Description

From this video: Ethan Penner: Well, I didn't invent CMBS. Right? So CMBS, which is the securitization and pooling or selling of loans, securities backed by commercial real estate loans. I would credit the first deals done to Salomon Brothers and Lew Ranieri and Steve Roth, who later left and went to Drexel and was a colleague of mine and a good friend and I'm friends with Lew, to this day. And they really created the first CMBS model. They did a single asset deal backed by an office building in lower Manhattan in the late 80s. They tried to roll the business out to become a bigger business. But it was the, it was the right idea at the wrong time. And, of course, there's an important lesson to be learned there, is that, success comes with, not just smart ideas and not just smart people willing to work very hard. But there's the magic formula that we don't control, which is timing. For the ultimate guide to real estate crowdfunding and syndication, subscribe now to the FREE GowerCrowd newsletter: https://bit.ly/3jRnlTv | Visit the GowerCrowd website, the most complete source of free real estate syndication and investing resources and training available anywhere: https://bit.ly/2VMA7ea | Are you a real estate developer? Read the new book, SYNDICATE and learn how to find more investors so you can raise more money: https://bit.ly/3jRUM8r | Are you a real estate investor? Watch this free webcast and discover the Hidden Secrets to Success in Real Estate Investing: https://bit.ly/2VJMcAN