on a contract. And saying, 04:10.830 --> 04:13.320 you know, here's, here's like the number in accordance with 04:13.320 --> 04:17.670 what the state wants. There's a lot more layers to it. And so if 04:17.670 --> 04:21.600 you're a broker, a lender, a funder, a factor, MCA company, 04:21.840 --> 04:26.670 whatever you are, you're going to be affected. We put up a post 04:26.670 --> 04:29.250 on our site yesterday, telling people that it's going to go 04:29.250 --> 04:33.960 into effect, January 1 2022. Now, that's the statutory 04:34.290 --> 04:37.740 deadline for the New York Department of Financial Services 04:37.950 --> 04:42.750 to put it into place, and they have kind of dragged their feet 04:42.750 --> 04:45.570 a little bit and giving people guidelines for how it's gonna go 04:45.600 --> 04:48.240 go down. So what they did is they put out a statement that 04:48.240 --> 04:51.690 you just talked about, and they're going to have a 60, 60 04:51.720 --> 04:55.110 day comment period for when people in the industry that 04:55.110 --> 04:58.470 means you if you're watching to give their feedback on this 04:58.470 --> 04:59.520 particular law. 04:59.190 --> 05:01.860 Johny Fernandez: So let me cut I want to jump in on that, because 05:01.860 --> 05:05.160 I know it said that once the 60 days are up, they're gonna 05:05.160 --> 05:08.580 review it. And they're gonna issue a final regulation. So 05:08.610 --> 05:11.970 does that mean that everything that, you know, they've released 05:12.000 --> 05:14.550 that there's a possibility that that that could change, 05:14.640 --> 05:17.880 depending on what the comments are within this that 60 day 05:17.880 --> 05:18.690 period? Right. 05:18.720 --> 05:20.970 Sean Murray: Yeah, I mean, certain things can't change, 05:20.970 --> 05:23.700 because certain things are written into the law itself. 05:24.150 --> 05:28.560 What's what they're trying to do is tell people how to present 05:28.560 --> 05:33.720 the information and how to do it in a way that's compliant with 05:33.720 --> 05:37.950 what the state wants you to do. So certain aspects of what's 05:37.950 --> 05:41.490 going to be required is already the law, they're not deciding 05:41.490 --> 05:44.640 what you should put or not put, that that's already done. And 05:44.640 --> 05:47.700 one of the tricky parts about that is, they want companies 05:47.700 --> 05:51.750 that don't do loans, like MCA and factoring to put an 05:51.750 --> 05:55.860 estimated APR, this type of thing has never existed in the 05:55.860 --> 06:00.720 industry. Because there's no element of time in these 06:00.720 --> 06:05.670 particular transactions. An APR requires the factor of time just 06:05.670 --> 06:10.680 to calculate it. Now, it seems that they understand that aspect 06:10.710 --> 06:13.110 of it when they wrote the law. They said, okay, there's no 06:13.110 --> 06:16.470 element of time. You know, but if you had to estimate one, what 06:16.470 --> 06:20.010 would it be? Yeah. And that's very tricky. And to calculate, 06:20.010 --> 06:22.470 it's a very slippery slope, because you're just making a 06:22.470 --> 06:26.100 guess. Yeah. And the problem with APR is that APR is supposed 06:26.100 --> 06:30.330 to be precise, down to the decimal point. And typically, if 06:30.330 --> 06:32.790 you're wrong, let's say this was consumer lending, you put an APR 06:32.790 --> 06:35.640 and you off by a couple basis points or a couple of percentage 06:35.640 --> 06:38.820 points, you could be in major trouble for misleading consumers 06:38.850 --> 06:41.040 and borrowers, right. And here, all of a sudden, we're going 06:41.040 --> 06:44.370 into a new area, hey, just estimate an APR, you know, what 06:44.370 --> 06:45.210 do you think it could be? 06:45.270 --> 06:46.650 Johny Fernandez: Well, let me ask you this, do you think that 06:46.650 --> 06:53.280 this is, I