By KeyCrew Media
In commercial real estate, knowing how to find a deal is only half the equation. The other half – how to actually get it funded – is where most investors stumble. And according to Culby Culbertson, founder of Dallas-based Culbertson Holdings, the gap usually comes down to one thing: not having the right person in their corner.
“You’re leaving a lot of money on the table,” says Culbertson, who has organized over $550 million in loans across more than 12 states since entering the industry in late 2018. “You’re going to have to go through a lot of that process independently, when really you should be working with someone that has a keen understanding of it.”
That someone is a capital markets broker, and it’s a role most people outside the industry don’t fully understand.
More Than Just Finding a Lender
The common misconception is that a mortgage broker simply shops your loan around to a few banks. In practice, the work starts much earlier and goes much deeper. When a borrower brings a deal to Culbertson Holdings, the team digs into profit and loss statements, rent rolls, pro formas, and the realistic gap between how a property operates today versus what it needs to look like for a lender to approve financing.
“You’re not going to call Bank of America and they’re going to say, here’s how you should do it,” Culbertson says. “There’s no chance in hell that will ever happen. But you come to a group like us, and we’re built for this.”
That institutional knowledge matters more than ever in today’s market. Banks have de-risked their credit profiles significantly, pulling back from the 80% loan-to-value ratios that were once common. Most are now capping out at around 70%, and getting to 75% requires a strong deal and an equally strong borrower presentation.
Creative Structures That Make Deals Work
When conventional financing falls short, Culbertson’s team reaches for tools that many borrowers have never heard of. Mezzanine debt, preferred equity, and seller carry arrangements can all bridge the gap between what a bank will lend and what a deal actually requires.
He points to a recent RV park acquisition as an example: “We were able to bring in a private lender at 50% of a loan while utilizing a seller carry of 50% of the capital structure. Without that kind of creative structure, I’m not sure of the feasibility of the property.”
In another active deal, a borrower coming out of construction and not yet stabilized needed to exit a hard money loan before the property could qualify for conventional refinancing. Culbertson’s team structured a preferred equity position as a bridge, temporary and targeted capital that buys time without requiring a full refinance before the property is ready.
These are not exotic solutions. For a capital markets broker working across dozens of lenders and thousands of transaction types, they are standard practice. The difference is knowing when to use them and how to structure them in a way that protects all parties.
Skin in the Game
What distinguishes Culbertson’s perspective is that he’s not just advising from the sidelines. He owns two multifamily properties in Central Texas and a self-storage facility in East Texas, both of which required the same kind of creative capital structuring he arranges for clients.
“I’ve been there and done that,” he says. “And every time you see a new deal, it’s another rep. The more reps you get, the better you become.”
That experience shapes the way his team approaches every transaction. They are not just matching borrowers to lenders. They are helping clients understand what their deal actually needs to look like, which capital products give them the best path to their target return, and what to do when the straightforward route is not available.
For investors trying to close deals in a market where lenders are selective and capital stacks are more complex than they were a few years ago, that kind of partnership is not a luxury. It’s the difference between a deal that works and one that doesn’t.
Culbertson Holdings is a Dallas-based capital markets advisory firm specializing in debt and equity placement for commercial and residential investment assets. With over $550 million in closed loans across more than 12 states, the team works across all core asset classes including multifamily, industrial, hospitality, retail, and land. To learn more or connect with the team, visit culbertsonholdings.com or connect with Culby on LinkedIn.
