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Deals don’t get done by accident; they get done with clarity, trust, and timely capital. We sit down with Armstrong Bank’s Alec Tahy to reveal how relationship banking unlocks real estate momentum across Northwest Arkansas, from multifamily value-add to ground-up construction and portfolio roll-ups. Alec shares his path from D1 golf to Walmart to community banking, and how competitive focus plus operator discipline translates into faster decisions, cleaner structures, and fewer surprises. We...
Deals don’t get done by accident; they get done with clarity, trust, and timely capital. We sit down with Armstrong Bank’s Alec Tahy to reveal how relationship banking unlocks real estate momentum across Northwest Arkansas, from multifamily value-add to ground-up construction and portfolio roll-ups. Alec shares his path from D1 golf to Walmart to community banking, and how competitive focus plus operator discipline translates into faster decisions, cleaner structures, and fewer surprises.
We pull back the curtain on underwriting: why a 1.25x DSCR still anchors approvals, how rising taxes and insurance should shape your proformas, and where banks will flex when assumptions are credible and experience is real. You’ll learn what to send first, rent rolls, personal financial statements, realistic expense loads, and how those documents inform terms, rates, and timelines. We also walk through credit committee flow, appraisal bottlenecks, and why construction draws can be a strategic advantage when the bank’s communication is tight, and treasury tools work from your phone.
The market pulse is clear: modest rate relief is nudging refinancing, GP/LP structures are making larger deals workable, and fundamentals across Rogers, Bentonville, Springdale, Fort Smith, and Fayetteville remain resilient even as A-class supply tests absorption. Deposits matter, experience matters, and proactive prep matters most, especially for 2026. If you want better terms next year, start the relationship now, pressure-test your deals, and keep your financials current so you can move the moment a good asset hits.
Subscribe for more NWA real estate strategy, share this with a partner who’s lining up capital, and leave a quick review to help other investors find the show. Got a deal or a question we should dig into next? Send it our way.
Northwest Arkansas's go-to show for real estate agents, brokers, and investors looking to zoom in on the local market. Join us as we sit down with the leading voices in the area to hear how they're investing in NWA.
Hosted by (in order from left to right) Brian Wagers, Zach Stanley, and Brandon Still.
SPEAKER_03: Welcome to Northwest
Arkansas Investing Podcast, your
go-to source for real estate
investing in Northwest Arkansas.
SPEAKER_01: Whether you're a
seasoned investor just starting
out, we bring you expert
insights, market trends, and
practical strategies to help you
build wealth through real
estate.
SPEAKER_00: From buying and
selling to property management
and long-term investment
planning, we cover it all so you
can make smart, informed
decision in this fast growing
market.
Let's dive in.
SPEAKER_03: Welcome back to
Northwest Arkansas Investing
Podcast.
We have our wonderful co-hosts,
Brian Wagers, Brandon Still, and
we have our wonderful guest
today, Alex Tay, VP of
Relationship, VP Relationship
Banker at Armstrong Bank, a
great local bank here.
Alex, we're really happy to have
you.
I'd like to get started with a
quick overview of just a quick
background of how you got to
where you are, um, and then a
little just give us a little bit
of about Armstrong Bank as well.
SPEAKER_04: Yeah, absolutely.
So I appreciate you guys having
me today.
I've uh listened for uh the last
couple months as I've kind of
stepped into this new venture of
community banking, and it's been
it's been kind of a breath of
fresh air to get um kind of
perspective on how you guys
think about things.
Yes, it's been a nice listen.
Sweet.
Um so I was originally born and
raised in in Dayton, Ohio.
Um, and I actually came down to
a lot of people who were like
Ohio to Arkansas.
How do how does that happen?
Um I grew up playing golf and
was fortunate to play play golf
here at the university.
Whoopig.
Um pig, maybe.
Um so I uh was recruited kind of
across the country and really
just fell in love, was looking
for good balance of business
school and and athletic program,
and um fell in love with it when
I when I came down and had the
chance to to visit and ended up
making the making the choice to
to come down to to be a to be a
hog.
And um I I guess kind of the
rest is history.
So I played played golf here for
four years, um, then uh played
professionally for about eight
months or so, kind of drew me to
actually fall out of love with
the game, but kind of have have
uh found kind of a new love for
it.
But um I had a had developed
relationships uh um through golf
actually and got my foot in the
door at Walmart.
Yeah.
And I spent about eight years uh
working through Walmart in
various roles across
merchandising.
Um most of my time at Sam's
Club, uh most recently uh worked
in in the Walmart US uh
e-commerce business.
Yeah.
Um and about five months ago I
actually made the leap to
community banking.
Wow.
Um so I was very, very fortunate
to and thankful for my my time
at at Walmart.
I think it was a good place to
kind of grow up and and learn
the the ins and outs of
business.
Yep.
Um but was excited about kind of
the new opportunity and the new
venture to to really kind of um
have a more entrepreneurial um
day-to-day and and get in front
of people and ways that we may
be able to support uh both
individuals and and businesses
and their growth here and and
and into the future.
SPEAKER_03: Yeah.
How how do you feel?
Um do you feel like you're
having to learn a lot right now,
or do you feel like it was a
pretty natural transition for
you going into relationship
banking?
SPEAKER_04: I think it's a
little of both, right?
I I won't I won't uh uh say that
I'm an expert by any means, but
I think uh it's it's similar to
what I was doing.
I'm saying eight years at
Walmart, I was not an expert in
what I was doing there.
It's just kind of continuous
learning.
So great to be surrounded by a
uh a great team of experienced
people within the Armstrong Bank
community.
And yeah, I'm fortunate to um to
have kind of the opportunity to
learn underneath of uh of some
people that have been in the
industry for a long time.
So learning for sure, day to
day, trying to meet people and
really um uh kind of understand
ways that we may be able to
differentiate ourselves within
uh the market and and and within
kind of the product mix that we
can bring to the table.
So it's been um definitely a a
learning curve, but but nothing
uh nothing uh too crazy or
outside of the norm and
something I've really enjoyed.
SPEAKER_03: But you're uh being
VP of relationship banking that
uh being out of golf actually
helps a lot.
SPEAKER_04: I uh for for the
first time I've been uh I've
been encouraged to get out and
play some golf.
SPEAKER_03: Is it like is it
rekindling that love for it for
you of the game again?
SPEAKER_04: It's definitely I I
spent the first um kind of eight
to ten weeks really uh on the
road, actually uh through
onboarding and at different
locations and and kind of
getting up to speed.
Um I've had the opportunity
recently to get out and um and
play some golf with uh with
customers and potential
customers, which has been nice
and the ability to kind of um uh
use or leverage some of that
that skill set.