guess, like, the overall result of something like 06:53.280 --> 06:55.740 this happening, because the state wants to step in to 06:55.740 --> 06:59.100 regulate and how to make sure that everything is quote unquote 06:59.100 --> 07:02.610 fair? Because they want to make sure that business owners, you 07:02.610 --> 07:05.700 know, know what they're getting into. So do you think that 07:05.730 --> 07:11.490 overall, big picture, this is gonna end up helping truly 07:11.490 --> 07:13.680 helping business owners? Or is this going to be one of those 07:13.680 --> 07:18.990 things that for lenders, funders, you know, MCA, etc, 07:19.380 --> 07:22.800 they're going to be the ones that are going to have to change 07:22.800 --> 07:25.860 the way they do business? I mean, what's the overall impact, 07:26.160 --> 07:28.410 besides protecting small business owners? 07:28.980 --> 07:30.840 Sean Murray: So and all I can tell you, it's really based off 07:30.840 --> 07:34.560 of my opinion, from what I've heard, lenders that have already 07:34.770 --> 07:38.760 disclosed in APR in business finance contracts, in states 07:38.760 --> 07:42.000 that they're not required to, but they do it anyway, have told 07:42.000 --> 07:47.160 me that they haven't found any difference in the reception to 07:47.190 --> 07:50.070 someone going through with with the deal that's offered to them, 07:50.160 --> 07:53.460 that merely putting the APR didn't change anyone's mind. 07:53.550 --> 07:56.220 Because the cost of the money, the dollar cost of the money was 07:56.220 --> 07:59.460 the same, right? A lot of these small business finance 07:59.460 --> 08:03.540 companies, MCA online lenders, they're already telling you, of 08:03.540 --> 08:05.880 the the cost the dollar for dollar cost. And that's how a 08:05.880 --> 08:09.420 lot of business owners look at a transaction, the percentage rate 08:09.420 --> 08:12.210 and APR makes no difference if you already know how much you're 08:12.210 --> 08:15.960 going to pay back. So I don't I don't know that it will change 08:16.980 --> 08:21.330 behavior. Yeah. And I don't know that it will make anything more 08:21.750 --> 08:24.420 fair, I get what they're trying to do. Yeah. You know, I think, 08:24.450 --> 08:27.300 you know, you've read some of the statements about, you know, 08:27.360 --> 08:31.620 get back onto footing, you know, fair, helping small business, 08:31.800 --> 08:34.620 everyone is basically for that I have never met anyone in the 08:34.620 --> 08:36.900 industry that said, I don't want to be fair. And I don't want a 08:36.930 --> 08:39.720 small business to get back on equal footing or anything of 08:39.720 --> 08:44.760 that nature. So it's, it's kind of like an academic exercise in 08:44.760 --> 08:48.150 a way like, okay, sure, we'll put it, and If you're a lender, 08:48.210 --> 08:52.200 no big deal. The problem is when you when you apply this logic, 08:52.410 --> 08:56.430 or this type of formula to a non loan transaction, like MCA and 08:56.430 --> 09:00.150 factoring, it gets tricky. But we've already debated this on 09:00.150 --> 09:03.720 the show, I can send you all a link to this conversation, this 09:03.720 --> 09:07.470 part of the conversation. Yeah. Pre previously, right. I think 09:07.830 --> 09:10.740 what's important for everyone to know now, because it looks like 09:10.740 --> 09:14.550 this is going to go into effect very soon. And I'm saying this, 09:14.550 --> 09:16.860 because I've seen a little bit of the reaction in the last 24 09:16.860 --> 09:21.510 hours, is that there's there's an assumption that this is 09:21.720 --> 09:25.770 automatically awesome for good actors. If you're like, I'm a 09:25.770 --> 09:28.440 good actor. I'm not a bad actor. I'm all for disclosure. And 09:28.440 --> 09:31.320 there's an assumption and a presumption that it just means 09:31.320 --> 09:34.260 that