We're back in The Real Estate Experiment lab with another episode. This week, we have the pleasure of having Mark Ritter on board, CEO at MBFS & Nu Direction Lending. From his early days as a credit union loan officer in 2001, he has grown to become the CEO of a CUSO that serves more than 40 credit unions and provides $500 million in business loans. In his previous role as an executive, he created one of the most successful lending programs. His specialty is transforming unprofitable branches into revenue-generating machines with strategic change.
Mark Ritter, steps into the lab and shows us how in addition to leveraging banks you can also leverage credit unions as an investor. Tune into this episode to learn how to leverage credit unions to acquire real estate.
HIGHLIGHTS OF THE EPISODE
01:45 - Background of the guest
08:53 Approachable, Friendly Process
11:56 - The cycle of money
21:16 - Relationships in financial services
34:22 - Credit union service organization
44:42 - New direction lending
47:31 - Key takeaway
KEEPING IT REAL
6:24 - How is a credit union different from a bank
17:51 - How the relationship matters with a credit union
36:34 - How does commercial lending work?
31:59 - What are the biggest mistakes people make?
39:07 - What is the biggest misconception around credit unions?
42:46 - How do I take that first step?
NOTABLE QUOTES (KEY LESSONS):
“What the credit unions actually do is work cooperatively. We work with about seventy-five credit unions now. So really, when you meet with your local credit union, that's nice and friendly on the corner and wants to help you, you're dealing with the power of hundreds of billions of dollars in assets to put that money to use for there. So you're getting that scale of working with a large lender, but in our community lending atmosphere.”
“If you've always said I wanted to value that relationship, I want to be in that. I want to be an insider. The credit unions are a place to check out because not only are you not a customer, you're a member, and that's who the ownership of the institution is for. So we're not sitting in our ivory towers and everything that you've always said that you wanted in a financial institution. As far as that seat at the table, you can have that through a credit union.”
CONNECTING WITH THE GUEST