Best mortgage rates guaranteed for just $4500 any deal size with GParency

Podcast Transcript

Jordan: Hello and welcome everybody. I'm here today with Ira from GParency. Really excited. We just had a kind of a quick chat before Ira's been doing a lot of different things from broker and then heavily into different things right now with a brokerage and also some other cool business stuff with data and automation, and I'm excited to hear more about that.

So, Ira, welcome and please give us some background about you what brought you here and tell me more about what you're working on.

Ira: So I appreciate it. Thank you very much. Um, and I'm happy that it used to be when I was much younger, when I said a lot of things, like totally nothing was related to each other. At least now doing there a lot of things in one space finance. So like I'm happy that I brought into the one household there.

So today I have a company called, um, G Parent. G Parent is revolutionizing the commercial mortgage industry where we are the only fixed rate mortgage, fixed fee mortgage broker. We charge $4,500. We call ourselves a mortgage assurance broker.

We guarantee owners the best financing, and the beauty is they don't have to leave their broker or the relationship. We work alongside their relationship, so we guarantee 'em the best financing for 4,500 bucks. I used to, I came from old school brokerage. We pay a fee at closing. We thank God that company.

We built the third largest in America transactions doing $5 billion a year worth of deals, number 10 in the dollar amount. And we got a venture capital offer to build a Netflix of commercial real estate. And I saw the technology and the data play things moving and I said, Hey, I'm jumping onto that ship.

And I, you know, I was bumpy road. Thank God we're here. And, um, we're, it's interesting time as we're speaking today, um, we rolled out an app. Commercial real estate, amazing app. You can underwrite a deal on the go without any experience. And under three minutes down to the IRR, the LP, you could, it's Google Maps on steroids.

It's Google Maps overlay with public data and, and, um, become sales listings. And it's totally free. So it mimics the brokerage world. So you come to me as a broker and say, bottom look to buy this building. What advice could you gimme? Oh, just go to my app. I'll give you all the tools that I would normally use to like, give you some insights.

And the future is we spun off a company called G Placer. Where they license out the data for the people who go direct. So I says, I wanna go direct, I'll give you the data. And that company will eventually build AI tools, client facing, that a client could use it to say how I'll run the deal. Totally myself, I'll use the data and the AI agent kind of calling it Andre.

Andre, the mortgage broker. I like it. You know, A for AI and re for real estate at end.

Jordan: Mm-hmm. That's clever. So you have these two options here, almost two different paths you can go. Um. You say the client is, these apps are for the client. Is the client the person that's buying the building or is this, is that really who the idea is for or is it for—

Ira: That's who it's for—the client. Is that person buying the building? Oh, in real estate has a lot of different names. He's the GP, the general partner, hence GP Parent - GP transparency. Oh, okay. He, he'd be the syndicator. He could be the buyer, he could be the owner. He's sometimes called the investor, even normally the investor is the LP investor with the GP, but all these different terminologies.

And that's our, uh, that's my, that's my typical client for the data. I'm even selling it to my competitors to mortgage brokers. Okay. Because I realize that what makes a mortgage broker special is not, oh. 'cause he happened to know A, B, C bank put in the middle of somewhere, anywhere in the country and, and he'll figure out.

You know, the bank to go to and how they could talk to the bank. It's a time game, but the benefit of having more mortgage brokers use it is that as they use it throughout the country, I'll get better data to update amount data. Also, a lender says, Ira I wanna do business with you. They find out that they could upload their data to the placer with their lender profile.

And 30, 40, 50 mortgage brokers quoting out billions a month of deals are on it. They're gonna update it much quicker. Plus, I have extra money to invest in better AI tools. So. I'm for sure not losing because for $4,000 I have better data when I'm doing the shopping and the brokers that are using it, they have to service the clients.

They don't have to have a whole banking team. They can have this data and they themselves use the data with filters to get things going. Exciting time.

Jordan: Yeah. So the, was this the original, was this the dream three year? Was it three and a half years ago? You said you made the, you left. Yeah. So the full dream—

Ira: Is that, and this is a crazy thing about commercial real estate, you speak to someone who owns real estate and we're talking in 2025, right? We film, we, we, they're having this recording the beginning of July. I dunno if it's gonna drop, but we're talking about the beginning of July. If you speak to the typical real estate owner, they can own a hundred buildings, 50 buildings, 20 buildings, or five, and say, where's the list of all the real estate you own?