you're going to have to put numbers in a box on the 09:34.260 --> 09:38.070 contract, and that will make it fair, small businesses will win. 09:38.280 --> 09:42.120 Bad actors will suffer. Brokers will will be happy that the bad 09:42.120 --> 09:45.120 guys are gone. But there's a lot more than that. I want to I want 09:45.120 --> 09:49.680 to read something to you guys. The DFS in their proposed 09:49.680 --> 09:52.320 regulations for how this will all go down they put up a 45 09:52.320 --> 09:55.410 page document for how to comply. This is the draft and anyone can 09:55.410 --> 09:59.580 comment on it. If you are a broker, guess what your life is 09:59.580 --> 10:04.410 going to change is not just a box on a contract, the DFS wants 10:04.410 --> 10:08.640 you to do some very specific things. Here we go. A broker 10:08.670 --> 10:12.840 shall not provide a recipient with a specific amount, rate or 10:12.840 --> 10:16.500 price quote, for commercial financing based upon information 10:16.830 --> 10:20.580 from or about the recipient until the broker transmits the 10:20.580 --> 10:24.870 disclosures required by another section of this particular 10:25.470 --> 10:28.920 regulation. So, you are not going to be, this is my non 10:28.920 --> 10:32.550 lawyer opinion, you are not going to be allowed to give a 10:32.550 --> 10:36.390 customer a price quote, until you've gotten that price quote 10:36.540 --> 10:39.840 from the funder or lender, and then you've given a special 10:39.870 --> 10:44.190 disclosure to the merchant upfront. And then after you give 10:44.190 --> 10:47.490 the price quote to that customer, you then need to 10:48.390 --> 10:52.500 provide evidence of transmission of the disclosures to the 10:52.500 --> 10:56.820 financer including the time of the transmission. Anytime you 10:56.820 --> 11:00.540 give a quote to a merchant, it must be reported to the funder 11:00.540 --> 11:04.710 or lender, exactly what you said to them. And when you said it, 11:04.920 --> 11:08.220 and the quote has to be has to come from the funders. That's 11:08.220 --> 11:11.640 what it says. So I know there's a tendency to look at someone's 11:11.850 --> 11:14.850 statements and say, yeah, let me just give you a quote based on 11:14.850 --> 11:16.980 what I have. And then we'll we'll submit your application 11:16.980 --> 11:20.280 and we'll find out for sure, this is kind of saying that you 11:20.280 --> 11:23.730 can't do that anymore. This quote has to come from the 11:23.730 --> 11:26.670 funder or lender, you then need to give them a very specific 11:26.670 --> 11:29.790 disclosure, the merchant, right, and then after you give them a 11:29.790 --> 11:32.610 quote from the funder or lender, you then need to report it back 11:32.610 --> 11:36.990 to the funder or lender and say, at this time, 6:53pm, I told him 11:36.990 --> 11:41.160 this specific quote, just to comply and if you're broker it's 11:41.160 --> 11:45.060 gonna change the dynamic of the entire conversation, it used to 11:45.060 --> 11:48.840 be or it still is, at least in 49 states, you can just say, 11:48.840 --> 11:51.330 hey, you know, based off what I have, and this is subject to 11:51.630 --> 11:54.210 conditional approval, and not final, right, you know, you're 11:54.210 --> 11:57.360 being very open and transparent, you know, looking here, I'm not 11:57.360 --> 11:59.940 the underwriter, you know, I can give you 10,000 that might cost 11:59.940 --> 12:03.150 you if they you know, 12,500, that's just you know, that's 12:03.150 --> 12:07.590 just a quote, not approved, right? You can't do that, 12:07.740 --> 12:11.610 according to here, that price, quote, has to come from the 12:11.610 --> 12:14.850 funder or the lender, supposedly, this is your 12:14.850 --> 12:18.120 opportunity as a broker to get clarity on all these things. 