Yeah um it's it's a good place
to to do business and something
I've always uh uh I mean it's a
it's a game that I've I've I've
loved and spent a lot of time
and had a lot of cool
opportunities through my
lifetime to play cool places and
visit awesome awesome spots.
So it's nice to kind of have
that built into the uh work week
at times.
Yeah, I won't push my buttons
and and uh and and do it too
much, right?
But it's a it's a good way to uh
to get out and uh spend some
time with uh potential customers
hearing stories and all that.
So I've enjoyed that for sure.
SPEAKER_03: I know Tyler Spoon
over at uh Bank of Favel.
I love I love Tyler.
He's like, man, I my part of my
job is get to golf.
He went me up.
He signed me up.
G give us a little overview of
Armstrong Bank.
Um, just I know you're new to
Armstrong Bank, but if a little
bit of the history, I know they
started over in Oklahoma and now
they're venturing.
When when did they get their
first office here in Northwest
Arkansas?
SPEAKER_04: So a little over 10
years ago um by way of
acquisition.
Okay.
Uh we acquired a bank called
Benefit Bank, uh, had locations
in Port Smith and then a loan
production office in Springdale.
Um, and and it was uh an
acquisition, I think in 2014,
2015, about 10 years ago or so.
It was kind of our first entry
here.
Um Armstrong was founded uh
1909, 1910, um, in a small town
uh Vienne, Oklahoma.
Yeah.
It was known as Vianne State
Bank up through, I believe it
was the early 80s.
Um, and and we had uh really one
location.
Um, and then through kind of
leadership transition, the bank
is still um, the family is still
majority shareholder and
majority board members today.
Yeah.
Um, and and still very active in
in the bank.
Um so we really do get that kind
of family feel, which I think uh
community banking goes kind of
hand in hand, which is is uh is
nice and something that I've
really felt as I've uh had the
chance to come on board.
Um, but but really kind of grew
the core across the state of
Oklahoma.
Um uh today, uh by way of
acquisition of a benefit bank,
uh, entered the Arkansas market
about 10 years ago, um, and
acquired a couple branches
across the states of Oklahoma
over the last uh the last couple
of years or so, wanting
Clairmore and then over in
Oklahoma City market as well.
Um, and then about eight to ten
months ago, we opened the loan
production office in Rogers,
which was kind of our first
initial uh expansion within
Northwest Arkansas outside of
our current Springdale branch.
Um, and that's where I'm housed
out, housed uh today.
Um Springdale branch.
Uh in Rogers.
Okay, in Rogers, yeah.
Yeah, a loan production office
up here kind of pinnacle area.
Okay.
So real close by.
Um and as we look to the future,
um, looking to Rogers, have
plans to to open uh another
branch here in the next um
couple of years.
So I'm excited about that
opportunity as we think about
the expansion opportunity and
the ability to serve the market
in a more meaningful way.
That's awesome.
Um we also just opened a loan
production office in Dallas
probably two months ago also.
So um a lot of kind of appetite
as we think to uh to organic
growth and um banks in an
extremely uh healthy financial
position and yeah, excited kind
of for the future as we as we
look to to continue to grow.
SPEAKER_03: Do you uh does
Armstrong Bank view Northwest,
are they I'm I'm assuming, and
then more so placating to the
question, uh do they are they
pretty bullish on Northwest
Arkansas?
Good good long-term plans.
Absolutely.
SPEAKER_04: I think I think uh
it would be hard not to be for
anybody.
Um as we think about just the
the economic opportunity um here
close by, it's it's pretty it's
pretty crazy.
You see the pictures of the
landscapes of even the Pinnacle
Hills area 20, 25 years ago to
what it is today.
I mean, who would have thought
we'd have um multiple 10, 12, 15
story office buildings at top
golfs and yes, it's everywhere
you look, uh just economic
activity taking place.
Um there there's definite um a
bullish stance on Northwest
Arkansas as we think about
growth potential and expansion
into the future.
So excited to have the
opportunity to be a part of that
with Armstrong.
SPEAKER_03: I'm just gonna kind
of dive in here.
I mean, there's a lot of
questions on the page, but I'm
gonna, I mean, I can kind of
relate to some of them, but I'm
just gonna dive in with like my
genuine questions, which is
like, who's Armstrong Bank going
after?
Um, what what kind of borrower
does Armstrong Bank um is
Armstrong Bank bullish on?
And then maybe a follow-up into
that is like who are you trying
to be in relationship with?
SPEAKER_04: I I uh I think I I
don't want to give the uh the
blanket answer, but I think
we're we're open to doing
business for the vast majority
of uh of anybody.
SPEAKER_05: Yeah.
SPEAKER_04: Um both individuals
and businesses.
Right.
Uh today, as you think about
Northwest Arkansas, we do have
uh real estate as a pretty heavy
concentration for us.
I think we we do have appetite
to continue to uh to diversify
kind of our our base of who we
do business with.
Um when you think about banking
in general, deposits is a core
uh core kind of uh input to our
ability to loan money.
So we're we're we're
continuously thoughtful uh about
how uh how those relationships
come to life.
And my title of relationship
banker really does kind of play
out.
I mean, it's all about building
relationships with individuals
and businesses.
I mean, today, everything from I
mean individual checking
accounts to car loans to um SBA
loans to to CRE owner-occupied
development, we're we're very um
diversified.
But I would say that our our mix
in Northwest Arkansas has been
heavily real estate.
Um so I I think still going to
continue to be bullish there,
but looking for ways that we can
uh diversify and expand that mix
in a meaningful, um in a
meaningful way.
Yeah.
SPEAKER_00: Yeah, well, uh it
seems like a lot of a lot of
banks have different
specialties, if you will.
Some are interested in
construction, some are, you
know, maybe are solely focused
on multifamily, you know, so on
and so forth.
That I know that that part was
kind of part of your question,
but yeah, what do you feel like
the biggest appetite for our
strong bank is in the in any of
those categories?
SPEAKER_04: Yeah, I think for
from the bank's perspective,
amortizing debt is is great debt
for us.
Um now, with that, I I know we
we do carry a uh a solid uh
construction development book
today.
Um, I think when you think about
kind of the regulations that
banks are held upon, and we do
have capital um kind of buckets
that we have to be thoughtful
of.
And I think our our president
always always says we're we're
capital allocators.
We have to be thoughtful about
where we are investing capital
and all of that fun stuff.
So we don't get too concentrated
in certain mixes, but yeah, um
uh we are seeing strength in in
multifamily, a lot of value add
stuff is is working.
Um if if it's uh uh income
producing, I think we're seeing
a lot of a lot of um
opportunities on that front.
