Lending against distressed properties not to distressed borrowers, with Todd Pigott (ZINC)

How to Lend Money to Strangers

Brendan le Grange

Credit, Fintech, Management, Lending, Banking, Business, Careers

5 • 2.6K Ratings

🗓️ 5 October 2023

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

"Distressed property can always be repaired, not so distressed people. And so we focus on distressed properties. And that platform has worked very, very well for us: I've done a billion dollars of this, and I will tell you, I have never ever lent on a property that I was not able to fix."

The modern mortgage model is designed to work at scale, so when a deal pops up that's a little outside the norm it can often be more efficient to say no quickly than to spend time thinking it over. But that means that a lot of great deals never see the light of day within the big lenders. But it has to be that way... doesn't it? You couldn't possibly employ a team of property experts to select hidden gems in good neighbourhoods and then ensure they're well restored while still protecting your margin... could you?

I love a lending model that leverages community knowledge and that's what ZINC does - providing financing to contractors who are looking to improve neighbourhoods by buying good but distressed properties and fixing them up. Margins are good. Collateral grows in value. Borrowers have skin in the game and every reason to make it work for your mutual benefit. In this episode, I speak to Todd Pigott about their win-win-win-win approach to private lending for property developers.

ZINC Financial's homepage is at https://zincfinancial.com/ (or at https://zincinvesting.com/ for investors)

But you can also find the ZINC companies on LinkedIn: the lending side at https://www.linkedin.com/company/zinc-financial-inc-/ and the capital side at https://www.linkedin.com/company/zinc-income-fund/

Todd is there, too, at https://www.linkedin.com/in/todd-pigott-893aa861/

My action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is at https://confirmu.com/ and on episode 24 of this very show https://www.howtolendmoneytostrangers.show/episodes/episode-24

If you have any feedback or questions, or if you would like to participate in the show, please feel free to reach out to me via the contact page on this site.

Keep well, Brendan

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Transcript

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0:00.0	Some things just add some play to your day.
0:02.8	Catching the toast as it pops out of the toaster.
0:05.6	Dancing down the street to your favourite place.
0:08.8	Wearing a sparkly boots to the shop.
0:11.2	Best of all, picking the new Red Scratch Card.
0:14.0	A Red Scratch Card, please.
0:15.7	Thank you.
0:16.7	And doing your own drum roll.
0:18.5	This is exciting.
0:21.4	Add some play to your day,
0:22.8	with Scratch Cards from the National Lottery.
0:24.8	So it's too big, place more.
0:26.4	Brawls and procedures are by a player's must be 18 or over.
0:30.8	Distressed property is dated on the inside with bad cabinets can always be repaired,
0:37.5	not distressed people.
0:39.1	And so we focus on distressed properties, not distressed people,
0:42.0	and that platform has worked very, very well for us.
0:48.4	Harry Potter may have had his philosophers stone,
0:50.9	but today I have my philosophers wool.
0:53.8	Now, if you know me, you know I love a good treasure hunting story.
0:57.6	Draken, my first pulpy adventure thriller, is available now for free on Kindle, for example,
1:02.4	and for a very reasonable price in all other formats.
	...

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