12:18.480 --> 12:20.820 Because, again, I'm not a lawyer, and I'm not the one who 12:20.820 --> 12:23.910 wrote the law. And I'm not the one who's enforcing the law. So 12:23.910 --> 12:26.370 this is your opportunity as a broker to read through this 12:26.370 --> 12:29.460 document, no matter how boring it looks, no matter how 12:29.460 --> 12:31.680 irrelevant you may think it may be, you're like, oh, it's only 12:31.680 --> 12:33.600 for lenders or funders. I'm just a broker, I'm the middleman 12:33.600 --> 12:36.420 doesn't matter. No, it matters. Because look, this is 12:36.450 --> 12:39.900 specifically for brokers, all of a sudden, the entire price 12:39.900 --> 12:43.740 quote, part of the transaction is highly governed by a state 12:43.740 --> 12:47.640 regulator, one that can be very strict. So you need to be 12:47.640 --> 12:50.880 actively involved in the process if you want to continue doing 12:50.880 --> 12:55.830 business in New York State. So that link to how to comment will 12:55.830 --> 12:59.280 be provided soon, New York's DFS said, it's forthcoming. They 12:59.280 --> 13:00.990 didn't even have it yesterday, when when they put the 13:00.990 --> 13:03.240 announcement out, but it's coming and you should be 13:03.240 --> 13:06.930 actively involved. Because it affects brokers too. It affects 13:06.960 --> 13:10.770 good actors, it affects the people who want to be moral want 13:10.770 --> 13:12.960 to be good citizens, and all that stuff, all of a sudden it 13:12.960 --> 13:17.610 adds a new layer of compliance, that can make your job tougher. 13:18.000 --> 13:21.330 And even if you think it doesn't apply to you, you might find out 13:21.420 --> 13:25.320 a year from now that it did. And then you could be penalized for 13:25.320 --> 13:28.620 having done it wrong. So this is something you need to pay very, 13:28.620 --> 13:32.850 very close attention to. And you also as a broker, need to work 13:32.850 --> 13:35.460 with funders and lenders that are going to comply with this 13:35.460 --> 13:39.690 law. After January 1, when this goes into effect if the funder 13:39.690 --> 13:42.480 or lender you're working with just disregards it all that's a 13:42.480 --> 13:46.050 bad sign. The funder or lender isn't thinking very strongly 13:46.050 --> 13:49.230 about this particular law in New York State, red flag, work with 13:49.230 --> 13:51.720 somebody else. That's my personal opinion. Every funder 13:51.720 --> 13:55.050 and lender in the industry factor is thinking about this 13:55.050 --> 13:58.380 particular law in New York State. It's already the law it's 13:58.380 --> 14:01.380 going to happen. And it affects you as brokers as well. 14:01.800 --> 14:04.230 Johny Fernandez: Yeah, so good to know and definitely for the 14:04.230 --> 14:07.830 other information regarding this specific topic is going to be 14:07.830 --> 14:11.610 online on deBanked.com. So let's jump into the next topic. We 14:11.610 --> 14:14.490 have some real estate news, which I think it was very 14:14.490 --> 14:18.330 interesting reading regarding Google making a pretty big 14:18.330 --> 14:23.160 purchase in Manhattan. So we found out that Google has joined 14:23.190 --> 14:27.450 in on buying New York City office space. Now their parent 14:27.450 --> 14:33.510 company apparently definitely said that this is gonna be 14:33.510 --> 14:37.650 happening and it's a $2.1 billion purchase. So 14:37.710 --> 14:40.830 specifically, this is gonna be right in the area that they're 14:40.830 --> 14:44.430 currently leasing. So this is now one out of three different 14:44.430 --> 14:47.130 places that they have office. And the goal, according to 14:47.130 --> 14:51.510 Google is that they want to make a campus esque environment 14:51.540 --> 14:55.890 between the three offices. So they have this office that is in 14:55.890 --> 14:59.460 Manhattan, downtown Manhattan. They also have two office spaces 14:59.550 --> 15:03.840 in SoHo in Greenwich Village, which is also in Manhattan, and 15:03.840 --> 15:06.570 in Hudson, the Hudson Yards area. So pretty much everything 15:06.570 --> 15:09.540 is going to be within a mile of each other. And it's going to be 15:09.540 --> 15:13.560 one big corporate office space campus esque environment. And 15:13.560 --> 15:17.310 what was interesting about this is that this was very similar to 15:17.460 --> 15:20.580 the news that we brought to you guys earlier last year, when 15:20.580 --> 15:24.870 Facebook also had mentioned that they were also going to be 15:24.870 --> 15:28.140 purchasing property, close to Penn Station. 15:28.170 --> 15:29.400 Sean Murray: Oh, that was the old post office. 15:29.400 --> 15:31.560 Johny Fernandez: Yeah. The old post office. Yeah. So it's 15:31.560 --> 15:33.870 really interesting that all these big corporations, what 15:33.870 --> 15:35.790 we've been seeing is that people have been moving out of the 15:35.790 --> 15:39.720 city, you know, we saw the number drop drastically in 2020. 15:39.750 --> 15:42.840 And now, you know, 2021's coming around, people are coming back. 15:42.840 --> 15:46.170 But these big corporations are taking advantage of all these 15:46.170 --> 15:49.980 big developments, you know, these office space that they 15:49.980 --> 15:53.520 have available on the market, and they're taking advantage of 15:53.520 --> 15:56.070 it. And they're pretty much bringing back certain 15:56.070 --> 15:59.760 headquarters, campuses, here, here to New York City. And from 15:59.760 --> 16:02.760 what I'm assuming, I mean, $2.1 billion, for the place that 16:02.760 --> 16:04.980 they're currently leasing in the area that they're leasing, it's 16:04.980 --> 16:07.920 a very popular area in downtown Manhattan. So it's very 16:07.920 --> 16:10.290 interesting to see that they decided to go ahead, you know, 16:10.320 --> 16:12.870 to move forward to purchase it, but then they're also trying to 16:12.930 --> 16:15.180 create this campus environment similar to what they have in 16:15.180 --> 16:19.440 California. So it's, we'll see definitely how that's also going 16:19.440 --> 16:23.160 to change the dynamic of that area, specifically, cause 16:23.190 --> 16:26.370 there's certain parts of that area that have already gone 16:26.370 --> 16:30.000 through a massive change. And it's just going to continue. So 16:30.240 --> 16:33.450 it's definitely going to bring, you know, different a different 16:33.450 --> 16:37.020 environment to, you know, the area around Penn Station, the 16:37.020 --> 16:41.550 area around like the village, the Hudson, Hudson Yards, and 16:41.550 --> 16:44.610 we'll see what happens. I mean, it's a pretty big deal. And what 16:44.610 --> 16:47.580 I'm interested to see is, I personally want to see what 16:47.580 --> 16:51.540 exactly is going to be the rule of thumb, when it comes to 16:51.540 --> 16:54.960 working in the offices, since they're buying all this office 16:54.960 --> 16:58.350 space and this real estate, you know, what is going to be the 16:58.350 --> 17:02.490 rules for coming into work, especially for a place a company 17:02.490 --> 17:05.730 like Google, that they're always, you know, that they've 17:05.730 --> 17:08.580 been known for being flexible and like catering to their 17:08.580 --> 17:11.610 workers, but they have all this space. And if everyone wants to 17:11.610 --> 17:15.330 work from home, then. Then what do they doign with it? Yeah. So 17:15.330 --> 17:17.250 I'm interested to see, I'm interested to see that I'm 17:17.250 --> 17:20.310 interested to see, you know, the type of people that are going to 17:20.310 --> 17:23.040 be coming into New York City, and you know, just the 17:23.040 --> 17:26.040 environment that it's going to create, especially in that area 17:26.040 --> 17:26.880 of the city. 17:27.060 --> 17:29.670 Sean