Bob Eakin looks around and sees mortgage brokers — especially those in the private-lending industry and in the “fix-and-flip” business — come and go within two to five years. Most are younger people – some even young enough to be Eakin’s children.
Eakin, 54 and a self-described “work hard, old school, high touch, fast response” guy, completed his first loan in 1988. After having done just about everything in the mortgage-loan industry, he has found his niche with JCAP Private Lending, which specializes in short-term, investor-funded real-estate bridge loans.
That is a short-term loan of usually 12-18 months that, as Eakin puts it, “is a fast solution while you work out your problem and get traditional funding or sell the property.