I don't know my office somewhere. You excel spreadsheet. What about the deals you looked at on the last year? I don't know. My email box, isn't that crazy? Every industry has a CRM. That same guy bought $10 worth of stock last week. You know what he know knows in that stock? He knows everything.

Jordan: Yeah.

Ira: Doesn't make sense. So I said, imagine if there'll be a dashboard like a Bloomberg terminal for commercial real estate. You have a map of the United States, every property. That you ever looked at as pinned. You could upload your notes and documents, see a list of your properties on the side, overlaid with, with deals, you looked at, deals you closed.

You could see the banking rates and the banking information When your loans come due, like sales comps, like would you buy that? It's 5,000 a year. And everyone's answer is hell yes. Mm-hmm. So the G Placer business model is the first. So I think about like Netflix. Why does Netflix bought the Superman series for a hundred million dollars?

'cause they say the lifespan of a customer is seven years and the retention rate will increase and it's worth to spend a hundred million or a billion dollars because they'll recover it that way. I say, hell, I license out the data. 5,000. What else can I add that more people use it? Oh, property manager.

They pay for. Why don't I, how the cost to build a property management software today, half a million on top of my platform, a million. When I get another a hundred customers, thousand new customers. Oh, what about investor relation thing? Keep building out other tools and throw it in for the same 5,000.

It's like, you know, membership is an asset.

Jordan: Yeah.

Ira: So that's the idea. So I'm gonna play off the flywheel of the banking data at the core and eventually I'll, I've, I'll help investors for equity. For LPs, track their investments. So have the membership model at 5,000 a year. Do it yourself. You ever want that broker to just shop?

I want a human here to help me shop on top of it. That's the 4,500. So two businesses are gonna, are gonna like a flywheel, so to speak to each other. I beat each other. Yeah. But I'm, I'm, I'm looking to say in the first mile, if you look back, commercial real estate, it's interesting is all these companies that open up all these AI tools are the second mile.

Once you're interested in a building, you need more due diligence, come to this site, come to buy this tool. But no one's starting at hello. They all start with Google search, Google Maps, lemme start Google Maps and build off that, that that Bloomberg terminal type concept off of Google Maps.

Jordan: So again, was it the dream When you left, were you this so good? This—

Ira: Was the business plan. This was the mistake. This the mistake that I made made your mistake. It's all God. So you know when it goes good, it's God. It goes bad to me. There you go. That's faith right there. That's faith.

Jordan: Yeah.

Ira: So listen, in the last couple of years I tell people, Ira, my faith is really tested. And now I said, my me, I, I pray that as business now is taken off like crazy, $300 million last month, it's growing. I said, let me maintain my faith and humility as it grows. You know what bad You're like, it's easy to, you know, yeah.

So this was my mistake. I should have followed Netflix's whole playbook. I didn't, when I raised money. It's a very, it's an amazing story. We got a, a unsolicited offer from a VC and then 150 of my clients, the largest seen around $15 million, 150 clients, bankers. Industry professionals said, Hey, we want that spot they fought for. And an average of 150 of the wealthiest people and influential people put up a hundred thousand each.

That was the seed round. So like crowdfunded, so to speak, the seed round. Mm-hmm. And what's interesting is that my mistake was that what they bought into that vision, I told you this was three and half years ago. This was before ChatGPT. So everyone said I would pay 5,000 for that. Everyone would pay 5,000 for that.

It was like everyone wanted to be into investment. My mistake was I told the, the clients what my vision was. So the first day I rolled, Hey, I could do it for 5,000 membership, and then you pay me 11,000, I'll close your deal. What can't be The guy charged me 200,000 doing for 11,000. So they, it's too great. I computer. This guy lost his mind. Maybe.

Jordan: Hmm.

Ira: Over the last few years, we built a technology and we perfected the product as one product to have at your parents, one. $4,500. I'll shop your deal and stay with your broker. I'll bring you the best, and you can go back to your broker if you want for $4,500.

You'll keep 'em in check. If you use a bro, there's three types of people. 80% of owners approximately go direct. They don't use brokers. 4,500, that's amazing. Shop the market. They miss something. They can bring the term sheet back to their existing lender, do what they want. It's theirs. There's 15% approximately.

