Meet AAPL member Bobby Montagne!  Bobby is the CEO of Walnut Street Finance and has been an AAPL member since July 2016.  He is also a CFM designation holder and a member of the AAPL Ethics Advisory Committee.  When his time  – and the weather permits – you’ll find him fitting in a round of golf or in the middle of  a good book.

What AAPL benefit do you MOST value?
It’s not just me who takes advantage of what AAPL offers, my entire team loves all of the benefits that come with AAPL membership but have a true appreciation for the Annual Conference. Having all the players in the private lending industry come together every year provides a great platform to share ideas, make note of national trends in the real estate market and shifts in regulation – as we have started to see happen in certain states.

Why did you become an AAPL member?
The reason I became an AAPL member is in the same vein as to why we enjoy the Annual Conference so much. I saw an opportunity for us to be part of a group of industry professionals that stays current with changing trends and regulations and enjoy the ability to tap into expertise and feedback that has proven to be very helpful for the growth of Walnut Street.

What is your favorite AAPL memory so far?  
My memory is not that of a specific event but more of a realization. When we were exploring the concept of pivoting from a development company to a private lender, we attended the 2015 AAPL Annual Conference to learn more about the industry and growth potential of this space. We learned so much at that event and clearly saw the untapped opportunities in the specialty finance arena. At the 2017 conference, my entire team noted how much the industry has evolved and how it is now positioned as a valid asset class. The large-scale institutional players, like Goldman Sachs, that are starting to enter the industry bolsters the credibility of this capital source.

Why did you decide to enter the private lending profession?
There are several reasons that I entered the private lending profession, but one of the deciding factors was the vacuum that emerged after the Dodd-Frank Act of 2010. Under the stricter bank regulations, a massive population of skilled builders and developers were now non-fundable, which didn’t make sense. Because their credit was dinged during the recession or they were looking to fix and flip projects that didn’t fit within a bank’s credit box, properties with amazing potential as well as builders and investors looking to make a living (and improve community quality in the process) found themselves stuck. Even those who could get institutional funding for flips couldn’t act swiftly due to the drawn-out process of bank underwriting. Having been a builder and developer for over 20+ years I had a true understanding of the frustration that was felt across the board. I saw an opportunity to fill this vacuum and finance worthy projects and driven builders by founding Walnut Street Finance.

What are some accomplishments you are particularly proud of? 
One of the accomplishments I am most proud of (although self-serving) is our team. Company success starts with people – you can have all the processes and systems in place, but if you don’t have the right people, who really care, then your business model is relying on luck. We’re trying to influence our luck.

What is your favorite book and why?
My new favorite book is The Obstacle is the Way by Ryan Holiday. This book reminds me that we have total control over our thoughts and more specifically our perspective. And, therefore we can decide how to respond to every situation – good or bad – and how we allow that situation to positively or negatively affect us.

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