Debt Doctor

Spend a week reading the housing market headlines and you'll come away sure the floor is about to give out. Turmoil, rates, buyers on strike, a correction waiting in the wings.

While national debt and rates are rising, over decades of resolving distressed real estate, I'm seeing a whole set of these currents start to converge.

I've spent decades buying paper on distressed real estate, and the most dangerous file is the one that looks fine. Private credit is sitting in that exact spot right now.

From the outside the housing market reads calm. Sit with the underlying data long enough, though, and a foreclosure wave starts to take shape beneath it.

Airlines and their dedicated flight attendants are making more money selling you an airline credit card and debt than the actual flight fare.

Two years ago, commercial real estate distress filled every forecast. But the wave that was supposed to hit, didn't.

I've spent my career in real estate debt and distress, so manufactured housing was never really on my radar. Then I learned a bit about the wealth it's building that caught me off guard.

Accounts receivable financing answers a question conventional lending keeps getting wrong: what actually counts as collateral?

There aren't enough homes. Drive the neighborhoods instead of reading about them, and the housing shortage myth starts coming apart in your hands.

Private credit didn’t grow because it was safe. It grew because the banks stepped back from risk after the global financial crisis. That capital gap had to be filled and it arrived by the trillion.