1 00:00:00.465 --> 00:00:01.005 Hey everyone. 2 00:00:01.005 --> 00:00:02.085 Alison Berger here. 3 00:00:02.145 --> 00:00:03.965 I'm at Broker Fair 2024 4 00:00:04.025 --> 00:00:05.605 and I am now with Paul Vega 5 00:00:05.625 --> 00:00:08.005 of Simplify Capital. How's it going? 6 00:00:08.345 --> 00:00:09.525 Paul's great. How are you? 7 00:00:09.815 --> 00:00:11.605 Great. Tell me a little bit about your company. 8 00:00:11.955 --> 00:00:13.805 Well, simplify Capital is a direct lender. 9 00:00:13.935 --> 00:00:16.205 We've been in operation for almost seven years now, 10 00:00:16.345 --> 00:00:18.525 and we're located right here in Manhattan, New York. 11 00:00:18.945 --> 00:00:20.645 How convenient. Very Convenient. 12 00:00:21.225 --> 00:00:22.565 So gimme a little bit more details. 13 00:00:22.665 --> 00:00:23.765 Why should people come to you? 14 00:00:24.155 --> 00:00:26.485 Well, first off, we are a true direct lender, right? 15 00:00:26.505 --> 00:00:28.485 We are not someone who's suggesting that we're, 16 00:00:28.485 --> 00:00:29.725 we're funding and then we have 17 00:00:29.725 --> 00:00:31.525 to get monies from, uh, from others, right? 18 00:00:31.825 --> 00:00:34.285 We, when I say we're direct lending, I mean direct lending, 19 00:00:34.315 --> 00:00:35.525 it's from our coffers. 20 00:00:35.785 --> 00:00:38.405 We don't have any financial institution behind us. 21 00:00:38.745 --> 00:00:41.765 So we're not beholden to any of the financial institutions 22 00:00:41.765 --> 00:00:44.045 behind us telling us who, what, where we should fund. 23 00:00:44.345 --> 00:00:46.605 So it allows us to fund what we want, 24 00:00:46.605 --> 00:00:47.845 when we want and how we want. 25 00:00:48.025 --> 00:00:49.765 And that's obviously best for brokers, right? 26 00:00:49.765 --> 00:00:51.205 Because they want to get push, push, push. 27 00:00:51.305 --> 00:00:52.565 So that's what we do. It's 28 00:00:52.565 --> 00:00:53.965 Nice to have the power and control. 29 00:00:54.185 --> 00:00:57.005 It absolutely is. We differ a little bit in that. 30 00:00:57.005 --> 00:00:59.125 Most, uh, uh, of the other lenders 31 00:00:59.125 --> 00:01:02.325 that we have come across have this sort of like 50 32 00:01:02.425 --> 00:01:05.005 to $75,000 kind of bucket. 33 00:01:05.705 --> 00:01:08.365 Our average deal size is 275,000, 34 00:01:08.365 --> 00:01:11.365 which allows these brokers, our, our partners obviously, 35 00:01:11.485 --> 00:01:13.845 'cause they're our funding partners to be able to fund more 36 00:01:14.035 --> 00:01:15.405 through less files. 37 00:01:15.505 --> 00:01:17.325 So for them it means more money. 38 00:01:17.785 --> 00:01:20.085 So is that one of the main reasons people come to you, 39 00:01:20.335 --> 00:01:22.125 other rather than your competitors? 40 00:01:22.555 --> 00:01:23.885 Well, we are definitely, uh, 41 00:01:24.105 --> 00:01:26.205 on the high side when it comes to dollar amount, 42 00:01:26.345 --> 00:01:27.645 we are right there with term. 43 00:01:27.665 --> 00:01:30.365 We go up to a year, which is where the market is currently, 44 00:01:30.825 --> 00:01:33.925 and we have, uh, limited number of stipulations, which 45 00:01:34.345 --> 00:01:36.685 as everybody knows is sometimes the difference 46 00:01:36.685 --> 00:01:38.565 between funding the deal and not funding the deal. 47 00:01:39.305 --> 00:01:41.605 And so