Murray: Yeah, I mean, Manhattan can turn into like, a, 17:29.730 --> 17:32.820 you know, a Tech campus. Yeah. That's kind of wild. 17:32.850 --> 17:36.510 Johny Fernandez: It is to think, and I think a lot of people 17:36.720 --> 17:41.040 discounted Manhattan as like one of the tech scenes. Because, you 17:41.040 --> 17:45.240 know, we saw California, we saw Miami, but now we're hearing all 17:45.270 --> 17:49.590 this news. So it's interesting to see how this is gonna change 17:49.860 --> 17:53.880 and how it's going to make us, I say us, because we live in New 17:53.880 --> 17:56.910 York, you know, be a contender again, because there's a lot of 17:56.910 --> 18:00.600 disadvantages of bringing a company and moving to New York 18:00.600 --> 18:03.960 City, because it's expensive. Taxes are high. When you can go 18:03.960 --> 18:07.050 to another place like Florida, where you have no taxes. Well, 18:07.050 --> 18:09.750 you have taxes, but you don't have no state taxes, and you can 18:09.750 --> 18:13.530 buy cheaper. So yeah, it's definitely interesting to see 18:13.530 --> 18:17.040 how this is going to change everything. Yeah. Yeah. 18:17.310 --> 18:18.810 Sean Murray: 2.1 billion. It's a pretty big purchase. 18:18.810 --> 18:22.680 Johny Fernandez: 2.1 billion is a huge purchase. And it's the 18:22.680 --> 18:25.260 interesting thing is that it's already the building that the 18:25.260 --> 18:28.650 lease. So, you know, they're familiar with that building. 18:28.650 --> 18:30.360 Sean Murray: They probably did the math and said it, you know, 18:30.360 --> 18:33.000 over like 30 or 40 years. Yeah. It'll pay for itself. 18:33.030 --> 18:36.630 Johny Fernandez: Yeah, definitely. So that is, that is 18:36.780 --> 18:40.350 the big real estate news. Coming out of Manhattan. Google, 18:40.380 --> 18:42.450 Facebook, deBanked. 18:43.110 --> 18:45.990 Sean Murray: Yeah, the subways are busy again. Yeah. And I'm 18:45.990 --> 18:49.560 not getting a seat on the subway anymore. A lot of traffic. You 18:49.560 --> 18:53.280 know what I mean? Yeah, same. It is, it is back to a lot of what 18:53.280 --> 18:54.330 it was like before COVID. 18:54.360 --> 18:57.150 Johny Fernandez: Yeah. And I think it's interesting, as, you 18:57.150 --> 19:00.390 know, someone that's out doing real estate transactions, you 19:00.390 --> 19:03.660 know, you're we see the market is also changing, because people 19:03.660 --> 19:06.450 are coming back, like, you know, rental deals, rentals, 19:06.450 --> 19:10.140 specifically, you know, they're on the market for anywhere from 19:10.140 --> 19:14.310 two to five days, and they're gone. And then people are coming 19:14.310 --> 19:18.420 and people already are, they're already planning to move in for 19:18.450 --> 19:20.850 December, like people are coming in, they're coming in early. 19:20.850 --> 19:23.670 They're like, hey, what, we're willing to pay two months extra 19:23.730 --> 19:27.630 just to get a seat, or just to get a unit. So it's interesting. 19:27.660 --> 19:29.520 It's interesting to see how that's changing. And also to see 19:29.520 --> 19:32.940 how the sales market is changing, and seeing how prices 19:33.240 --> 19:36.300 are coming down. It's a really good time to buy here in New 19:36.300 --> 19:39.780 York, because, you know, there's a big difference in regards to 19:39.960 --> 19:43.200 what the numbers look like, pre pandemic till now. And interest 19:43.200 --> 19:46.350 rates are at an all time low. So you're looking at interest rates 19:46.350 --> 19:51.540 going getting anywhere from two to like, 3.5% you know, so. 19:51.810 --> 19:54.720 Pretty good. Yeah. So, we'll see what happens. It's exciting, 19:54.750 --> 19:59.460 exciting news. So, and then we have other exciting news. The 19:59.490 --> 20:01.500 DailyFunder hit a milestone. 