Um as you look to development,
um there's I mean, every corner
you look, there's there's
vertical structures going up or
land being cleared and dirt work
taking place.
So I think there's no shortage
of opportunity on that front
too.
Um but I I think we're we're
very open to a diversified mix
of uh of opportunities both in
real estate and outside of.
And I think we're we're
positioned well into the future
for uh to support all that.
SPEAKER_02: They said they said
no to my mobile home park
development and all my
architecture.
But they did they did say yes to
uh multifamily acquisition.
So so there's yeah, open to
support that some some things in
there, no.
SPEAKER_00: Yeah, yeah.
SPEAKER_04: It's in and I think
that I mean, it's uh in in
commercial, in the commercial
space, right?
It's uh when we we do play in
kind of a a gray area in which
we're we're able to, I mean,
does the project cash flow is is
one of the things that can be
thoughtful of.
What is the under what are the
underwriting assumptions look
like?
Um how big of a bite are we
gonna have to take on uh on this
opportunity as we look to to
kind of the investment of
capital?
And yeah, what does the time
time horizon look like?
Is the borrower looking for for
interest only, all that stuff
are things that are very
deal-dependent?
So I won't I won't uh shoot on
your your mobile home deal to
think there is opportunity on
that front as well.
SPEAKER_03: But brand like I
could start a wedding venue
planner and see if we'll say
cash flows.
SPEAKER_02: What advice do you
have to investors when they are
showing you these projects?
SPEAKER_04: Yeah, I I think um
it's it's interesting.
I I think we I mean we we have
the ability or the opportunity,
I guess, to um to look at uh a
lot of deals that that are
taking place as people are
looking to secure um financing
and capital, as they look to the
capital stack for for deals and
and opportunities.
Um I would say that as we think
about there there are kind of
minimum debt service
requirements and there they are
stated, but there are there is
some flexibility here and there.
Yeah.
Um and debt service would be the
um the net operating income that
you are ginning out of the the
investment that would cover your
um the your mortgage payment or
the payment that you would have
uh to on the actual debt that
you are uh securing from the
bank.
Right.
Um, but but there are kind of uh
written underwritten rules where
we will kind of draw lines in
the sand to say, does this make
sense for the bank to take on
the risk and where we are
lending money, et cetera.
Um so one, two, five is kind of
the the baseline that the that
we will look at.
And obviously there's there's
factors that will in that will
impact that, such as lease up or
um uh vacancy timelines,
interest only periods, et
cetera.
So we're not gonna say no to
everything, but but that is kind
of a uh a baseline.
I would also say as we think
about kind of um uh as you look
to underwriting or proformas,
not being overly um uh I guess
aggressive would be the right
word, or maybe not being
aggressive enough on operating
expenses as we think about um
kind of stabilization of
properties.
I know sometimes we'll get deals
presented to ourselves where it
uh cash flows at 125 with a 10%
opex kind of assumption.
And that's probably not reality
as we think about uh the
long-term impact.
I mean, it may be it may be
reality in year one, but as you
look to the the loan term or the
term of the the debt that you're
acquiring, like we we need to be
a little more conservative on
that front.
So I think conservatives is is
nice from a banking standpoint.
I mean, banks tend to be
conservative in general as we
underwrite, but um just being
pressure testing and stress
testing uh proformas and and
models and your assumptions, I
think is very impactful as you
think about uh diving into uh
not even just acquisitions but
development, et cetera.
Um so I think that's that's
probably something that I would
I would think through.
SPEAKER_03: I speak, I I I can
speak on this for myself and it
feels when it comes to
underwriting, like I deal with
Heather Long a lot.
And when it comes to the
underwriting process, uh it
feels like Armstrong and like
it's this isn't an ad rate, I'll
just say this this is real life.
Like I I feel like Armstrong
Bank like has my back a lot.
And so I'll I sometimes I'll
bring something to Heather and
it'll be as personal as like,
hey Zach, you got a lot of stuff
going on in life right now.
I don't think as your like
friend and banker and
underwriter, underwriter all in
one, like I don't think you need
to do this.
And sometimes she she she'll
poke and prod me.
Like right now, she's poking and
prodding me on some affordable
housing that I I've done her
performing um and saying, hey,
like I really think this could
work.
Like our bank would lend on
this.
Um and so I do love the
personalized field Armstrong
Bank has.
And like, and there's some stuff
that's like really tight, and
she's like, Zach, it's really
tight, but you know, we see this
cash in the bank, you know, we
well, we can we can push this
forward for you.
Um and it it feels less like I'm
trying to like talk to these
people like 5,000 miles away,
and more like whoever I'm
talking with is like who can
help make decisions done, which
is uh a great part of Armstrong
Bank.
It feels very local when it
comes on on the uh, I guess like
personal side of it and like
doing like my deposits and
cashing my checks.
People remember your name when
you come in.
Um, like my I what made me do
the switch is like I was going
into R Vest for years, saw the
same girl for years, and she
never remembered my name.
I was like, sister, I'm in here
every week three times.
Um how'd it say Armstrong Bank?
No, it says uh yeah.
Uh but it and it and then I was
like, you know what?
No one knows my name here.
I feel like I'm just gonna try
random bank.
Um, Colton Kennedy, who's
another lender here with uh flat
branch.
Um, he's like, hey, you need to
check out Heather Long.
Um and it's like the day two I
came in, they knew my name, um,
which is something really it's
it was an interesting thing for
me.
It's like because they remember
my name, I was like, all right,
I'm gonna give you all my
deposits.
Uh all my commercial banking is
gonna go with you guys.
And it came from something just
as small as like, you remember
my name, you made me feel
important.
And like that was the baseline
for like the business.
I've done I do all my car loans
with Heather.
Like it's it's really cool.
SPEAKER_04: Yeah, I know we we
we try and we try and preach
that, but I think actually
seeing that, hearing, hearing
kind of your experience and that
come to life, I think is is is
impactful.
Yeah.
Um and I think that's that's how
we, I mean, it's the story that
we have to tell um as you think
about kind of they're like my my
title of relationship anchor is
really actually, I mean, knowing
what's going on in your family
life.
Like yeah, kind of being able to
be that advocate financially and
and just um it goes a long way,
just the the the slight personal
touch um that we can provide.
So I it's kind of cool to hear
your experience.
Yeah.
SPEAKER_02: Do you think that
stems from good leadership uh at
the band?
I think uh Sam Harris is a is a
great leader there.
I know he's pretty involved in a
lot in NW, not just banking, but
I know he was involved in some
of the the real estate
communities and everything like
that.
How how is that relationship?
And you know, I'm sure you
probably see him as a mentor.
Absolutely.
