Andy Sabo
President and CEO
Top 10 Funding, LLC
Originally from Woodbridge, New Jersey, Andy Sabo now lives in Hawaii Kai, Honolulu, Hawaii. His professional background includes work in real estate finance, management, marketing, teaching, and software development. He has over 30 years of international business, IT, consulting, and software and database development experience, and has owned and operated several businesses in these industries. Mr. Sabo holds a degree in Electronics Technology from DeVry University and a BS and MBA from Hawaii Pacific University.
As a private lender for commercial real estate, Mr. Sabo?s Top 10 Funding works with an expansive portfolio of private lending institutions and investor backed funding sources. His firm provides?funding for projects such as apartments, office buildings, mixed-use, retail, and self-storage. Financing specialties include new property acquisition, construction and development, property improvement, cash-out refinancing, and short-term financing.
Q: How did you get your start in the real estate finance business?
I worked in IT for about 30 years, including 10 years for a major manufacturer as the Asia/Pacific Applications Engineer. The world travel was a great experience. When local companies began outsourcing SW development projects, I found myself out of work and ended up working on my own as a contractor. I got involved with several start-ups in IT and worked with some of my contacts to import products from Asia.
I kicked around several career options and ended up answering an ad in Craigslist for a Commercial Real Estate Finance Agent with a company based out of Texas. The company seemed to be focused on Multi-Level Marketing. Agents paid a sizable monthly fee that was distributed to management. There was little emphasis on actual lending. This experience offered me an opportunity to learn the industry and go out on my own.
Q: Tell us about the process of founding Top 10 Funding. What challenges did you face in starting your own firm?
The two major challenges were establishing credibility with the public and finding talented agents to work with a new company. Building credibility came with time and by publishing blogs and articles on professional sites, such as LinkedIn, LoopNet, DeepPockets, and CREPIG.
The most common issue new agents had was training and mentoring. I developed a series of training videos and an online library with research documentation for the agents to build upon. Finding motivated agents is still a challenge.
Q: In the last year or so, have you seen changes in the market?s conditions? How has your strategy changed as a result?
Last year we were receiving requests for multifamily purchase and refinance. Banks were not making these loans. We are starting to see a reversal of this trend. As the banks offer more commercial products, we need to strengthen our position with equity financing, hard money and construction.
Q: In recent months, has any market or asset class surprised you with its performance? Are there any you think are underrated in today?s commercial real estate market?
The big surprise for us is hospitality. Our local market is reporting highest occupancy rates in three years. Airlines are reporting an increase in traffic in 2012, which is great news for the hospitality sector. Banks are categorically rejecting all hospitality loans. This is an opportunity for private lenders in the coming year.
Q: Tell us about your use of social media and other forms of online presence. What does technology add to your business? How do you think such technology will impact the industry in coming years?
We are not as active in social media as we should be. Many people in this industry use social media to drive traffic to their website and promote their business offerings. Social networks should be viewed like any other business network. If you focus on giving you will be rewarded with referrals.
Q: What is your favorite part of your job? What is your least favorite?
My favorite part of the job is when the deal works for everyone involved. It is much like hitting a home run and watching the ball go over the fence. The borrower and lender are both grateful and I am grateful for the relationships I have with them.
My least favorite part is when I learn that a borrower or broker is giving false information or is trying to manipulate me or my lenders. We all know there is a dark underbelly to this business, but there are also honest people with real problems to solve.
Q: Do you think the upcoming election will have a significant effect on your industry? Will uncertainty over taxes or financial regulations impact your company?
Borrowers turn to the private lending industry because the major banks are not willing to fund their projects. The outcome of the elections will certainly have an impact on our industry because the top issues are the economy and imminent tax increases. CMBS markets are still slowly healing and the effects of regulatory changes may not be seen for another decade.
Q: Seeing as how you already live in Hawaii, where do you like to go for vacation??
Many people think we are always on vacation in Hawaii. Like everyone else, we work hard and play hard. My favorite place to visit is Australia. Sydney and Melbourne are great cities and the people are very friendly and accommodating. I also travel to the mainland US to visit my family in CA and NJ.
Q: For those of us planning a trip to your state, what do you recommend we visit while we?re there?
Hawaii is a beautiful place rich in culture and so much to see. Our average temperature is around 82?F, so people like to come here to get away from the cold weather. Waikiki Beach and Kilauea Volcano are the most popular places.? The winter swell brings huge surf and great surf events on the North Shore of Oahu and February we are visited by Humpback whales. There something for everyone here: shopping, great local food, surfing, fishing, hiking, cultural events, great golf courses, business conferences, and a great place to relax.
?#CRE
Source: http://llenrock.com/blog/executive-interview-andy-sabo-top-10-funding/
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