Lender Lounge with Kevin Kim

From Regulation to Resilience: How CMA Champions California Lenders

In this episode of Lender Lounge, host Kevin Kim sits down with Brad Laddusaw of SNL Capital Group and Brock VandenBerg of Talamar Financial for a dynamic discussion on the realities of private lending in California. Both guests bring unique perspectives—Brad as the President of the California Mortgage Association (CMA) and Brock as a seasoned fund manager. They explore topics such as the complexities of lending regulation in California, the role and value of CMA in advocacy and education, the evolution of loan products, and the importance of industry collaboration. The episode offers candid insights into the challenges, nuances, and opportunities in one of the country's most tightly regulated yet influential lending markets. Brad Laddusaw, CPA and CA DRE Broker, graduated CSUF in Accounting & Finance. He began at Ernst & Young, became VP Finance at a private lending firm, and in 2017 co-founded S&L Capital Group, providing asset-based bridge loans in California. He has underwritten $300M+ in trust deed investments and serves as President of the California Mortgage Association. Brock VandenBerg is President of TaliMar Financial and Fund manager for TaliMar Income Fund I. TaliMar Financial is a leading private lender funding residential and commercial bridge Fix and Flip, Bridge, and New Construction loans throughout California. Bullet Points: [00:00:00] Introduction [00:01:13] Guest introductions and lending model overviews. [00:03:22] SNL Capital Group's trustee-to-investor lending strategy. [00:05:30] Growth of Talamar Financial's mortgage fund and investor base. [00:06:21] Lending focus areas and geographical footprint for both guests. [00:08:56] California's regulatory environment and its national significance. [00:10:39] Overview and mission of the California Mortgage Association (CMA). [00:13:17] Fragmentation in private lending and differences in business models. [00:14:22] Perception and branding of "hard money" vs. asset-based lending. [00:16:34] CMA's diverse lender base and its value in bridging niche markets. [00:18:33] Importance of CMA for both California and national lenders. [00:19:05] CMA's relevance for mortgage brokers, brokers, and compliance staff. [00:20:49] California's dominance at national lending conferences. [00:22:39] Experience and knowledge-sharing among CMA's "old guard." [00:24:00] Educational value of CMA's legislative panel and private money basics. [00:25:31] Working relationship with California's DRE and regulatory transparency. [00:28:03] Importance of proactive compliance to avoid audits and exams. [00:29:43] Pros and cons of California's transparency vs. regulatory complexity. [00:31:43] Need for specialized legal counsel in California private lending. [00:32:25] Risk of regulatory non-compliance and misadvice from general counsel. [00:33:40] Misconceptions about CMA and expanding national relevance. [00:35:54] CMA's role in trend forecasting and regional market insights. [00:37:03] Ground-level issues in ADU projects and construction timelines. [00:39:09] Conservative underwriting as a safeguard in volatile markets. [00:40:13] Institutional shops' hesitation toward non-box-conforming loans. [00:41:48] Strategies for attracting new blood to CMA and growing membership. [00:42:50] Pop-up events and localized education as membership drivers. [00:43:31] Positive shift in CMA's atmosphere and member engagement. [00:46:35] Launch of CMA's Fund Manager Committee for peer discussion. [00:47:23] Opportunities for institutional involvement and education at CMA. [00:49:29] Importance of promoting CMA's advocacy wins and impact. [00:51:18] California's influence on national legislative trends in real estate. [00:52:50] Overview of CMA's Lobby Day and legislative engagement. [00:54:22] The importance of direct outreach to local legislators. [00:56:02] How listeners can get involved in CMA and advocacy efforts. Links: Learn more about SNL Capital Group at: https://snlcap.com/ [https://snlcap.com/] Learn more about Talamar Financial at: https://www.talamarfinancial.com/ [https://www.talamarfinancial.com/] Learn more about Geraci Law Firm at: https://www.geracilawfirm.com/https://www.geracilawfirm.com [https://www.geracilawfirm.com/] Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast [https://www.geracilawfirm.com/lender-lounge-podcast] Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up [https://www.geracilawfirm.com/sign-up] Follow Lender Lounge with Kevin Kim on LinkedIn [https://www.linkedin.com/showcase/lender-lounge-with-kevin-kim/] and YouTube [https://www.youtube.com/@lenderloungewithkevinkim]