SPEAKER_04: So Sam Sam is
actually my uh my market
president here in Pledgers.
So he's uh I'm I'm a I'm a huge
Sam Sam Harris fan.
And he um I mean always open to
to kind of just pick pick his
brain and then and uh bounce
ideas off of him and and get uh
I mean years of of perspective
and learning.
And um, I it's funny hearing had
a conversation with uh kind of
an executive within the bank,
and they said, man, if anybody,
if we needed a uh kind of a CFO
to step in and if they had to,
like Sam would be an awesome
person to do so, just with the
wealth knowledge that he has.
Um and I think that um our
president Ryan Quidley kind of
preaches it and is is uh a very
big advocate for you know our
our um kind of motto or saying
is strength runs in our family.
And I feel the more that we can
bring that to life, the more
that we can um really try and
put the community in 280 bank.
And um I I think that you can
get lost in the um the
30,000-foot view of being a
number at a a larger
institution.
So that's really how we have to
differentiate ourselves and
really build those relationships
with our uh customers or or
potential customers to because
at the end of the day, um banks
are uh banking is a can be a
commodity when you think about
we're all lending.
There's it's very turn-driven
for some people.
Um and we've got to do a solid
job of really building those
relationships and being able to
be kind of a full service
operation for um not just your
your business needs, but how can
we support your car loans or how
can we how can we support a
money market for you?
So I I think that um the
leadership is has really
instilled and played out those
values, and I've seen it just in
the the short time that I've had
the opportunity to be here.
Yeah.
SPEAKER_02: When someone comes
to you for a loan, what's that
process look like?
You're not the one, you're not
the only one looking at that.
And you know, how what what does
that process look like?
Are you talking to Sam?
Are you talking to your credit
committee?
Do you look at you're looking at
the deal, you're looking at the
individual?
SPEAKER_04: So we so we we have
as as you look to kind of the
bank, we have um we have a loan
production committee, the a
meeting that goes on uh weekly
where we will present uh what we
call Opportunities or credit
memorandums if they meet certain
dollar requirements or
thresholds.
So outside of that, we do have
approvals for what we call kind
of subcommittee where we'll send
send through deals for uh
regional presidents to vote on
and take a look through to say
you want to move forward, et
cetera.
Yeah.
It's a very involved process.
I would say that that's one
thing that I've been very
appreciative of is, I mean, for
me, it really starts with either
an email or a conversation with
a potential uh borrower or
somebody that's looking to
source capital for an
opportunity.
We try and make sure we ask as
many questions as we can uh
early to try and get a sense of
what uh what they're looking for
and and how we can position to
bring them a solution that meets
their needs.
Um, I would say from there we'll
ask various questions around
underwriting assumptions.
We'll ask for proformos.
If it's a um, maybe it's a
retail or commercial space, and
do you have LOIs for uh for
lease tenants, et cetera?
We'll pressure test and ask kind
of credit uh underwriting or
credit analysts what uh market
vacancies or rents look like and
how does this, how does this
stack up?
But initially it'll start with
kind of a high-level loan um uh
relationship banker or
commercial lender really doing a
high level SNF test.
Yeah, SNF test or presentation
to uh our executive committee to
get a sense on is this something
that we want to potentially
present terms on.
Um from there, we'll go through
and work um maybe secure
personal financial statements,
tax returns to really get a more
uh more in the weeds on the
underwriting sense of things of
okay, this is what we we've
heard in our initial
conversation, but how is that
playing out?
How does this compare to the
market, et cetera?
So we'll work closely with the
credit analyst that'll be
assigned to the deal to work
through spreads um of the last
two years based off of your tax
returns.
What income are you bringing to
table?
Have you taken distributions?
All of that fun stuff.
Um, how does the what is your
liquidity position look like as
a borrower?
SPEAKER_03: And that gets easier
with time too.
Because when I've come when I've
come to Heather with all my
stuff, now it's just, hey, can I
get an updated this?
Can I get an updated that?
Okay, you're good.
Like our my last loan was
literally, I gave her like one
piece of paper and we closed.
Like it was about that simple.
So as you build this
relationship and it's you're,
you know, you're not you're not
just giving them crap deal after
crap deal, you're giving them a
good deal.
We did this, and it's like, hey,
it's Mr.
Smith again.
He's got this deal and he runs
his numbers like this, it
becomes easier and easier.
Absolutely.
Correct.
Yeah.
SPEAKER_04: Yeah.
For me, I'm I'm kind of
starting, starting from scratch.
So having to get a lot of the
the documents up front to do so.
Um, but from there, we'll go
through underwriting uh order
appraisals for properties to get
the um kind of the unbiased
valuation based off of both AS
and stabilized.
Um, and then we will uh work
with credit to actually bring
that back to committee to
present kind of the final terms
of the deal um based off of what
if it's a line if it's a lot, if
it's a line of credit or if it's
uh an amortizing deal, we'll
work through kind of next steps
of uh what is needed for title
work and and all that fun stuff.
Um, and and hopefully close and
and and move on to the the next
opportunity that you're looking
to uh to bring to the table.
So it's yeah, it can be, as you
mentioned, Zach, I think the
initial uh the initial upfront
can be a little heavy of a lift,
but as you kind of get in the
flow of uh we start to learn uh
more about you and about your
business.
Um give me your tax return,
we'll get the piece of paper.
And the table we can move a
little bit.
SPEAKER_02: Yeah, where would
you put a time frame on that
from me sending you the deal to
getting it to final loan
committee?
SPEAKER_04: Um so the
opportunity, we we meet every
Wednesday.
Um, and and it can be as simple
as, hey, this is very high level
what we're thinking.
So we'll put together kind of a
one pager about the borrower,
about the opportunity images of
the property.
If you have kind of a high-level
underwriting model, we'll
include that just to talk
through kind of uh assumptions.
Um and if I if I get a uh if I
get a deal from you on Monday
and we meet Wednesday, I can
have it there and get terms back
to you in two days.
Yeah.
And then we'll secure documents
for tax returns if we haven't
already.
I mean, it's as simple as get
credit to um to move forward
with uh spreading or including
this updated debt service in
your in your spreads.
Um if it makes sense from a
global standpoint, obviously our
biggest, our biggest time
actually turns out to be
appraisal in that in that world
of things, which is actually, I
mean, around here we can get
commercial appraisals back in 15
days or so.
Yeah.
That may be aggressive
sometimes, but yeah, yeah.
That's uh that's pretty good.
It's it's three weeks is
probably what you want to give
me.
Yeah, two to three weeks.
It's pretty solid.
And then that that's really the
big, and if anything, something
whack wild comes back from the
appraisal and maybe another
conversation.
Um but but outside of that, um,
title work checks out.
