What a $4.5B Lender Looks For in LP Deals (3 Pillars You Can Steal)
Most LPs see a handful of deals a year.
Ryan Duff saw thousands—underwriting $4.5B in loans—before making his first LP investment.
That’s the edge Ryan Duff had after 14 years as a mortgage broker closing $4.5B in loans for Fannie, Freddie, and HUD.
On The Passive Income Playbook (featured on Best Ever CRE network), Ryan reveals how his underwriting lens helps him spot great operators, avoid over-leveraged deals, and protect capital as a passive investor.
Today, Ryan runs a capital advisory firm that helps investors access institutional-quality opportunities.
In this conversation, he shares:
✅ The 3 pillars lenders use to underwrite deals—and how LPs can borrow those tools
✅ Why an operator’s real estate owned (REO) schedule reveals more than glossy pitch decks
✅ Lessons from over-leveraged bridge loans and what they teach us about risk
✅ Where underwriting standards have tightened—and what that means for investors in 2025
✅ How to tell if a sponsor is truly trustworthy or just overpromising
He also breaks down:
→ The challenges from his first LP investment (and what he’d do differently)
→ The dangers of chasing high IRRs without substance
→ His personal framework for thorough due diligence
From first-time LPs to experienced investors, this conversation equips you with the tools to evaluate operators with the same rigor as a lender.
👉 Get 25+ Passive Investment Deals in Your Inbox:
http://growyourcashflow.io/investing-starter-kit-yt
Chapters:
00:00 – Introduction to Ryan Duff: Insights from a Mortgage Broker Turned LP Investor
02:45 – Leveraging Underwriting Experience to Spot Investment Opportunities
05:30 – Understanding the Key Underwriting Pillars for Real Estate Deals
10:15 – Evaluating Sponsor Track Records: What Investors Should Prioritize
15:56 – Navigating Market Distress: Identifying Opportunities Among Challenges
19:30 – Importance of REO in Assessing Operator Credibility
23:12 – The Role of Transparency and Trust in LP Investing
27:00 – Strategies for Evaluating Potential Investments
32:45 – Ryan’s Journey to Becoming an Active LP Investor
39:20 – Key Characteristics of GPs Ryan Invests With Today
45:10 – Market Trends: What Lies Ahead for the Multifamily Sector
Ryan Duff saw thousands—underwriting $4.5B in loans—before making his first LP investment.
That’s the edge Ryan Duff had after 14 years as a mortgage broker closing $4.5B in loans for Fannie, Freddie, and HUD.
On The Passive Income Playbook (featured on Best Ever CRE network), Ryan reveals how his underwriting lens helps him spot great operators, avoid over-leveraged deals, and protect capital as a passive investor.
Today, Ryan runs a capital advisory firm that helps investors access institutional-quality opportunities.
In this conversation, he shares:
✅ The 3 pillars lenders use to underwrite deals—and how LPs can borrow those tools
✅ Why an operator’s real estate owned (REO) schedule reveals more than glossy pitch decks
✅ Lessons from over-leveraged bridge loans and what they teach us about risk
✅ Where underwriting standards have tightened—and what that means for investors in 2025
✅ How to tell if a sponsor is truly trustworthy or just overpromising
He also breaks down:
→ The challenges from his first LP investment (and what he’d do differently)
→ The dangers of chasing high IRRs without substance
→ His personal framework for thorough due diligence
From first-time LPs to experienced investors, this conversation equips you with the tools to evaluate operators with the same rigor as a lender.
👉 Get 25+ Passive Investment Deals in Your Inbox:
http://growyourcashflow.io/investing-starter-kit-yt
Chapters:
00:00 – Introduction to Ryan Duff: Insights from a Mortgage Broker Turned LP Investor
02:45 – Leveraging Underwriting Experience to Spot Investment Opportunities
05:30 – Understanding the Key Underwriting Pillars for Real Estate Deals
10:15 – Evaluating Sponsor Track Records: What Investors Should Prioritize
15:56 – Navigating Market Distress: Identifying Opportunities Among Challenges
19:30 – Importance of REO in Assessing Operator Credibility
23:12 – The Role of Transparency and Trust in LP Investing
27:00 – Strategies for Evaluating Potential Investments
32:45 – Ryan’s Journey to Becoming an Active LP Investor
39:20 – Key Characteristics of GPs Ryan Invests With Today
45:10 – Market Trends: What Lies Ahead for the Multifamily Sector
Creators and Guests
Host
Pascal Wagner
I help accredited entrepreneurs & executives in the US replace their primary income through private investments.