20:01.590 --> 20:04.200 Sean Murray: That's true. Yeah. The DailyFunder has surpassed 20:04.590 --> 20:11.310 150,000 posts on the site. That's a lot of activity. You 20:11.310 --> 20:16.320 know what I mean, for for for an online forum, it's very well 20:16.320 --> 20:19.320 trafficked. You know, there's a lot of engagement on the site, 20:19.560 --> 20:22.410 people from the small business finance industry, commercial 20:22.410 --> 20:26.790 finance industry, MCA, factoring, small business loans. 20:26.880 --> 20:29.340 There's some bankers on there who are doing, you know, ABL 20:29.340 --> 20:32.670 deals and all that stuff. And so, very happy with how 20:32.700 --> 20:36.270 DailyFunder has turned out 150,000 plus posts, if you're 20:36.330 --> 20:39.450 involved in the industry, this isn't this is a great resource 20:39.450 --> 20:43.380 to consult, because there are so many conversations. Yeah. That 20:43.380 --> 20:46.830 you can read, questions that had been asked and answered. Now, 20:46.830 --> 20:50.820 not all of them are going to be, you know, academic in nature. 20:51.000 --> 20:53.730 It's people who work in it day to day, and sometimes the 20:53.730 --> 20:56.790 answers could be a little bit snarky and stuff, especially if 20:56.790 --> 20:59.490 you're like a newbie, asking like a very newbie question. 20:59.490 --> 21:03.390 But, man, what a great resource it is for people who, who have 21:03.390 --> 21:06.240 only been in it for a short time, or who are not in it yet, 21:06.450 --> 21:09.300 who are wondering what, what is the fabric of the community, 21:09.300 --> 21:12.450 like, you know, what, what type of questions are being are being 21:12.450 --> 21:16.530 asked that you might also have, the answer could might already 21:16.530 --> 21:20.280 be on there, I think, one of the one of the funniest things, I 21:20.280 --> 21:23.700 see is that someone will ask a question, and the response will 21:23.700 --> 21:27.150 be a link to like, 10 posts. Yeah. Whereas someone or had 21:27.150 --> 21:30.180 already answered that, like, you know, literally 10 times like, I 21:30.180 --> 21:32.760 think one question, we see a bunch is like, who funds small 21:32.760 --> 21:35.790 businesses in Canada? And it's like, how many times has that 21:35.790 --> 21:39.900 been asked? You can use the search feature, I mean, 150,000 21:39.900 --> 21:42.840 posts, that's an incredible amount of content, to sort 21:42.840 --> 21:45.510 through the search feature is very valuable. You can find the 21:45.510 --> 21:48.660 site through Google, you don't have to be a member to read the 21:48.660 --> 21:51.270 content. But if you want to engage with people, a lot of 21:51.270 --> 21:53.730 people take advantage of using the direct messages. Yeah. You 21:53.730 --> 21:56.280 know, like IMs and stuff. Yeah. So that's a that's a great place 21:56.280 --> 21:57.360 to network with other people. 21:57.390 --> 21:59.160 Johny Fernandez: Yeah, it is. And it's also interesting that 21:59.160 --> 22:03.000 it's used every day, like in the morning, I check it. And there's 22:03.000 --> 22:05.700 new comments, people responding, people interacting, and it's 22:05.700 --> 22:08.430 also a great way to network, like, what I see a lot is like, 22:08.430 --> 22:12.030 hey, I need fill in the blank, I need a funder I need, I need 22:12.030 --> 22:15.420 employees, I need X, Y, and Z. So if you are just starting out 22:15.450 --> 22:18.330 in the industry, in the business, it's definitely a 22:18.330 --> 22:22.350 great way to connect and to make those connections and use it for 22:22.350 --> 22:25.260 whatever you need. Obviously, you said they are snarky, 22:25.620 --> 22:28.560 comments. So that's always something interesting to see. 22:28.560 --> 22:33.150 But it's a great tool. And I think it's also you can network, 22:33.450 --> 22:36.300 and this is going to tie into the next topic. And if you want 22:36.300 --> 22:40.380 to network in real life, not just on the forum. We have 22:41.280 --> 22:45.240 Broker Fair. Broker Fair. Broker Fair. So we've been advertising 22:45.240 --> 22:48.810 it, it's coming up soon, we have two and a half months left. But 22:48.810 --> 22:51.480 if you are interested, please get your tickets. It's going to 22:51.480 --> 22:54.630 be sold out. We know our sponsorships have been sold out 22:54.630 --> 22:57.870 already. But the other thing to take into consideration is that, 22:58.050 --> 23:00.240 number one, you're going to need to be vaccinated because that is 23:00.240 --> 23:03.480 the rule here in New York City, not the rules made by us, you 23:03.480 --> 23:05.850 know, people in the venue, they will be checking that's the 23:05.850 --> 23:09.480 venues job. But the other thing that we want to take into 23:09.480 --> 23:12.930 consideration is that if you do not purchase your tickets, like 23:12.930 --> 23:16.140 now, and you wait till the last minute, we cannot get you in, 23:16.260 --> 23:18.810 Sean's talked about it before. I'm going to stress it enough. 23:18.960 --> 23:22.410 Because at the end of the day, we have no control over who we 23:22.410 --> 23:24.450 get in because we have to follow certain rules. 23:24.480 --> 23:25.500 Sean Murray: Yeah, there's certain limits. 23:25.530 --> 23:29.040 Johny Fernandez: Yeah. So again, if you want to network in real 23:29.040 --> 23:33.360 life, this is the first big event, you know, in person since 23:33.390 --> 23:37.770 before 2020. In New York City, it's gonna be a great time, 23:37.830 --> 23:41.040 please, do it and you won't regret it. I promise miss you. 23:41.070 --> 23:43.950 And if you're on the DailyFunder every day, and you want to talk 23:43.950 --> 23:45.750 to these people in real life. They're probably going to be 23:45.750 --> 23:45.990 there. 23:46.020 --> 23:47.790 Sean Murray: They will be there. Yeah, a lot of people from 23:47.820 --> 23:50.580 DailyFunder are going to be at the conference in real life. 23:50.730 --> 23:53.790 Johny Fernandez: Yeah. So again, we're stressing, do it. The 23:53.790 --> 23:59.580 information is online, DailyFunder. Broker Fair. And 23:59.610 --> 24:02.490 you know that information can be found on DailyFunder, actually, 24:02.490 --> 24:07.620 and also on deBanked.com. And you can also for any of the 24:07.620 --> 24:11.550 information regarding the updates of our stories on our 24:11.550 --> 24:14.070 social media platforms, you can follow us there too we have 24:14.070 --> 24:18.720 Instagram, Twitter, Instagram, Twitter, DailyFunder, LinkedIn, 24:19.380 --> 24:25.080 and Facebook. Sorry, man. I'm and Google. The Google.com. So 24:25.110 --> 24:28.380 don't forget, you can, you know, check out all those websites. 24:28.770 --> 24:34.590 But again, Broker, deBanked.com that saying. 24:34.650 --> 24:36.570 Sean Murray: All of them, all of them are fine, deBanked, Broker 24:36.570 --> 24:39.180 Fair, DailyFunder, you can say, whatever. They all you know, 24:39.180 --> 24:41.880 they all intersect with each other. So, you want to read 24:41.880 --> 24:44.070 about the industry deBanked, you want to talk to other people in 24:44.070 --> 24:46.170 the industry online, DailyFunder. If you want to meet 24:46.170 --> 24:47.670 him in real life, Broker Fair. 24:47.820 --> 24:49.050 Johny Fernandez: There you go. Bam, bam, bam. 24:49.050 --> 24:49.710 Sean Murray: Bam, bam, bam. 24:49.710 --> 24:52.860 Johny Fernandez: So again, that's all, that's all we have 24:52.860 --> 24:53.370 for today. 24:53.580 --> 24:54.810 Sean Murray: Yeah, this was a good lineup. 24:54.810 --> 24:57.120 Johny Fernandez: This was a good lineup. So what's your name? 24:58.080 --> 24:58.830 Sean Murray: I'm Sean Murray. 24:58.860 --> 25:01.020 Johny Fernandez: And I'm Johny Fernandez. We'll see you guys 25:01.020 --> 25:01.560 next time.