We close a couple of days after
appraisal.
SPEAKER_03: Alec, how how long
have you said you've been in the
banking, the banking world now?
Six months?
Yeah, so this is actually I
think month four for me.
Okay.
So well, you're you're passing
every conversation test as far
to do.
You're doing a great job.
You're spitting it off like
you've been in it your whole
life.
So um I can I can see what they
saw when they hired you.
Um when it when it comes to
underwriting standards right
now, are you seeing that loosen,
tighten as we go into the next
six months or so?
SPEAKER_04: You know, I I don't
necessarily see any um any
loosening.
Okay.
Obviously, inputs will change to
the to the model based off of
interest rates, and we've seen
some easing over the last uh the
last two months or so now.
I have no crystal ball about
what the the future may hold as
you probably don't either.
I think today I even saw, I
mean, looking three weeks back,
it I think there was a uh poly
market had like a 92% chance of
another cut in December, and
then today it dropped to 44% or
something along those lines.
So wow.
I think we get with the
government shutdown.
Obviously that threw some uh
some unknowns into things.
I think we're gonna get
September data Thursday.
Are they back?
SPEAKER_03: I I don't know.
SPEAKER_04: Are they I believe
so, yeah.
Okay.
I just haven't been.
So we'll see what comes back uh
what comes back Thursday from
from the uh the jobs print
September.
Um people wait on that.
Well but but long story short, I
think the I think underwriting
will will I don't think we'll
see much of a change on our end.
I think we're has I mean if
anything, we've seen taxes and
insurance increase over the last
uh the last couple of years here
locally um as we look to
underwrite deals.
So we we we typically will we'll
take kind of a blanket haircut
for vacancy and in opex if we
don't get a detailed
understanding of what uh what
comes to the table.
But I don't I don't necessarily
see much easing on that front as
we look to to deals in the
future.
I think it's uh it's it's really
about trust, though, right?
Like it's how do we build trust
with with borrowers or potential
borrowers, investors and um are
is what we're hearing from them
initially coming to fruition as
deals kind of close and move on,
and that builds trust with
everybody into the future for
for other deals or opportunities
as they present themselves.
SPEAKER_03: So as we kind of
head into the last part of this
year, which we know as a whole
is like a time where people kind
of Thanksgiving, Christmas
tighten up a little bit.
How are you seeing buyer
behavior right now in the
present day?
Are you seeing people more
bullish and borrowing more
money?
Are you seeing people pull back?
I know you've only been in there
for four months, but I mean, you
see the ups and flows of things
probably immediately.
What are you seeing borrowers
act like right now?
SPEAKER_04: Yeah, I I think it's
uh we've actually as as we've
seen some rate stabilization or
as rates have come down
slightly, we have seen some
increase in refi activity.
And we're kind of at the at the
at the junction where you've got
some three to five year locked
rates that may be kind of
coming, uh coming new.
So we have seen that on on
different, even one to four
portfolios of multifamily stuff
here and there.
Um, as we think about kind of
the the acquisition side of
things, Northwest Arkansas is
still active.
Um now I think that a deal that
penciled five years ago, we are
seeing potential struggles if if
they are coming up to refi,
maybe they secured it at three
and a half and prime seven
today, like how how our deal is
kind of coming to fruition on
that front.
So uh it's gonna be interesting
to see.
I think a lot of what we're
seeing is we're seeing a lot
more JPLP splits come to the
table to inject more equity in
deals to make them pencil and
make sense.
Yep on on that front.
And I think we will continue to
see that in the northwest
Arkansas as we look to, I mean,
shoot, you see and hear about
40, 50 million dollar deals um
weekly, and there's not that
many people that have 20% of 25%
of equity to just stroke a check
for that.
So as we think about kind of
pooling some of that capital
together, I do think we will
continue to see more of that in
the future.
Um and but but we we are still
it it still from a banking
standpoint feels active.
Yeah.
Um it it just kind of depends on
the uh the opportunities that
that we're seeing on that front.
SPEAKER_03: You aren't
necessarily sitting around
totaling your sums.
SPEAKER_02: No, trying to stay
busy.
Yeah.
That's interesting.
You say you're seeing more of
the GPLP sh sh like come into
fruition because it's no longer
the mom and pop, you know, yeah,
one guy puts in all the money
and the other guy runs it.
You know, you have this kind of
more complex structure to quote
unquote syndicate it, you know,
where you're pooling investors,
multiple investors together.
SPEAKER_04: Yeah, I think I I
would I'm I'm seeing a lot of
that on on our end as we look at
potential deals.
Yeah.
Um and and not necessarily um
20, 30 people coming to the
table, but um smaller pools of
larger chunks of capital as you
look to the structure.
Um, and it's been interesting to
see that.
I think from from even upfront
to pro rata guarantees have been
like requests on the back end
and none of that as we think
about the guarantee structure.
Yeah, um, I do think we will
continue to see a little more
complexity as the market uh
continues to evolve.
Um and as you have more outside
uh capital coming in, I think
we'll continue to see that.
Yeah.
SPEAKER_03: One thing I've I've
heard from you is uh, and
correct me if I'm wrong, is
Armstrong Bank's a very
well-rounded bank.
Like we're gonna do, we can do
your car loan, we can do um 50
units, we can do um, I mean, I
I'm equity line of credit.
SPEAKER_02: I think someone
reached out to the podcast.
Yeah, yeah.
ELOGs for sure.
Yeah.
SPEAKER_03: Yeah.
HE logs, primary homes,
anything.
Is is so you guys offer a
variety of different things.
What what are you seeing with
the variety of different things
you offer?
You're able to see a big section
of the borrower base.
Are you seeing something in your
last four months?
Has there been something that
Armstrong Bank's done a lot of?
I mean, are do you necessarily
go after any of those sectors?
Like, hey, I I know sometimes
like Bank of Fable get says,
hey, we got a bucket right now
for primary residents where
we're doing 5.5 and the market
rate 6.5 or something.
Like, is is that a strategy
Armstrong Armstrong Bank in
that's I think it's kind of
product specific.
SPEAKER_04: Okay.
Right now we've got a uh a
chattel promotion going on for
combo commercial and um uh and
personal uh consumer uh auto and
and equipment, et cetera.
That's like 5749 if you set up
an AMT, which is solid.
Um yeah, as we think about uh
specific kind of products and
and promotions, it's it's
probably case by case.
Um not something that I've seen
uh a ton of.
I would say that as we think
about opportunities right now,
um, we are looking a lot uh and
have been supporting a lot of
kind of the investment portfolio
refinances um for uh potential
customers and also customers
today.
Um we've done uh a lot of uh
kind of commercial development
for uh residential home
building, yeah.