Use a broker, but just to shop the deal. So why pay a commission? You can pay a fixed fee is 5%. No, this is my broker. He is my partner. Without equity, I don't make a move without him. He stays with me until I close. No problem. But what makes a damn good broker is not the one that shops it all over the place.

And Brett, he works that deal. So I said, I said, are you getting your best favorite pulled every time? No. So why don't you engage me? He'll keep your broker in check. He'll pull for an extra favor for you, recoup the money. I'll shop the broader market and then I'll advise you how to leverage all the offers.

But even if my bank's the best, take it to your broker. Let 'em finish. So right now, a product for a hundred percent of people, my hurdles awareness. So that's where the app really comes in. Give away a free tool. 10 0 1 acquisition. 60% of people that register for the app come back a second or third time. Crazy usage.

Jordan: I'm giving out. It costs me millions just to build the calculator, underwriting calculator. So that's, and now when it came time to sell the data, the banking data, I'm not doing them under the brand. I spoke to ChatGPT for real went back and forth. They say do it separate company, but like the name be similar.

So that's the credibility. So G Placer is the name? Yeah, that's what drum ChatGPT, my good friend. Love it.

Jordan: Mm-hmm.

Ira: Yeah. And um, so this one they call up G Placer. It gives you the data to go direct who G Placer you heard of G Parent. The same banking data they use, you have direct access to it. Annual subscription or a la carte that you do month by month, however you wanna buy the data.

And my vision is, is that's liquid gold. If you're interesting, no one has banking data. The reason why it's very tough to get banking data. I could help you buy the best. I believe I have the best banking data. It's, I have public data, I have. Um, what banks tell us they're doing, but because they're doing so many deals live, I have live feedback and the AI reads it advises, you know, augment it, the human and the everything together.

So I tell people when I tell my salespeople when you sell it, I don't think anyone has better than us. I believe I have the best and every day it's getting better and better. But if your goal is a hundred percent perfect, I'm probably holding it 70%. So we're the best. 'cause like it advises what make it advises if narrowed down for your deal.

200 lenders have to have someone in my office narrow down the 200 human and go through it. And then here's the final offer. You still need that component. AI is helping. So it's interesting. Interesting with with the banking data. So now the more people use it, they'll gimme feedback. I won't go from 70% every week up by 1%.

I can start going 3%, 5% a week. And that's the idea, the banking data. So we all win from it. That's the point.

Jordan: So the problem with telling them early. These clients. These investors is because they kind of, it was just so crazy. You're saying that they didn't believe it. No investors.

Ira: No investors loved it. Okay. Now, what I learned, and I never realized this, is that if I tell you something that's too good to be true, he's not even listening to me. I thought you at least asked me questions. No, this guy must have lost his mind. So when I was telling you $11,000, I'll close your deal. Are you crazy? Logically I can explain why it works. They don't listen. I see. So when I went to the half falafel model. I said $4,400, I'll just shop it to the term sheet. That made sense to everybody.

Jordan: Yeah.

Ira: Also, oh, you don't have to leave your brokers in the beginning, brokers are feeling threatened. They would You think this guy's, he'll take your money up front. That so, you know, I said, why should I fight people? Opposite. No fighting. What do you do? You a broker. You love your broker, stay with him. He's amazing. $4,400. Keep him in Check shop to broader market. Maybe miss something you have FOMO. No more. FOMO. 4,000 bucks. It's like a side bet.

Jordan: Yeah.

Ira: Hedge you. Someone asked me the question like I thought when I opened up, someone's gonna use me for about $1,000,005 deal or larger. 'cause I look 4,500 is a third of a point. Okay. I stop a term sheet and the bigger the deal for sure. He has a crazy story. A guy calls me up from Chicago, goes, Ira, have A-U-S-D-A property 300,000 loan. I said, sir, have you lost? Your mind goes, what do you mean you're gonna pay me a point and a half, $4,500 for a 300,000 loan?

He says, Ira, you lost your mind. Lemme tell you what's really happening here. I have a business. I don't know anything about finance. I don't even know where to go. If I went to a conventional broker to help me, they're gonna charge me a minimum fee of 10, 15, $20,000. Who are they gonna put on the account?

