Carolina Capital is a hard money lender serving the needs of the “Real Estate Investor” and the "Small Builder" borrower who is striving to build wealth and generate income for themselves and their families. We offer “hard money rehab loans” and "Ground up Construction Loans" for investors only in NC, SC, GA, VA and TN (some areas of FL, as well).
As part of our business practices, we also serve as consultants for investors guiding them to network with other investors and educating them in locating and structuring transactions. Rarely, if ever, will you find a hard money lender willing to invest in your success like Carolina Capital Management.
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Hi, welcome to the show. My name is Bill Fairman. This is
my sister and business partner, Wendy.Sweet. I was out wondering if she knew
what her name was. So it still is. We would, love to get started with really a
little bit of our background, who we are, where we came from, why we're in
front of you, spewing our knowledge. So it's kind of a funny story. You know, I
had to deal with a lot of dentist now in business and so to you, I started off
my career. I actually went to school to become a dental technician and I worked
in that field for around 10 years, but it wasn't my personality. Well, yeah, I
mean I love the artistry. I love the engineering that was involved, but my
personality sitting behind the bench all day grinding, I just, it wasn't for
me. Plus the pay sucked and didn't help. Yeah. Yeah. So my father in law
actually said to me one day, you know, you'd be great in the mortgage business.
And I said, well, why is that? And he said, because you have a personality.
my sister and business partner, Wendy.Sweet. I was out wondering if she knew
what her name was. So it still is. We would, love to get started with really a
little bit of our background, who we are, where we came from, why we're in
front of you, spewing our knowledge. So it's kind of a funny story. You know, I
had to deal with a lot of dentist now in business and so to you, I started off
my career. I actually went to school to become a dental technician and I worked
in that field for around 10 years, but it wasn't my personality. Well, yeah, I
mean I love the artistry. I love the engineering that was involved, but my
personality sitting behind the bench all day grinding, I just, it wasn't for
me. Plus the pay sucked and didn't help. Yeah. Yeah. So my father in law
actually said to me one day, you know, you'd be great in the mortgage business.
And I said, well, why is that? And he said, because you have a personality.
Really, that's all it takes unless you have that Dick
Clark. He said thank you. You get extra pay in your this week for that. So
anyway, I said, so that's all it takes is a personality. He said that's about
75% of it because you have to go out and get your own leads. It turned out to
that I really did have an aptitude for the numbers and being able to take the
numbers and translate them to people that didn't have that knowledge. It's a
good thing cause it wasn't like that in high school. Right. Well that's true.
Well that's another story for another time. Anyway, I have spent 30 years plus
in the mortgage business. I started off as a loan officer in a shop that
essentially we just did loans for people buying houses or refinancing houses.
And eventually I got into the commercial space where we did what was called
small balance commercial mortgages.
Clark. He said thank you. You get extra pay in your this week for that. So
anyway, I said, so that's all it takes is a personality. He said that's about
75% of it because you have to go out and get your own leads. It turned out to
that I really did have an aptitude for the numbers and being able to take the
numbers and translate them to people that didn't have that knowledge. It's a
good thing cause it wasn't like that in high school. Right. Well that's true.
Well that's another story for another time. Anyway, I have spent 30 years plus
in the mortgage business. I started off as a loan officer in a shop that
essentially we just did loans for people buying houses or refinancing houses.
And eventually I got into the commercial space where we did what was called
small balance commercial mortgages.
So that would be anything from a doctor's office to a
multifamily property or sell storage, even mobile home parks. And that was
fascinating too because it's completely different from the residential side.
Residential side. You qualify someone based on their credit and their ability
to repay the loan, right? We want our money back on the, well, we always want
it on the commercial side. You're requalifying really the property more than
you are the individual and the property itself has to be able to make its own
payment. And then how do you do that? Well, they're assuming you're going to, if
you're not owner occupying it like a dentist, you're going to essentially rent
it to somebody else who was going to make sure that those payments are enough
to cover all the expenses and at the same time have a profit. They don't want
you to just to break even. You have to make a profit too. That's a good glue.