Um, but also maybe one-off
investment properties, et
cetera.
Um a lot of the value add stuff.
When we think about multifamily,
I I don't know that I've seen
just a pure straightforward
acquisition come to my desk.
It's been very um, and I think a
lot of that is due to the is due
to how how deals are penciling
at current rates.
I don't think that rents have
rents have kept up to the point
uh needed to offset the the
interest rate environment that
we live in.
That's in a super meaningful
way.
Now, maybe a little skinny, but
um that's that's kind of
something that we've seen uh as
I think about kind of deals on
on our front.
So yeah, amortizing investment
portfolios have been have been
great for us both on the refi
side of things or even just uh
the purchase side.
Yeah um and we have seen some
people roll up individual
properties, right?
Like maybe over the last five
years, you've acquired one
property in 2010, one in or
sorry, one in 2020, 21 and 22.
How do we maybe simplify that
entire portfolio and just leave
it to one payment a month and
roll up kind of the the total
portfolio uh of your uh
investment properties and uh
maybe to maybe simplify um on
your end what the interest rate
payment or what the uh PI
payment looks like for your
total portfolio as opposed to
you having to deal with
individual banks across um the
the uh the investments that
you've made?
SPEAKER_03: That's huge.
If I'm coming to you and I'm I'm
you know, I have 25 units and
what as a borrower, and and
we're we're hitting this from a
high level perspective because a
lot of people listening in are
are listening from a high level
perspective, you know, getting
to know Armstrong.
Um how can I help you in the
underwriter bringing stuff to
you?
I have 25 units.
What do I need to bring you to
make your life easier, which
would then in turn make my life
easier?
SPEAKER_04: Yeah, for sure.
For me, um, I like to be very
kind of transparent
conversations that I have at the
bar.
I don't think it does anybody a
service to uh to not be
transparent in those
conversations.
I think, I mean, rent role is
key for us today.
Like what does your specific
rent role look like for the
portfolio that you're trying to
try to um to actually roll up so
we can get a sense of vacancy,
um, get a sense of kind of where
the properties are, what is your
estimated market value, what is
your remaining mortgage balance
that we are trying to refinance?
So effectively, how much equity
do you have in the deal today?
Um, and that would allow us then
to say, uh, Zach, you've got
these 25 units based off of
where interest rates are today,
based off of uh kind of the
project as it stands.
Um what what would the debt
service be like at X rate?
Yeah.
We will need personal financial
statements from you as well to
understand kind of the um the
financial strength that you
bring to the table for the
liquidity side of things, et
cetera.
Out of the gate, we don't
typically ask for tax returns,
but as we get to the more
detailed level of underwriting,
it allows us then to understand
um kind of your historical
performance of whether it be W-2
income, whether it be
distribution that you're taking
from a business, yeah, um, et
cetera.
How does that kind of marry up
with your current personal
financial statement?
SPEAKER_03: Are you looking at
if I've done something like this
before?
SPEAKER_04: Yeah, yeah.
Experience for sure.
If you think about that's that's
a story we tell a lot within
committee, right?
Like if um if we've got Joe
Schmoe who's buying his first uh
25 unit apartment complex for uh
set round numbers, five million
dollars.
Yeah.
You've never done this before,
and you're you're gonna put two
million dollars into the
project, and like it may raise
some questions.
Yeah.
Um, even if you are in a strong
financial position, like we as a
bank are allocating capital and
taking on a risk to loan you
this money.
Um, so we have to ask some of
those diligent questions to
understand um it are we going to
be repaid?
Can we trust you?
Can we trust you?
Yeah, this is a trust business
for sure.
And I think that's where a lot
of like the relationship comes
in.
Yeah, rent roll, pro forma, um,
personal financial statement um
can really help us get a
high-level sense of where we may
be able to a position rate and
term.
We like to get expectations from
from customers too.
Yeah, like if I'm if I'm at if
I'm like, you know what, Zach's
a Zach's a prime customer and
you're expecting to pay prime
minus one, and then we're off on
the wrong foot to begin with.
So we do like to be kind of
upfront and transparent about um
just what what you're expecting
initially to so I think we can
we can glean some of that from
the performance.
Um, but but I think those those
are kind of the main things that
we need initially to get out of
the gate uh and kick off kind of
the high-level understanding of
um does this project work?
But how does this then project
as we get to more a deeper level
of underwriting, how does this
project work for for Zach?
Right as we think about the
total picture.
SPEAKER_02: I think it I think
it's smart to get a part like a
partner who like I was literally
gonna add like myself, like for
more not a plug for myself, but
like if if for example you are
like going into multifamily and
you have someone with a ton of
multifamily experience, it's
probably not a bad idea to have
them as a partner because you
probably can get better terms
and better service from the bank
than you would by yourself if
you are going to, and they would
feel more comfortable with that
too.
SPEAKER_00: Yeah, you you even
extending off of like you know,
potential for better terms.
You mentioned deposits being
important, or I mean having a
strong partner, deposit
relationship, or those kind of
you know, things, dominoes that
help someone to get the best
deal they can, I guess, if you
will.
Absolutely.
SPEAKER_04: Depot deposits are a
lovely, a lovely thing for the
bank, right?
Especially uh non-interest
deposits.
It's like the the gold that
everybody's got.
Yeah, right.
Um now, obviously um, we
understand that it's uh and
that's why we position it really
as a relationship.
It's operating accounts are key
as we think about um as we think
about lending money for uh a
multifamily property.
How are we thinking about then
supporting kind of the
day-to-day for that property
once it gets stabilized?
Uh interest reserves, if you are
working through an interest-only
period and you may have vacancy,
like those are a part of the
conversations that we're
thinking through.
But experience is crucial and
key as we think about maybe even
a more risky kind of project or
something that's not completely
stabilized today.
Um, how do we get a sense or an
understanding of the past track
record of a borrower or the
potential borrower and partner?
And um, deposits is uh is always
a they call they call it in
banking compensating balances.
How for for the money that we're
lending you, how are you
compensating the the balance of
uh uh and in and kind of
investing back for us to be able
to continue to lend that money
to you, but but kind of the pool
of of uh of the bank in and of
itself.
And we I mean we we are a
conservative bank by by nature.
I mean, we're we're still only
at about 80% on a deposit today.
So still a lot of liquidity um
from the Armstrong side of
things, and we're in a really
solid financial position on on
that front, which is exciting as
we as we think about entering uh
this market in a more meaningful
way.
SPEAKER_03: I I I I would like
to speak on the, you know, when
someone gets a loan with you
guys, especially when it comes
to the construction loan side,
I've done most of my
construction loans with
Armstrong Bank.
