In this episode of Deal Flow Friday, David Moghavem sits down with longtime friend and industry colleague Brian Ashagian, Vice President at Convoy Capital, to dive deep into today’s multifamily financing landscape. They cover the shifting dynamics in ground-up construction loans, the surge of LA’s ED1 affordable housing projects, and creative strategies for takeout financing in a high-rate environment.

Brian shares insights on navigating lender requirements, the growing role of private credit, and the challenges of financing modular construction. They also discuss the macro outlook for interest rates, why experience and liquidity matter more than ever, and the grit it takes to succeed in brokerage — including Brian’s story of working 50 straight weekends to build his career.

Whether you’re a developer, investor, or broker, this conversation is packed with practical takeaways on securing capital, structuring deals, and thriving in today’s market.

Chapters:

00:00 Intro

01:32 Mamba Edition & Old Memories

03:45 State of Ground-Up Construction Financing

05:10 ED1 Affordable Housing Boom in LA

09:15 Financing Nuances for ED1 Projects

11:55 Creative Takeout Loan Strategies

14:35 Macro Outlook & Anticipated Rate Cuts

16:45 Banks vs. Private Credit

19:05 Modular Construction & Non-Recourse Challenges

21:00 What Lenders Want from Borrowers

23:25 Work Ethic & Career Grit

29:05 Broker Life Reality Check

31:25 Leveraging Technology & AI