The request
Tell us the deal in one sentence.
What is on the desk right now
Live from our own pipeline, refreshed through the day. Who is selling and exactly where it sits comes after we know who you are — the economics do not.
The list of what is on the desk is for account holders. Not a sales wall — naming live positions to anyone who walks past is a public offering, and that is a different set of rules than we want to work under. Make an account and it opens.
Minimum ticket $200,000. At that size you self-certify as accredited; below it a third-party accreditation check is needed, and we can arrange one. We never pool money and never hold yours — you fund directly and the assignment is recorded in your name.
The file
Who is borrowing
Lenders write the loan to an entity, not to a person, so we ask for it now rather than at closing. The two state boxes are for our file only — they never appear in anything a lender sees.
Where the answers should go
What kind of capital you are asking for
This is the first thing we look at, because it decides what has to be in place before a single dollar moves — and the obligations are yours, not ours.
What you are promising the limited partners
Fill this and we can tell you in a day whether it will raise. Leave it vague and we cannot. On the right is where the market sits today — as of 2026-09-21, refreshed every week or two.
| What you commit to | You | Market now |
|---|---|---|
| Preferred return to LPs | % | 7 – 9% |
| Split after the pref — investor / sponsor | 70/30 … 80/20 after pref | |
| Hold period | yrs | 3 – 5 years |
| Projected IRR to the investor | % | 14 – 18% to the investor |
| Equity multiple over the hold | × | 1.6 – 2.0x over the hold |
| Annual cost of holding the asset | your number | |
| Acquisition fee — once, at closing | % | 1 – 3% of price |
| Asset management fee — each year, on asset value | % | 1 – 2% a year |
| Exit fee — off the sale price | % | 1 – 2% of sale price |
What you are offering the capital partners
They fund 100% of the cash to close — purchase price and every closing cost. For that they take 19.9% of the deal, sit as partners, carry no liability on the loan and take no part in capital calls. Nineteen point nine rather than twenty is deliberate: it keeps them under the threshold where most lenders start asking them to guarantee.
Pick how they are paid. Market reference as of 2026-09-21: 8 – 12% typical; 16 – 18% is what a full-cover raise costs.
How you see us in the deal
Two shapes, you pick one. In both we do not participate in capital calls — if the project needs more money after closing we are not obliged to fund and our interest is not diluted for declining. The full terms are here.
Above $10M the 20% option is off. Our share comes out of your side, not the investors’, and on a deal this size twenty percent of the sponsor’s position is more than it should be. Ten percent it is.
Typing your name here is an electronic signature and carries the same effect as a handwritten one. You get the signed agreement by email straight away, and a copy stays on file under your reference.
Filed.
by this desk
a loan closes
How it runs
Five steps, and you only appear in the last two.
You file the deal
The sentence above, plus whatever you already have — rent roll, T-12, a link to the listing. Two minutes is enough to start.
We work the market for you
It goes out from our system but under your name, to every lender whose criteria fit the shape, size and state of the deal. A filtered list, not a blast.
We take the declines
Most lenders pass. We read those, keep the reasons, and you never see them. Silence and rejection are our problem, not yours.
The yes reaches you
The moment a lender says it wants the deal, we forward it to your own inbox — in the lender’s own words, with their name and their contact.
You and the lender, without us
From there you deal with them directly. We are out of the thread. Your reference stays on the deal so the half point is worked out cleanly at closing.
The network
3,862 lenders, sorted by what they actually lend on.
Every one is filed under the capital it puts out, not the name on the door. That is what makes a filtered list possible — and it is why a request for a mobile home park in Oklahoma does not land on a hotel desk in Miami.
The fee
Half a point, at closing, and only then.
Everything below is our fee for placing the loan and nothing else. What the lender charges, and what the closing itself costs, are separate matters between you and them — we neither set those nor receive any part of them.
- $0
- To file. No account, no retainer, no application fee.
