Im looking for a tried and true syndicator to do my first syndication with. It seems a lot of syndicators have popped up in the last several years, and im looking for someone who has been through the trenches, especially someone who navigated past down turns successfully. Chiefly Im looking at it from a tax benefit stand point, but also want to make sure the principal investment is secure as possible. Im looking for someone who focuses strictly on syndication and run the numbers with a bearish perspective. If you have any first hand experience with someone as described above, Id love your recommendations. Likewise- if you have someone who you do not recommend, Id like that advice as well.
@Doug Henderson, there aren’t a lot of syndicators with multiple cycle experience on BP—as you’ve astutely already pointed out, many of them started in the last several years as a rising tide has lifted all boats. There are a few, however.
I can’t confidently say I speak for everyone, but I’d like to think that any syndicator who has been through adverse cycles and underwrites conservatively isn’t buying anything right now. I haven’t bought anything in two years and using my underwriting I couldn’t get anywhere close to a price even motivated sellers would accept.