That reminds me of our friend Quincy, who he's an investor and he never wants
to do a deal with somebody that's not making enough money because he's not
going to be around very long if they're not making any money. So if they're
given most of their profit away and you as the investor getting most of the
profit and he says, I don't want to do business with that person because there
won't be a second deal.
multifamily property or sell storage, even mobile home parks. And that was
fascinating too because it's completely different from the residential side.
Residential side. You qualify someone based on their credit and their ability
to repay the loan, right? We want our money back on the, well, we always want
it on the commercial side. You're requalifying really the property more than
you are the individual and the property itself has to be able to make its own
payment. And then how do you do that? Well, they're assuming you're going to, if
you're not owner occupying it like a dentist, you're going to essentially rent
it to somebody else who was going to make sure that those payments are enough
to cover all the expenses and at the same time have a profit. They don't want
you to just to break even. You have to make a profit too. That's a good glue.
That reminds me of our friend Quincy, who he's an investor and he never wants
to do a deal with somebody that's not making enough money because he's not
going to be around very long if they're not making any money. So if they're
given most of their profit away and you as the investor getting most of the
profit and he says, I don't want to do business with that person because there
won't be a second deal.
He wants long term relationships during the crash. The
mortgage crash, I was not an investor, I was a worker bee in the mortgage
industry and I found myself because I was in the commercial side, it took a
little longer for the commercial side to kind of crash completely like the, the
residential side I did. I found myself at one point making about 25% of what I
had been making for the last 10 years. And at the same time I was in an
industry that had shrunken to about 25% of what it was. So I ended up going out
and getting my commercial truck driver's license. And I did that a couple of
years just to make sure I made the mortgage payments. But, you know, God, God
knows what the plan is. And His plan for me was to learn the hard way. In the
South we like to say that, but adversity builds character.
mortgage crash, I was not an investor, I was a worker bee in the mortgage
industry and I found myself because I was in the commercial side, it took a
little longer for the commercial side to kind of crash completely like the, the
residential side I did. I found myself at one point making about 25% of what I
had been making for the last 10 years. And at the same time I was in an
industry that had shrunken to about 25% of what it was. So I ended up going out
and getting my commercial truck driver's license. And I did that a couple of
years just to make sure I made the mortgage payments. But, you know, God, God
knows what the plan is. And His plan for me was to learn the hard way. In the
South we like to say that, but adversity builds character.
We also like to say, cause I'm eight up with character
now, so now this is the point where my lovely sister here was in the mortgage
business while I was driving a truck and she talked me into going into business
several times. That's another story, but that's why we formed Carolina hard
money and we were making hard money loans and then we went on to Carolina
capital management. We now manage a fund. We still do the same type of hard
money and commercial hard money loans. We just do it in a larger pool. Now what
about you? Where do you come from?
now, so now this is the point where my lovely sister here was in the mortgage
business while I was driving a truck and she talked me into going into business
several times. That's another story, but that's why we formed Carolina hard
money and we were making hard money loans and then we went on to Carolina
capital management. We now manage a fund. We still do the same type of hard
money and commercial hard money loans. We just do it in a larger pool. Now what
about you? Where do you come from?
The same mother you did? I really have been. A couple of
different careers. My first career was in the hotel business, which I
absolutely loved. And from that I got into the golf resort business, which was,
even better.
different careers. My first career was in the hotel business, which I
absolutely loved. And from that I got into the golf resort business, which was,
even better.
I love that even more cause I usually go on her golf
trips.
trips.
Yeah, that there was a premium to that. It was great.
Yeah.