Um, and that experience from
bank to bank is very different
on the construction loan side of
the side of things.
How quickly can I get money?
How quickly can I get an invoice
to you and can I get money back
in my account?
And how open is that line of
communication there?
Um, and for me, I mean, I've
I've done a few construction
loans with a few different
banks, and Armstrong's been my
favorite uh because I I mean I
send an email to Heather.
Hey, I need this in the account.
I the I mean, all of my
subcontractors are like, you're
the quickest anyone ever pays
us.
Um and it's Heather just sees
it.
We have the relationship where
you know, at the start of the
project, they go out, or it's
like, hey, my painter just
painted this.
Here's a here's a cool video of
the outside.
She's like, okay, we we'll put
it in the account, sort of
thing.
And so that that's really cool.
And you get a debit card, you
get checks.
It's they make it really easy to
get money in the account.
And so from a construction, um,
the user-friendly side of it,
from a construction one side and
even from like just normal
banking, like I need to deposit
a check, I need to put in money,
I need to call and get a wire
done.
It's been it's been very easy.
Um, and it's something that
coming from our best was uh a
worry because they're so they're
really good.
I mean, our best is great with
their the user friendly side of
things.
Um an Armstrong Bank has been
just as just as good.
I guess it's not really a real
talking talk conversation, but
from my perspective it's been
nice to have these subs be like
yeah we're getting checks quick
and easy and we and we like it a
lot.
SPEAKER_04: That's awesome.
Yeah and I think one so I my
most recent role at at Walmart I
worked in e com and kind of the
managed uh a portion or had a uh
of the Walmart app and I would
say our digital banking
interface is extremely like I
was very impressed coming on
board to a community bank I
think we have invested a lot in
the the technology side of
things which I think has been um
cool to kind of see play out as
we think about treasury
management for small businesses
or um for real estate investors
the ability to generate ACH and
wires from your phone and accept
payments and Zell and all that
stuff I think is it's all it's
it's table sticks for a lot of
people today.
But as you think about kind of a
community bank, I think it feels
like it shows and kind of comes
through that we are investing on
the tech side of things from a
digital interface perspective.
I mean um I think digital is
going to continue to to to be a
play.
It is it already is but but will
continue even more so in the
future.
SPEAKER_03: It 100% is now you
guys are starting in Oklahoma
you're here in Arkansas you said
you just opened a branch in
Dallas is are those the only
three states or are we further
than that?
SPEAKER_04: So so today it's
just those three.
Okay the office in Dallas today
is just a loan production office
as well.
So the the lion share of
Armstrong's presence is Oklahoma
I believe 27 locations right
around there.
Then we've got uh two in Fort
Smith one in Springdew uh as
actual full service branches um
and then we've got the loan
production office in in Rogers
and we've got the loan
production office in in Dallas
as well.
Wow so wow it's it's interesting
too to to see um and here as you
think about kind of the market
dynamics and specifics like it
it's a very uh it's a very kind
of portfolio management play as
you think about and hear some of
the opportunities that are
presented across various
markets.
I mean everything from um from
ag loans of of purchasing cattle
to um more complex load on loan
deals that are taking place are
being considered down in Dallas.
So it's it's very it's a very
wide breadth and I think that
our core kind of business today
allows us to really um service
kind of the the broad portfolio
of things.
SPEAKER_03: Yeah I think we like
to be creative on uh structures
and and how we can help people
solve solve needs of the explain
uh explain explain to the user
listening and even to me what's
a loan on loan um I I I will I
will be by no means an expert in
in explaining this so it may be
better if I actually don't but
it effectively is a way for um
it's a way for funds to be able
to uh secure financing from a a
bank or another financial
institution that they've
actually loaned out in trade for
um in trade for for different
covenants of um of those actual
loan proceeds from fund one and
two it's a spread game
effectively um I did a horrible
job explaining that um and by no
means again am I an expert there
but uh it's it it's very it's a
little complex in a sense but
it's it's in in a sense you
trade for uh kind of your
membership interests that you
are secured or the the
collateral pool which you secure
got it um but it allows you to
leverage against the leverage
that you have got it um to
effectively make a spread in
between the two um it's
interesting yeah crystal yeah
that was that was shattered
glass um what let's talk a
little bit 2026 uh we're we're
about to all gain 10 pounds for
Thanksgiving and I'm working on
me in the gym cold bank um we're
gonna be uh I I like kind of
your your outlook you know
you're being on board I'd say
onward you're onboarding into
this this role this feel getting
a rhythm of things 2026 is right
on the on the horizon what are
you seeing for um I don't know
what are you seeing for uh your
your at the bank Armstrong bank
like what are you seeing for
potential outlooks uh what do
you see borrowers being I guess
the economic climate being in
2026 so what what are you guys
gearing up for um in 2026?
SPEAKER_04: Yeah I think I mean
exciting stuff on on our horizon
as we kind of enter into uh
obviously the new market I think
uh we have so much potential and
opportunity of just even kind of
getting our name out there um I
know we've got the we've got the
branch in Springdale that has
has been um an awesome operation
but as we expand presence within
northwest Arkansas how do we how
do we continue to um attract
even a I mean we got 14,000
people moving in a a year or 40
people a day to to kind of the
expansion in this area.
There's so much opportunity for
us to come in and capitalize or
um uh position ourselves to to
support uh both individual and
and and business needs so um I
think there's I'm excited about
the opportunity um especially as
we think about kind of northwest
Arkansas um as we think about
kind of economic environment I I
think it's uh it's it it's a
little uncertain um I know
you've got a lot of the the the
tariff talk has kind of subdued
a little bit I know there was um
there's been kind of some
turbulence but it feels it feels
like we are at a relatively uh
stable point of time from an
environment standpoint um I
think that there is potential
for continued uh kind of
interest rate cuts but I'm not
going to sit here and take a
guess at at what that looks like
if there's some uncertainty
still on that front but as we
think about Armstrong Northwest
Arkansas and even just um
banking in general I think we we
have a lot of opportunity that
we can continue to capitalize on
um and excited to to to kind of
be on the forefront of that here
in northwest Arkansas.
SPEAKER_02: Any markets that you
guys like I didn't realize you
guys had two two offices in Fort
Smith too um any any uh markets
that you like in NWA uh that
you're bullish on I guess you
you guys are expanding here in
Rogers.
