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We welcome Josh Sasouness, Co-CEO of Dwight Capital, to this episode of Offshoot. Dwight is NYC-based mortgage banking platform that is the number one multi family FHA/HUD lender in that Nation. Josh and his brother, Adam, came to that position after only six and a half years advancing the business they started in 2014. And as if that HUD business weren’t enough, Dwight also originates FNMA, Freddie, and CMBS mortgages. The “top brass” at Dwight also holds positions in other businesses, including Dwight City Group (a direct investor in multi family assets around Philadelphia) Dwight Mortgage (a direct bridge lender)and Dwight Funding(a provider of early-stage growth capital to smaller firms). Yes, they are busy.
Josh is thoughtful, driven, competitive (in a good way), and charismatic leader who can almost certainly lay claim to being the most prolific originator of multifamily mortgages in the USA, ever. He is a pleasure to be around and speak with, a quality that has undoubtedly been foundational to Dwight’s sales success and team building.
I hope you enjoy the exchange on some of the nuts and bolts of HUD lending/borrowing, as well as a broader conversation about daily habits and mindsets around entrepreneurship.
Key takeaways in the episode:
- The money. It stopped being about the money a long time ago. Josh likes to win, and that is one of his most powerful drivers.
- Forgiveness, not permission. Sometimes it is best to just get in motion, and deal with the consequences later.
- Corporate priorities change. Josh and Adam had incredible support at their old gig, until they didn’t; that was the catalyst to going it alone.
- Active management, open doors. Not only are Josh and Adam involved in all that they company does, but they’ve also got offices right in the middle of the floor.
- Workspace. Get externalities out of the way and give people a place where they can come in, just work, and thrive. Remove impediments.
- HUD misperceptions. Get a good tour guide (an expert in the space) and let yourself learn the power and quirks of the lowest cost, longest term, non-recourse, fixed-rate, mortgage product.
- High-leverage construction take-outs. As of March 2020, the 223(f) loan now allows for cash-out refinance after only 30 days at 90% occupancy.
- Relationships. We all have something to learn from each other, and people are the joy of business.
- Bet on America. Every time.
- Keep walking. No matter what business throws at you, keep going.