what are you seeing in the industry happening this 48 00:01:41.605 --> 00:01:43.045 year, or at least for the rest of the year? 49 00:01:44.005 --> 00:01:47.605 I think that, um, the lenders that are on the higher end, 50 00:01:47.905 --> 00:01:51.125 the guys who are already thinking about regulation, the guys 51 00:01:51.185 --> 00:01:54.925 who are looking at contracts, uh, re revising the contracts, 52 00:01:54.925 --> 00:01:57.845 trying to make 'em simpler, uh, adhering to uh, 53 00:01:57.945 --> 00:02:00.285 the disclosure forms, doing things the right way, 54 00:02:00.615 --> 00:02:02.885 those are the guys that are gonna rise to the top 55 00:02:03.265 --> 00:02:04.725 and the brokers will follow them. 56 00:02:04.785 --> 00:02:07.565 And then those who are maybe not doing exactly the way it 57 00:02:07.565 --> 00:02:09.405 should be done will start to fall away. 58 00:02:09.445 --> 00:02:11.365 I do believe that from the bottom of my heart, 59 00:02:11.515 --> 00:02:12.565 Well that's how it should be. 60 00:02:12.565 --> 00:02:14.005 We gotta get rid of the bad apples. 61 00:02:14.105 --> 00:02:16.205 We do have to get bad, uh, rid of the bad apples. 62 00:02:16.205 --> 00:02:18.885 And I think we should actually, uh, step it up even 63 00:02:18.885 --> 00:02:19.885 before regulations. 64 00:02:19.965 --> 00:02:22.125 I think, I believe that lenders should come together. 65 00:02:22.745 --> 00:02:24.765 The big banks do it, right, don't they come together, 66 00:02:24.825 --> 00:02:27.485 sit down and go, how do we, how are we gonna set situate 67 00:02:27.485 --> 00:02:29.445 ourselves within the industry, make sure 68 00:02:29.445 --> 00:02:31.485 that we're all abiding by the same kind of rules 69 00:02:31.485 --> 00:02:33.845 and regulations come together and do it the right way. 70 00:02:34.365 --> 00:02:36.565 I do believe that lenders here in this space should 71 00:02:36.565 --> 00:02:37.645 do exactly the same thing. 72 00:02:37.825 --> 00:02:39.445 And actually, I am looking 73 00:02:39.505 --> 00:02:40.805 to make some connections here 74 00:02:40.805 --> 00:02:42.125 today to start this conversation. 75 00:02:42.395 --> 00:02:43.565 Well, I wanted to hear about 76 00:02:43.565 --> 00:02:44.645 what you're excited about today. 77 00:02:44.645 --> 00:02:48.925 I am having everyone gimme a 32nd broker bite. So tell me 78 00:02:49.675 --> 00:02:51.125 What we are here looking to do here. 79 00:02:51.335 --> 00:02:53.405 We're, we're looking to expand our reach, right? 80 00:02:53.585 --> 00:02:56.005 To have people, because this is our first fair, believe it 81 00:02:56.005 --> 00:02:57.245 or not, as crazy as that sounds. 82 00:02:57.375 --> 00:02:59.725 We're super excited to have people see 83 00:02:59.785 --> 00:03:01.845 and hear the simplified capital name. 84 00:03:02.305 --> 00:03:05.085 Let them understand that we are looking to get funds, uh, 85 00:03:05.555 --> 00:03:07.925 done quickly, uh, the correct way. 86 00:03:08.065 --> 00:03:10.085 And know that when they work with us, they're working 87 00:03:10.085 --> 00:03:11.605 with a trusted source and they know 88 00:03:11.605 --> 00:03:12.685 their file is not going anywhere. 89 00:03:13.235 --> 00:03:14.605 It's good to know. Thank you so much 90 00:03:14.605 --> 00:03:15.765 for spending some time with me. 91 00:03:15.815 --> 00:03:17.445 Thank you Allison. We'll be right back.