SPEAKER_04: We are yeah
expanding here in Rogers um I
know Fayetteville is also uh
kind of always in in talks as we
think about kind of the the the
full spread of northwest
Arkansas um but I I think that
it's I mean there's so much I
think it it definitely depends
by um by opportunity or by um by
yeah by asset class right um is
a couple hundred unit facility
in uh West Fork the the right
thing today probably not but as
you think about just the the
expansion the growth that we
we've seen I know Springdale uh
if you look at multifamily
vacancies extremely solid um
Fort Smith is actually
surprisingly and still continues
to be just kind of tried and
true solid as well I do we've
got a lot of um more higher uh
as it's really to kind of market
rents there's a lot of units
coming online and now in in the
near future that will be priced
differently than a lot of kind
of the historical multifamily
properties have so it's going to
be interesting to see how we
absorb some of that here in
Rogers and um in Bentonville.
So I think more to come there.
But as we think about just just
the kind of the corridors in
general there's there's no no
area that we want to shy away
from I think we want to support
um every opportunity but um I I
definitely do think that there
is uh it's gonna be interesting
to see like uh over the next six
to twelve months how how things
continue to progress within
certain asset classes.
SPEAKER_02: I agree on that.
Yeah I mean I love like the
Pinnacle Rogers area you know
super sexy delivery where you
you're close to everything you
got a lot of amenities but you
have like the Whole Foods
apartments that are coming
online.
You have the Ruth Chris
apartments that are coming
online.
You just had the Grafton uh
apartments over there coming
online so there's a lot being
built here and it's all A class
products so it's gonna be
interesting to see I know I've I
saw some like in like two months
free already being advertised uh
on the ones over by uh Ruth
Chris.
So interesting I think it'll be
interesting to see if they
really hit these numbers and
it's just a product that I I
don't think we've really seen
before.
I mean beautiful properties um
but just a price point that's
maybe a little different than
than we felt now no shortage of
people coming but um it's gonna
be interesting to see over over
the next uh little bit of time
how how well that that shakes
out I think we we had uh Mervin
on and he had some cool thoughts
on on that too including our
apartments aren't our A class
isn't the same as like a Dallas
A class yeah one of these big
cities A class like and it's
hard to build that uh ability
yeah hopefully that'll be the
show yeah and then I I I've
heard even down in Fayetteville
even like the student housing um
side of things I mean the the
university has grown so
drastically even since I came um
and I know we do have uh product
coming online there but yeah but
I do think not enough kids got
to live somewhere.
SPEAKER_04: Yeah how do we think
about that is going to be
interesting to see too.
SPEAKER_03: Wait I we could talk
for a while on that.
How can investors start the
conversation with you um or
someone with Armstrong bank
early right now to be ready for
Windows for next year?
Can they be getting you tax
returns all pre you know what
what what are some of those
things?
SPEAKER_04: Yeah I I know I
mentioned earlier we don't
necessarily request tax returns
right but but as we think about
I I think staying proactive as
opposed to reactive is is key as
you think about just jumping on
any opportunity quickly.
I I think you see you see a lot
of people kind of sitting around
there's dry powder in in
people's pockets to deploy and
invest.
And I think there's been some
waiting on as people have gone
through and maybe underwritten
deals themselves, does this
necessarily make sense at rates
in July?
Maybe not but 50 basis points
down here, maybe it's starting
to become a little more
palatable for for themselves and
financial institutions.
Right.
So I think just staying
proactive and um even just
kicking off high level
conversations of how you're
thinking about just
opportunities or investments
into next year.
I mean I'm I'm no financial
planner by any means but I I
would love to be your financial
planner for investment
opportunities on the real estate
front.
And um I I try and stay up to
date on uh kind of what's going
on and what's taking place and
then keep kind of a pulse there.
So yeah um just staying
proactive I think is key as you
think about opportunities.
SPEAKER_03: Yeah I 100% think so
as well.
Able to jump quickly.
I I agree I agree guys I'm gonna
go into the rapid fire round
anything before I go into that
as we trend towards the end.
Okay.
We're gonna hit just with a
couple questions, take as little
as much time as you want on it.
Favorite part of working with
Northwest Arkansas borrowers?
SPEAKER_04: I think it's um I
really do think it's kind of the
the community and the
authenticity.
I think there's still kind of
the there's still really like
the this it's a solid group of
people.
I'm I'm learning that more and
more that it's it's very tight
knit.
There's there's a lot of people
it's it's a smaller community
than than you think.
Yes.
And I think that while we do
have institutional capital
coming in uh I do think there is
still kind of the the handshake
community then that exists
today.
So um but it's fun just really
having the ability to um to
interact with people on on the
day to day and see how we can
support those those different
deals that they're considering
and the community's good.
100% biggest misconception
borrowers have right now um I I
think this one I know we talked
a little bit about the crystal
ball earlier but I that rates
are going to to just tumble
overnight I think is an
interesting one.
I do think we there is potential
for them to continue to uh to
soften slightly how far does
that go not 100% sure but I do
think there will be a
normalization that is higher
than we saw um five six years
ago if it was my uh if it was my
crystal ball that I was reading
for sure some people are talking
like two and a half don't don't
wait to necessarily capitalize
on the the opportunity thinking
that rates are going to have
tomorrow.
Yes 100% uh what's one red flag
that kills deals instantly I
think um I know we talked about
trust earlier right it's like
saying one thing and and uh and
not necessarily following
through is something that can
kill kind of the the trust
aspect of things or um maybe
initial conversation versus
underwritten assumptions maybe
are night and day different like
what what am I missing here is
kind of the the the question and
I think that can just be uh it
just can cause the the trust
piece to to to fall into
question trust is a two-way
street yeah for sure you know it
it it works both ways what's one
financial trend you expect
dominate 2026 I I touched on
this a little earlier but I
think the the GPLP structures
will continue to be very
prevalent as we think about the
real estate investing side of
things for sure.
I do think some more complexity
and complexity for for maybe not
a bad word in this regard but
but just more um kind of not
accredited but experienced kind
of investors getting into the
market I think is something that
you will continue to see as we
continue to be one of the best
places to live.
Yeah pump money into the
economic impact that we have
here thankful to the the the
Walton family and the the hunts
and the Tysons and they continue
to bring people here in the
spark community but yeah um I
think that that that will
continue to be kind of front and
center as we think about deals
in the future.
SPEAKER_03: 100% Alex you've
been great uh that that's all we
have um I'm pumped that you're
an Armstrong bank I think you're
gonna kill it you obviously have
a wealth of knowledge already
with just like four months on
board I can't wait to see you
five 10 years in and killing it
and I'm uh we're honored to have
you on the show.
SPEAKER_04: Well I really
appreciate the time it was a
pleasure sitting down with you
guys and and walking through
this and yeah um thank you again
for having me.
SPEAKER_03: Of course thank you
Alec and uh Armstrong Bank we
appreciate you thank you thanks
guys again thank you guys for
tuning in I'm gonna go ahead and
uh list some sponsors off here
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