The loser who started yesterday? Mm-hmm. Because no one's working a 300,000 deal. Right? Small. But the guy in your office and the banking team, he gets a bonus every time a client's happy. He doesn't care how many zeroes are behind the first digit, so he's gonna hustle. And I realized, wow, it's like an investment.

You spend 4,500 what you return, return. Then I had a call for guy for a million dollar deal and I was like talking, how do you think I'm gonna save you? Like, you sure? He goes, I, he goes, I don't think my broker's using favors up for me. He's saving his favorites for his bigger clients. I'm sure that if you shopped it, you'll find a bank.

You create competition for a quarter of a point and a quarter of a point. You add it up $2,500 a year, five years, a typical loan slow, right? That's 12 and half thousand. He goes, I'm gonna trip on my money almost. So it's, and then it just started becoming crazy. And once I, we've got it. So now we're here, and as we're talking, we rolled out the app.

I spun out a new company I hired. I'm hiring a sales team of about 25 salespeople in G Placer. They make the initial phone call and once they're talking to the person, the person says, Hey, I use a broker. Oh, we'll sell you broker data. He will get you a better deal then. Or maybe can I, can I, you bought the data yourself or can I refer it to your parents?

So I was starting the whole flywheel coming together. So when I started by telling the, not the investors, they loved it, but a client that you think I'm gonna have a technology close my deal, I, I need a human.

Jordan: Yeah.

Ira: Like I don't even have in my website the ability to upload your deal and pay me. You have a deal. I'm calling you up. Back up. My senior broker's gonna talk, take a regular, I tell a person I'm a regular broker with two differences. I stop you after the term sheet and I only charge 4,500. That's it. So you and I tell you, hold me to the, hold me to the, to the hold me accountable as if you pay me a hundred grand.

Will you expect me to respond like this? Expect the same thing. Don't look like, oh, 4,500. What do you expect? No, I did. I I did those deals with those seven figure fees. I train people to close billions, and billions and billions. Hold me to that. Don't, don't look at only four, 500. So that's where the success is really starting to come.

And people are seeing that. It's really, it's, it's, you need to professionally have an attorney. I'm a professional mortgage broker. Pay for the time and value of the money. And that's the, that's the point. So—

Jordan: The cool thing that you're telling me about G Placer is that it goes so hand in hand with what you have here in G Parent, right? They, they don't compete at all. It isn't like, it's not like an automated brokerage. It's someone that's doing it hand in hand, right? Isn't that the idea?

Ira: Yep. Yep.

Jordan: Yeah, that's really interesting. So—

Ira: The office cycle, this is, is the next one, I just don't have the name yet for it is for investors, LPs. You know what's interesting? You wanna invest in real estate. Who has your back? You have no tools. Nothing, nothing, nothing. So I'm gonna open up a landing page. I, I have tons of content of training. I wrote a book on the business free for an LP. Give all the tools to, again, it's the same, similar, same tools the GP needs. So the GP sends in the book.

He could plug it into this calculator and then realize what he's making, just like see it in front of him. Give him the tools to track his returns LP facing, but at the bottom of it, he's gonna say, show me more opportunities. Now, he wants that to win for him, and my GPs come to me soon. I'll say, by the way, this is my plan for next year for $4,500, the same $4,500.

I will not only chop the debt, but I'll send the notification out to all the LPs that might wanna invest in you locally. Directly. No commission. We had securities law anyway, because you can't charge commission. So it works out perfectly with this brand here. But the more LPs come on, they also tell the GP, Hey, how come you need G Parent?

I'm using their app all day long. I'm using it. And that's that. So the whole flywheel comes the last level of flywheel. Once you're going down this, this path is for the lender. So the way it works now, um. You can access, um, the, the, the, we call Lender Vault. That's the G Placer thing, is on the Ency app. Go to the app store, Ency.

It's a free app and you can access it there. If you're ping soon, you'll have a landing page. Um, on G Placer we could access the lender vault on Placer, but right now, if you do a search, what happens right now is the top five to 10 banks. Come on without any details. So if you are a paying member, it'll show you their names, the profile, everything about them, and it'll show you every bank.

