January 20, 2026. Summary In Queens, New York, a seasoned general contractor set out to execute his most ambitious project to date: acquiring a single lot, subdividing it, demolishing the existing structure, and developing two brand-new duplex homes from the ground up. While his construction expertise was extensive, the project faced significant resistance from traditional lenders due to its complexity and the borrower’s lack of prior ground-up experience as an investor. Through a strategic and flexible approach, Simon Rishty, Loan Officer at Express Capital Financing, structured a Fix & Flip loan that closed at nearly 90% Loan-to-Cost—transforming a stalled deal into a successful closing. Real Stories. Real Challenges. Real Solutions. Every loan has a story behind the numbers. In this section, The Elite Officer highlights real-world cases where Loan Officers turned complex challenges into successful closings. Each case shows how persistence, creativity, and financial strategy can make the difference between a stalled deal and a successful closing. The Deal at a Glance Property Type: Ground-Up Duplex (Fix & Flip execution) Location: Queens, New York Loan Amount: $1,358,725 Interest Rate: 11.99% Loan-to-Value (LTV): 60% Loan-to-Cost (LTC): 84.5% ARLTV: 58% The Challenge The deal faced multiple obstacles that placed financing at risk: Experience Qualification Gap:Although the borrower had completed multiple construction projects as a general contractor, he had never executed a ground-up deal as the titled investor, disqualifying him under traditional lending standards. Complex Investment Structure:The project required subdivision approval, demolition, and new construction—steps many lenders were unwilling to underwrite prior to completion. Appraisal Shortfall:Initial valuation came in below the purchase price, threatening leverage and deal feasibility. Non-Standard Verification:The borrower’s real construction track record could not be validated through conventional title-based methods. Without a lender willing to evaluate the full picture, the transaction risked collapsing before construction could begin. The Solution Simon Rishty approached the transaction with a holistic strategy focused on capability over checkbox compliance. He worked directly with the project’s architect and local Department of Buildings to fully understand the development plan prior to subdivision. Rather than relying solely on standard appraisal assumptions, the team engaged a local appraiser familiar with similar projects who could accurately assess the site’s true potential. Most importantly, Simon structured the loan by recognizing the borrower’s hands-on construction experience—even when prior projects did not reflect title ownership. By documenting real-world execution rather than formal labels, the deal qualified under a Fix & Flip program despite its ground-up nature. The Outcome The loan closed successfully at nearly 90% Loan-to-Cost, providing the borrower with sufficient capital to execute the project as planned. The structure preserved leverage, mitigated valuation risk, and enabled the borrower to move forward confidently with construction. Takeaway for Loan Officers Experience Matters Beyond Title:True execution history can outweigh formal ownership when properly documented. Understand the Project, Not Just the File:Engaging architects, city officials, and appraisers early can change outcomes. Appraisals Are Strategic Tools:The right appraiser can be critical in complex developments. Creativity Unlocks Deals:Flexible thinking often separates closed loans from lost opportunities. Simon Rishty Loan Officer at Express Capital Financing Click to contactSimon Rishty is a Loan Officer at Express Capital Financing specializing in Fix & Flip and construction-driven real estate transactions. Known for his hands-on approach and problem-solving mindset, Simon focuses on structuring creative financing solutions for complex deals where traditional guidelines fall short.

