I don't defend GPs from this, they gambled and lost LP money competing for these deals with that financing. 

Stay flexible.This approach helps investors move with clarity and speed—without gambling or guessing.Real estate favors the bold—but not the reckless.

If they do not have one then it's gambling money where the pref return and the upside split to LP must be high and the investment amount must be low like 25k or something when net worth is 5 million.

The fact that this sponsor used investor money to gamble on high yield unsecured notes leaves a bad taste in my mouth.  

As someone deeply immersed in the real estate finance world, having worked with numerous direct lenders and analyzed countless deals, I want to break down what this data means for lenders, brokers, and borrowers/developers alike.The Big Picture: A Market Slowing its PaceThe data clearly indicates a slowdown in the housing market for 2025, primarily driven by sustained higher mortgage rates and a gradual increase in housing supply.

The same could be said for stock markets - I do not agree that everyone needs to take a test, if someone is worth $1M and wants to gamble $50k they should be able to.

First gen college grad & no one in my family has any idea how PM works, so I often get well-meaning comments about how I'm gambling with my savings.

If it's an unknown it's value is a gamble.

It's called investing, not gambling.

The more you immerse yourself, the better your chances of spotting opportunities and learning the ropes firsthand.