One of the things we're gonna be selling a lender soon is that when they, if they paid 5,000, they don't get better placement. You can't pay for placements 'cause the whole business is over. Like I'm selling. Mm-hmm. When someone who's non-paying member of G Placer is searching on Lender vault, even if you're, even, even if you're not in the top 10, just number 86 based on the algorithm, you'll still show up as Right.

We show in the top 10 and then you'll show up number 86, but you'll show up unlocked. If you, within the top 10, you'll show up unlocked so a bank could pay for exposure. Plus, I let a bank search my database if a deal matches. So I might get a deal and only sell em to six lenders, 20 lenders 30, whatever the number is.

But they can be a lender's hungry and could start doing a search. What is G Parent working on? Or eventually, what do a client that wrecked upload to G Placer that's using Lender Vault and let the lenders do a search. And say, Hey, Ira see it on file number 1, 2, 3. Could you, why didn't you show it to me? Show it to me. I, I, that's right down the block for me. So that's where the lenders—

Jordan: Yeah, that's the full cycle. So, but, but if you look at it like property management, what are the things people pay for, owners pay for? Keep throwing those tools in. Like the, I could buy rental comp information for office space commercials.

Ira: A company wants 180,000. If I put that down, am I better off putting that on the app, giving it for free? Another data point, another how many new people download the app and what percent end up. Using your or no, that's behind the 5,000 flow thing where, oh, do you want banking data? And comes and so we're playing with that Netflix type of game.

Now it gets exciting, you know, you get algorithm, but until now, lemme tell you, until about four or five months ago, it was tough trying to find that groove, getting the pitch down pat and God said, okay Ira, hopefully this is the time and hopefully it's not gonna sputter now. Now we're slow and steady in the right direction. Quarter over quarter growth with Sing, and hopefully now with like, uh. Hockey stick.

Jordan: Well, it's all just such a big flywheel. Like you said, they're all just so interlocking where they're feeding one and feeding the other. It's just how can it not turning it on is the issue. Find the right messaging is the issue.

Ira: Yes. If you finally found it, God gave it to us. We didn't find it. It's like, you know, but, and the question is now is, is this, is this going to gonna maintain a slow growth or all a sudden when, when's that hockey stick quarter? When's the hockey stick?

Jordan: That's what we all want, is that hockey stick.

Ira: Right.

Jordan: So right now do G Parent, G Placer, um. All these tools you're already using, like cutting edge technology. You're working in this all the time, but it's changing fast. Where do you see, how, how do you see it impacting your businesses going forward? Technology, AI, where do you see it going?

Ira: So, you know, people ask me sometimes I'll go for 10 a, I say, what would advice, would you give you a son coming outta college? What you tell him to do? You know what I told him to do two years ago while he wasn't finishing up school? I said, go and learn everything about AI. When I switched out to with ChatGPT said, everything, you gotta learn AI. He was into it and he went to school for it. He now opened up a company where he coaches people, executive ChatGPT coaching and building AI agents and, and he mastered everything with AI.

So my problem was when speak to the negative, being a visionary is that you sometimes see things, you're hallucinating. Mm-hmm. Sometimes you think, okay, sometimes you don't have enough runway until you get there. I saw where the world was changing with data and technology. And that's really why, you know, people always said, if you, I would've stayed focused.

My best year was 5 billion on the previous company. We could've gone gone to 20 billion, but it was always like hedging and building for the future. So I feel right now with G Parent and G Placer and the way it's going, it's at whatever pace you think the world's gonna adapt to data and AI and mergers and all these things we set for like a sports sense.

So I think eventually now $4,500 people say, how do you do it so cheap? I dunno how cheap it is. It takes 10 hours of work and I'm getting four 50 an hour and no law school, you know, soon you can say, alright, it's a rip off $4,500 to call up a few banks. It should be $2,000 the future. So I really think the future is your placer, where give people all the tools and, and then it's a yearly subscription.

So my, the, the future where, where you think and everyone thinks AI is going, I believe it's going there even further than people think. I'm a very big proponent of AI is going there and totally changing. So like some of the things I'm planning on building. Is on this platform, on the G Placer is like you able to interview every buyer.

What's interesting that when you wanna buy real estate, you fill out a form on a website, uh, you want to, you buy multifamily, Texas this right? But really, AI now could interview you and ask you about your underwriting. And now when I upload a deal to this platform. Okay, I can, I offer a tool to a seller, to a sales broker.