Ended up having a baby at the age of 40 decided I didn't
want to work, I wanted to stay home and take care of my child. And that lasted
about 20 minutes. No, it was three months at least before I got crazy and went
to work for you actually in the mortgage business. Then I went crazy. So from
working with you, that really got me started in the mortgage business. I was in
to, and in fact my first day was 9/11, 9/11 was the first, first day, first
appointment we went on together. So that date, you know, will last for a good
long time in our brains. But from that point, I actually met Larry Goldens
within a few months of that and he and I became business partners, ran his
mortgage company while he started putting together his product for teaching
investors. And really the business that you and I had where I was working for
you, the best product we had was for investors.
want to work, I wanted to stay home and take care of my child. And that lasted
about 20 minutes. No, it was three months at least before I got crazy and went
to work for you actually in the mortgage business. Then I went crazy. So from
working with you, that really got me started in the mortgage business. I was in
to, and in fact my first day was 9/11, 9/11 was the first, first day, first
appointment we went on together. So that date, you know, will last for a good
long time in our brains. But from that point, I actually met Larry Goldens
within a few months of that and he and I became business partners, ran his
mortgage company while he started putting together his product for teaching
investors. And really the business that you and I had where I was working for
you, the best product we had was for investors.
And so I knew how to do the tougher loans. No, no mortgage
brokers ever wanted to do investor loans. It took too much time. You had to,
you had to understand how the underwriters would think it would [inaudible].
There was just a lot of red tape and that's how I learned mortgages. So for me
it was easy. Yeah. When you're dealing with investors too they have what's
called a schedule of real estate? So if they owned a lot of properties, you had
to figure in every single piece of property. Most loan officers are like, they
didn't want to do that. Too much work. That's exactly, that's exactly right.
But volume speaks volumes, doesn't it? And we were able to just, I mean grow a
wonderful investor only business and, and it was because of being in that
business, doing mortgages for investors that I really fell into the hard money
side. I had investors that would easily qualify for a loan. They had plenty of
money in the bank, but they couldn't find houses. And then I had other
investors that couldn't qualify to save their life for a loan, but they could
find houses. So I just started putting them together and basically brokering
their moneys between each other like that. And that's really how I got into the
hard money business. By the way, our next broadcast, am I going to have to sit
on a phone book? I swear feel so much shorter than you. Stand up tall. Sorry,
Rabbit hole.
brokers ever wanted to do investor loans. It took too much time. You had to,
you had to understand how the underwriters would think it would [inaudible].
There was just a lot of red tape and that's how I learned mortgages. So for me
it was easy. Yeah. When you're dealing with investors too they have what's
called a schedule of real estate? So if they owned a lot of properties, you had
to figure in every single piece of property. Most loan officers are like, they
didn't want to do that. Too much work. That's exactly, that's exactly right.
But volume speaks volumes, doesn't it? And we were able to just, I mean grow a
wonderful investor only business and, and it was because of being in that
business, doing mortgages for investors that I really fell into the hard money
side. I had investors that would easily qualify for a loan. They had plenty of
money in the bank, but they couldn't find houses. And then I had other
investors that couldn't qualify to save their life for a loan, but they could
find houses. So I just started putting them together and basically brokering
their moneys between each other like that. And that's really how I got into the
hard money business. By the way, our next broadcast, am I going to have to sit
on a phone book? I swear feel so much shorter than you. Stand up tall. Sorry,
Rabbit hole.
So from that front, that was in 2003 I guess when we
really started doing some hard money to crash hit in 2008 we shut the mortgage
company down and I went to seminary for a good three and a half years. I
graduated from seminary, loved it, had no intention of getting back into the
the industry and I never really left it. I was still doing some hard money on
the side, but I just, God had a better plan for me and a different plan for me
and and just set it up so that that business just took off the hard money
business did and, and that's when I started begging you, please, I need help. I
had to show him my bank statements. Look, I'm making money. You come work with
me and I finally dragged you into it.
really started doing some hard money to crash hit in 2008 we shut the mortgage
company down and I went to seminary for a good three and a half years. I
graduated from seminary, loved it, had no intention of getting back into the
the industry and I never really left it. I was still doing some hard money on
the side, but I just, God had a better plan for me and a different plan for me
and and just set it up so that that business just took off the hard money
business did and, and that's when I started begging you, please, I need help. I
had to show him my bank statements. Look, I'm making money. You come work with
me and I finally dragged you into it.