S5E11 | The Benefits of Balance Sheet Lending featuring Wes Carpenter

Wes Carpenter, Managing Partner at Stormfield Capital, joins Kevin Kim in this episode of Lender Lounge. With a background in multifamily investing and over a decade in private lending, Wes shares the unique story of building Stormfield into a contrarian, institutional-grade lender. Unlike many of its peers, Stormfield operates as a true balance sheet lender with no structural leverage or loan sales, holding over $750 million in AUM. Wes discusses the evolution from syndicating hard money deals to launching a fully audited, institutional fund, highlighting their focus on durability, disciplined underwriting, and investor-first principles. The conversation covers market shifts, the rise of securitization, and the long-term outlook for residential and commercial lending. Bullet Points: [00:00:00] Introduction [00:01:07] Wes Carpenter introduces Stormfield Capital and their lending strategy. [00:02:32] The firm's origin story and how it differs from other lenders. [00:04:24] From syndicating loans to launching their first fund in 2016. [00:07:06] Why Stormfield committed to being a balance sheet lender. [00:10:06] Avoiding correspondent lending in favor of business independence. [00:12:20] Wes's early background in multifamily and discovering bridge lending. [00:14:23] Strategic CRE lending only when risk is asymmetrical. [00:15:24] Borrower evolution from fix-and-flip to long-term investing. [00:17:18] Transitioning Stormfield into an institutional asset manager. [00:19:52] Staying unlevered and resisting the temptation of selling loans. [00:22:05] Building the fund with full audit and third-party admin from day one. [00:24:30] Avoiding structural leverage to ensure durability in down markets. [00:26:03] Stormfield's growth during periods of market dislocation. [00:28:14] Reaction to widespread leverage and securitization in the market. [00:31:03] Questioning if bond investors are being adequately compensated. [00:33:05] Disconnect between pension/endowment capital and direct originators. [00:34:04] Why RTL's short-term nature challenges traditional securitization. [00:36:57] SMAs may be a more viable path for institutional entry. [00:38:17] Recognition of self-originated securitizations gaining better pricing. [00:40:03] Stormfield's continued commitment to residential lending. [00:42:14] Reducing Florida exposure due to insurance and demographic shifts. [00:44:36] Stormfield's contrarian approach and resisting mainstream trends. [00:46:19] Declining DSCR offerings to stay focused on core strategy. [00:48:42] Gaining traction with endowments through early planning and access. [00:50:08] The hidden challenges and risks of institutional capital. [00:53:33] HNW investors provide stability compared to large institutions. [00:57:20] Wes's market outlook: multifamily trough and market reset. [01:00:59] The lack of permanent agency financing as a long-term concern. [01:01:06] Regional variations and pricing corrections in residential real estate. [01:02:09] Competitive pressure from aggressive lenders versus discipline. [01:02:09] Kiavi's real advantage is borrower experience, not just price. [01:04:34] Tech investment and borrower UX need more industry focus. Links: Learn more about Stormfield Capital at https://www.stormfieldcapital.com/ [https://www.stormfieldcapital.com/] Learn more about Geraci Law Firm at https://www.geracilawfirm.com [https://www.geracilawfirm.com] Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast [https://www.geracilawfirm.com/lender-lounge-podcast] Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up [https://www.geracilawfirm.com/sign-up] Follow Lender Lounge with Kevin Kim on LinkedIn [https://www.linkedin.com/showcase/lender-lounge-with-kevin-kim/] and YouTube [https://www.youtube.com/@lenderloungewithkevinkim]

S5E10 | From Fighting to Funding with "Sam" Sarkis Chivitchian

"Sam" Sarkis Chivitchian is the founder and CEO of Secured Capital Lending, a direct private lending firm specializing in private money and hard money loan products — including fix and flip, construction loans, DSCR, commercial bridge, land loans, and asset-based financing. With over 20 years of experience in real estate and finance and more than 1,200+ transactions closed, Sam has become a recognized voice in the private lending industry. He frequently shares his expertise as a guest speaker at national conferences, podcasts, and industry events. Beyond lending, Sam is a real estate broker, fund manager, and active developer. Outside of work, he enjoys spending time with his wife and three children and coaching professional MMA fighters. Surprisingly Sam is a former UFC fighter and National Judo Champion, he brings the same discipline and focus to helping investors succeed. Bullet Points: [00:00:00] Introduction [00:01:05] Sam's introduction and early lending background. [00:02:15] Discovering private lending through a short sale flip. [00:03:25] Working at LBC and founding Secured Capital Lending. [00:05:34] How the industry changed from hard money to institutional lending. [00:07:54] The growing divide between residential and commercial lending shops. [00:08:57] Sam's one-stop-shop approach: hard money vs. private money. [00:10:45] Institutionalization's impact on loan structure and underwriting. [00:11:32] Early experience selling loans and market shifts in 2020. [00:13:15] Thriving during COVID through investor-based lending. [00:15:18] Value of asset-based lending during periods of market dislocation. [00:16:06] Addressing gaps in institutional credit boxes with common-sense loans. [00:17:30] Launching Secured Capital from scratch. [00:18:13] Lessons in leadership and scaling slowly. [00:20:47] Keeping the team small, focusing on efficiency and quality. [00:22:40] Balancing origination, funding, and development ventures. [00:23:45] Learning from the 2008 crash and growing organically. [00:25:56] Sam's martial arts background and transition from UFC to lending. [00:28:57] Retiring from professional MMA and starting a real estate career. [00:30:45] How martial arts training shaped Sam's business mindset. [00:32:43] Why discipline, resilience, and team dynamics matter in lending. [00:34:31] Business parallels between sports competition and lending. [00:36:32] Importance of networking, humility, and playing the long game. [00:38:57] Advice for new market entrants and why passion is essential. [00:40:55] The risk of 100% financing models and chasing yield. [00:42:33] Transitioning to balance sheet lending and fund management. [00:45:42] Choosing an LPGP fund structure to expand investor access. [00:48:27] Using capital variety to match each loan to the right strategy. [00:50:34] Thoughts on the current market: volatility, corrections, and inflation. [00:53:35] Why short-term market pain could be healthy for the industry. [00:54:38] Commercial real estate's comeback and new opportunities. [00:56:17] Shifting to more commercial loans at Secured Capital Lending. [00:57:48] Concerns about oversaturation and new entrants in California. [01:00:16] Why quality execution will define success over the next five years. [01:03:11] Caution against extreme lending models and risky strategies. [01:04:22] Sam's closing thoughts on building the right way and long-term vision. Links: Learn more about Secured Capital Lending at https://securedcaplending.com/ [https://securedcaplending.com/] Learn more about Geraci Law Firm at https://www.geracilawfirm.com [https://www.geracilawfirm.com/] Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast [https://www.geracilawfirm.com/lender-lounge-podcast] Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up [https://www.geracilawfirm.com/sign-up] Follow Lender Lounge with Kevin Kim on LinkedIn [https://www.linkedin.com/showcase/lender-lounge-with-kevin-kim/] and YouTube [https://www.youtube.com/@lenderloungewithkevinkim]