Eventually, sales broker uploads a deal and will identify not only which people officially buy this, but you could say which people own in the area. And what under are, are value added buyers. That and their underwriting model, they use a non, they use a, a debt yield. It is, and this what assumptions do they use and actually bring the same of the best brokers know exactly.

Hey, underwriter, why is perfect for you? That's why I see the future is. So the model be more of a subscription model. 'cause they're paying for data time and that's how the thing gets sold. So if the world goes in one direction, I think I'm positioned for that direction through. So I built the, so basically I look at G Parent's a replacement of my old company, of the old industry.

And, and, and I'm, I'm not replacing the old industry. The market's moving in a certain direction, but I also built a replacement of this based on what the AI is. So the A, we use AI behind the scenes. And now we're licensing the data and then we're gonna leave all the AI agents and tools on top of it to create Andre the first AI fully function AI mortgage broker.

So whatever you think is going, and I think it's going there and I think it's faster than most people think. Yeah, I think now it's really starting to pick up speed in a big way.

Jordan: Yeah. Okay. Uh, Ira, one final question here. Now, this may not affect you as much as some of the people in this, uh, you know, we talk a lot to a lot of people in the alternative finance space, but. Regulation. I, I mean it's kind of more on AI or not, but probably less around commercial real estate. But how do you feel about it coming up in the future? Concerns, not concerns. Where do you feel about regulation in this finance space?

Ira: So I don't think there's gonna be regulation in this finance space, um, because it's really the opposite. What is regulation there to protect the consumer? So you could have this brain surgeon, there's nothing thing about financing is buying a house and they take advantage of regulation. I think it's the opposite. The opposite now is that, you know, my background is I hired someone to train someone. You know, forget about your political views, but when Trump was Donald Trump real estate event, event owner, I trained someone who actually closed with Donald Trump.

Hmm. After, again, he made the introduction of Ivanka and Jared. And like the example used to be is like in those days, the line was that when you know, you borrow a, you know, you borrow a million dollars, you can't pay it back, you're in trouble. But a hundred million, you can't pay it back. The bank's in trouble.

So it's like the banks wanna protect the regulation is to protect the banks against the borrowers. Ah, so Trump—

Jordan: So Trump—

Ira: So really the regulation is not really coming this direction.

Jordan: Mm-hmm.

Ira: It's the other way. It's like they're not nerve, the Donald Trump's the world don't need protection. It's, you want, it's the other way around how the banks can make sure they're not doing a bad loan is for a developer. Sense of that. Once people understand that, I don't think regulation's coming here. Yeah. And this whatever AI regulation's coming, that's all true. All that's whoever that's gonna play a role. But I think ultimately all, you know, all the intermediaries are really stuck getting marginalized in every industry.

Because I go to cha, it's scary. I go to, you know, I'll end with this. My son went on vacation, now he went to The Bahamas, he went out to ChatGPT. I'm going to The Bahamas. And this what I'm saying, what ideas or tips do you have for me? It told him, go to a certain website called Dan's deals, buy a transfer pass that someone who has status could sell it to you.

He went there and bid it on it. I think he bid it from, for $69. He got an automatic upgrade and $50 of drinks, everything. I mean, how crazy is that? You never would've known ChatGPT. He would've, yeah. He would've had, if he would've had a high end travel agent, knew that. And then also prepares itinerary for him. This crazy stuff. Yeah. This is, and we're gonna, we're only in the second inning.

Jordan: Right? Exactly. We're only in the second inning. It's a good way to say it. It's really exciting.

Ira: Think about, think about this podcast, right? How much time does your marketing team, if you do this, when did, well, when was you first episode? When did you, when did you put out your first episode?

Jordan: Uh, like how long ago you, you're saying?

Ira: Yeah.

Jordan: Oh, years. It's been years. Yeah.

Ira: Think about how long it took from the time you finished your first episode. How many man hours did it take until it was ready for production? And now how many man hours now? So much faster. Sorry. And now that that team's smaller. In fact, our marketing team's now a lot smaller.

Jordan: Yeah. Not only that, you need a lower level person to do it also. So think about what's gonna be in a year from now. Two years from now

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