All right. God called you to go to seminary. God called me
to go to trucks. It's funny how things work.
to go to trucks. It's funny how things work.
It is funny. It is funny and actually it's been awesome
because you know, now we've got this incredible, wonderful business with an
incredible team that we work with and, and we have the ability to treat this
company like a ministry. And it really is because it's God's company. It's not
ours. And we just have to continue to keep each other focused on who's it
really belongs to, which is not either one of us. Right. And we just stay on
track with that. So
because you know, now we've got this incredible, wonderful business with an
incredible team that we work with and, and we have the ability to treat this
company like a ministry. And it really is because it's God's company. It's not
ours. And we just have to continue to keep each other focused on who's it
really belongs to, which is not either one of us. Right. And we just stay on
track with that. So
Well, it was funny while I'm in the back living in the back
of this truck, you know, weekly, I'm kind of stewing. I was stewing over the
fact that if I hadn't been an investor at the time, I would've had passive
income and I would have overcome that and I wouldn't have to be a truck driver
for several years. Right. Um, and so,
of this truck, you know, weekly, I'm kind of stewing. I was stewing over the
fact that if I hadn't been an investor at the time, I would've had passive
income and I would have overcome that and I wouldn't have to be a truck driver
for several years. Right. Um, and so,
but you're right up with character.
That's what, that's the passion that I have. And that's
what drives me now to teach other people. I have passive income because if you
have passive income, it doesn't matter what happens around you, you're still
going to have that passive income coming in and you can do the things you want
to do with the people you want to do them with at the time you want to do them.
Right. And at the same time, Wendy's calling was teaching people and I love
teaching people as well, but Wendy, it's funny, I always give her grief about
this. She majored in nonprofits and she fails every day because we make a
profit. Thank you Lord. But she has that giving side her and she's constantly
teaching and helping other people. Really have what we have.
what drives me now to teach other people. I have passive income because if you
have passive income, it doesn't matter what happens around you, you're still
going to have that passive income coming in and you can do the things you want
to do with the people you want to do them with at the time you want to do them.
Right. And at the same time, Wendy's calling was teaching people and I love
teaching people as well, but Wendy, it's funny, I always give her grief about
this. She majored in nonprofits and she fails every day because we make a
profit. Thank you Lord. But she has that giving side her and she's constantly
teaching and helping other people. Really have what we have.
Yeah. Well it's, it's so, there's, there's nothing more
fulfilling to see investors just build, build their world in real estate around
them. There's no glass ceiling to being an investor. Whether you're a lender or
whether your the builder or the rehab or the person that's wholesaling, there's
no glass ceiling as to what you can do. You can be a man, a woman, black,
white, red, yellow, whatever color. It doesn't matter.
fulfilling to see investors just build, build their world in real estate around
them. There's no glass ceiling to being an investor. Whether you're a lender or
whether your the builder or the rehab or the person that's wholesaling, there's
no glass ceiling as to what you can do. You can be a man, a woman, black,
white, red, yellow, whatever color. It doesn't matter.
You are in control over your destiny. For further
information, go to CarolinaHardMoney.com and we have a lot of different tabs on
there. Some of it's for education and resources and all other kinds of ways to
find out other things about us and some of the stuff
information, go to CarolinaHardMoney.com and we have a lot of different tabs on
there. Some of it's for education and resources and all other kinds of ways to
find out other things about us and some of the stuff
and not just about us, about people that we're connected
with too. We've got lots of links on there where we can hook you up with other
folks we know like and trust.
with too. We've got lots of links on there where we can hook you up with other
folks we know like and trust.
So thank you so much for joining us. If you really like
what you heard, you'll want to see some more, switch over here or here or perhaps
there. There's more episodes, but there's somewhere. Click it on, by the way,
subscribe and like us as well.
what you heard, you'll want to see some more, switch over here or here or perhaps
there. There's more episodes, but there's somewhere. Click it on, by the way,
subscribe and like us as well.
Please.
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