S5E9 | Wall Street Wisdom: Insights From Charlie Woo

Charlie Woo, President of Fidelity Bancorp Funding, joins Kevin Kim in this episode of Lender Lounge. With a deep background in investment banking and a pivotal role in past industry-shaping transactions, Charlie shares why he moved from Wall Street to private lending. Fidelity Bridge Loans focuses on small-balance bridge loans for commercial real estate with an emphasis on multifamily and business-purpose residential properties. Charlie discusses the firm's strategic balance between retail and institutional capital, their selective growth into DSCR and construction lending, and the evolving role of capital markets in the sector. The conversation also addresses underwriting discipline, the impact of rising rates, and Fidelity's vision for long-term, flexible growth. Bullet Points: [00:00:00] Charlie introduces himself and her transition from investment banking to Fidelity Bancorp Funding. [00:02:04] Overview of Fidelity's focus on small-balance commercial and multifamily bridge lending. [00:03:33] Evolution of Fidelity from a mortgage brokerage to a private lender with its own fund. [00:04:36] Market shifts driving demand toward multifamily and residential investor deals. [00:05:11] Impact of tariffs and bifurcation in the industrial market. [00:06:52] Charlie's unique entry into private lending after advising M&A deals in the industry. [00:08:52] The firm's focus on building long-term permanence with diversified capital sources. [00:09:48] Trade-offs between staying independent versus private equity buyouts. [00:13:59] Introducing institutional flavor while retaining retail investor priority. [00:15:55] Institutional interest in small-balance commercial lending and originator challenges. [00:20:53] Underwriting approach: asset coverage and borrower strength. [00:24:50] The role of banks today and why private lenders are stepping into bridge loan spaces. [00:28:16] Big banks showing interest in RTL loans and securitization trends. [00:29:23] Expansion into DSCR products for small multifamily and term lending. [00:32:25] Market potential and hesitation around institutional DSCR lending for larger multifamily. [00:33:51] Charlie's Wall Street roots and transition through Genesis and Anchor deals. [00:38:24] Reflections on M&A deals like Anchor, and why Fidelity is choosing independence. [00:44:03] Seeking long-term institutional partners without compromising business model flexibility. [00:52:43] Expansion plans targeting Texas and Pacific Northwest with prudent hiring. [00:56:30] Upcoming entry into ground-up construction and build-to-rent lending. [00:57:43] Outlook on commercial real estate recovery and underwriting discipline. Links: Learn more about Fidelity Bancorp Funding at https://www.fbfloans.com/ [https://www.fbfloans.com/] Learn more about Geraci Law Firm at https://www.geracilawfirm.com [https://www.geracilawfirm.com/] Subscribe to the Lender Lounge newsletter for episode notifications and exclusive content at https://www.geracilawfirm.com/lender-lounge-podcast [https://www.geracilawfirm.com/lender-lounge-podcast] Subscribe to the Geraci Law Firm newsletter at https://www.geracilawfirm.com/sign-up [https://www.geracilawfirm.com/sign-up] Follow Lender Lounge with Kevin Kim on LinkedIn [https://www.linkedin.com/showcase/lender-lounge-with-kevin-kim/] and YouTube [https://www.youtube.com/@lenderloungewithkevinkim]

S5E8 | The (Unofficial) Roast of Kevin Kim

In this special pre-Captivate episode of Lender Lounge, Fortra Law Partners Kevin Kim, Jennifer Young, and Nema Daghbandan trade industry insights, leadership philosophies, and plenty of jabs in a no-holds-barred "roast" of their own. Set against the backdrop of Captivate 2025, this episode blends serious economic forecasting with personal stories from the trio's time building Fortra Law. From market expansion and DSCR strategies to parenting styles, grumpiness, and what it means to be a good older sibling (or not), the episode gives listeners an unfiltered, funny, and refreshingly honest look behind the scenes. Whether you're here for private lending predictions or to find out why Kevin doesn't say "good morning," this one's not to be missed.