- $0
- If no loan closes — for any reason, including you deciding not to proceed.
- 0.5%
- Of the loan, paid by you at closing, out of closing proceeds and shown on the settlement statement.
- 0.5%
- Only if the lender chooses to pay it. Some lenders pay a placement fee, most of ours do not, and none of them owe us one. We never bill a lender and never make it a condition of the introduction. If one does pay, we tell you the amount in writing before you sign a term sheet, and you agree to it first. Nothing about this changes your half point either way.
Our placement fee only. The lender’s origination points, title, escrow, appraisal, insurance and legal fees are separate, set by other people, and no part of them comes to us.
How it actually gets paid
The agreement you sign carries an instruction to the closing agent: at funding, pay 0.50% of the loan to Shulgin Lending Solution LLC, shown as a line on the settlement statement with your file number. You forward that page to whoever closes, and nobody has to remember anything later.
We never send banking details by email. They go to the closing agent directly and must be confirmed by telephone on (912) 733-5633 before any money moves. Any email carrying our wire instructions — including one that looks like it came from us — is a forgery. Swapped wire details are the commonest way money disappears from a real estate closing, and we would rather be inconvenient than cheaply imitated.
The published range across the commercial mortgage brokerage market.
On $2.4m that is $12,000 instead of $18,000 to $36,000.
Coverage
We only take requests where we are entitled to.
Commercial placement is licensed in some states and not in others. We do not take a request we cannot legally work, and we would rather say no on the first screen than at the closing table.
Closed — these states license commercial placement and we do not hold that license yet
- AZ
- CA
- FL
- IL
- MI
- MN
- NE
- NV
- NJ
- NY
- ND
- OR
- SD
- VT
- DC
California — closed on every side, not just the property
Until our California license is issued we place no loans on California property, take no borrowers based in California, and work with no California entities — whichever state the property sits in. A Texas company owned by a Californian does not change that answer, and we will not suggest forming one. This is a line we hold on purpose, and we will say so the moment it moves.
Equity is different — all fifty states
Everything on this page about states applies to lending. Door one is not lending. When we come into a deal as an equity partner we are an owner, not a broker arranging someone else’s loan, so the state mortgage rules do not reach it — and that door is open in all fifty states, California included.
Who we lend to, and on what
Commercial and business-purpose loans only. Apartment buildings, portfolios of rental houses, and one-to-four unit property bought or held as an investment. The borrower is an entity — an LLC or a corporation — because that is how these loans are written, and the loan must be for a business or investment purpose, which you confirm in writing when you file. A loan on a home someone lives in is a consumer loan. We do not place those, in any state.
Open — every other state
Thirty-six of them, Texas included. Commercial placement is not a licensed activity there, so there is nothing to wait for. Pick the state on the request above and it tells you which side of the line you are on before you fill in anything else.
Investment houses, one to four units.
A different map, and it has to be. An investment house is a business-purpose loan, licensed separately from commercial — so Florida is shut to us on commercial but open on houses, while Utah and Virginia are the other way round. Two lists, never one.
Closed — these states license business-purpose lending on one-to-four units
- AK
- AZ
- CA
- ID
- IL
- MI
- MN
- NV
- NJ
- ND
- OR
- SD
- UT
- VA
Everywhere else — open, including Texas
Pick the property type and the state on the request above and it tells you straight away, before you fill in anything else. A $100,000 loan is welcome: half a point on it is $500, and it is still only due if the thing closes.
Plainly
What we don’t do.
We don’t lend
No money of ours goes into your deal, we never hold your funds, and we take no piece of the loan. Every rate and every term is the lender’s.
We don’t do the house you live in
Business purpose only. A one-to-four unit house held as an investment we can place, in the states that allow it. The same house with you living in it is consumer mortgage work, a different license, and a firm no.
We don’t promise a yes
Some deals no one will fund at any price. When that is what the market says, you hear it from us quickly and in plain words.