January 8, 2026 In the dynamic landscape of private lending, the strategic establishment of a debt fund becomes a pivotal move for those who seek to be a true direct lender or balance sheet lender. In this introductory guide, we’ll lay out the basic considerations when forming a debt fund. Understanding the Basics: What is a Fund? A debt fund, whether structured as an LLC or LP, functions as an entity that raises capital by selling ownership interests to investors. This entity plays is designed for funding, holding and selling (if needed) loans. Investors derive returns from the fund’s portfolio of loans, making it a common strategy in private lending as a means to be a direct lender or balance sheet lender. Identifying the Right Time to Form a Fund Determining the opportune moment to embark on forming a debt fund is crucial. Ideal candidates include originators aiming to become direct lenders and scale for the future. Additionally, those growing weary of traditional lending methods, such as corresponding, white label, table funding, or co-lender/fractional loan investments, may find value in transitioning to a direct lender/balance sheet lender model. Regulatory Framework: Navigating Compliance A critical aspect of forming a debt fund involves understanding the regulatory framework. Debt funds typically offer securities and often utilize a Regulation D exemption. I highlight two viable exemptions within Regulation D: Rule 506(B):No capital limit, a maximum of 35 non-accredited investors, no limit on accredited investors, and restrictions on marketing and general solicitation. Rule 506(C):No capital limit, verified accredited investors only, allows marketing and general solicitation, with verification through “reasonable steps” or professional letter. In addition, some debt funds leverage crowdfunding exemptions like Regulation A Tier 2 which requires audited financials, SEC qualification, a maximum of $75,000,000 every 12 months, and permits advertising and non-accredited investors with no numerical limit. Types of Funds: Open-Ended vs. Closed-Ended Understanding the structure of debt funds is vital. There are two primary types: open-ended and closed-ended. Open-Ended Funds:These funds raise money continuously, providing investors with liquidity through redemption plans. Closed-Ended Funds:These funds raise money for a set period, and investors are typically locked in until the end of the fund’s life cycle, usually 5-7 years. Common Distribution Models: Aligning Interests While there is no one-size-fits-all approach, I outline three commonly used distribution models: Waterfall Models (2/20 Model):Featuring an asset management fee, preferred return, and a split of remaining profits, aligning with industry norms like real estate or private equity. Fixed Return Model:All income goes into the fund, and investors receive a set return, mimicking debt investments. “Solomon” Model:This model allocates all income to the fund, splitting it between the fund and the fund manager. Ultimately, the goal is to create a distribution model that satisfies investors’ target returns and aligns interests effectively. Conclusion Forming a debt fund demands a comprehensive understanding of its fundamentals, regulatory nuances, and distribution models. For lenders and investors looking to take that next step, Fortra Law Partner Kevin Kim will be leading an in-depth Fund Formation webinar on January 28, 2026. Fund Formation 101: Structuring a Fund for Success will walk through the essential building blocks of fund formation, how to select the right framework for your business, and practical ways to position your fund for long-term scalability and flexibility in an evolving private lending market. Kevin Kim, Esq. Partner – Corporate & Securities at Fortra Law Click to contactKevin Kim leads Fortra Law’s Corporate and Securities practice, advising private lenders, real estate developers, and investors on fund formation, private placements, and securities offerings. He has structured hundreds of transactions, including mortgage funds, structured debt offerings, real estate syndications, crowdfunding offerings, EB-5 projects, and Qualified Opportunity Funds. A nationally recognized expert in mortgage fund formation, Kevin serves as lead instructor for the American Association of Private Lenders’ Certified Fund Manager courses. He also hosts Lender Lounge with Kevin Kim, a podcast featuring conversations with leaders across the private lending industry.

December 22, 2025 Market Growth The private lending market for real estate continues to demonstrate robust growth and remarkable fragmentation, with over $125 billion in loan originations through the first ten months of 2025. From January through October 2025, private lenders originated approximately 238,600 loans totaling $125.6 billion. This represents an 11% increase in dollar volume and 9% growth in loan count compared to the same period in 2024, signaling continued momentum in the private lending sector despite broader economic headwinds. A Highly Fragmented Market The private lending market is highly disaggregated. Nearly 13,631 active lenders competed for business through October 2025, up from 11,626 in the prior year (17% increase). The market’s structure reveals just how dispersed lending activity remains. The top 10 lenders by volume captured 21% of total originations, while the top 10 by loan count originated 25% of all private loans. Private Lender Tiers by Yearly Origination Volume We classify lenders into different tiers based on yearly origination volume. Using origination data from January to October, we can project how many lenders should fall within each bucket and analyze their activity in the first ten months. The projected 25 largest lenders (those projecting over $900 million in annual volume) originated 81,930 loans worth $40.7 billion through October. These Tier 1 players represent 0.2% of all lenders but account for roughly one-third of total market activity. At the opposite end, over 12,700 smaller lenders with projected annual volumes below $20 million collectively originated 64,357 loans totaling $24 billion through October 2025. This long tail of micro and regional lenders demonstrates the market’s accessibility to specialized players serving niche geographies or borrower segments. Loan Duration Patterns The market maintains a roughly 60/40 split favoring short-term products, with 60% of loans carrying terms of five years or less. These bridge loans, fix-and-flip financing, and other short-duration products represent the traditional business of private lending, serving borrowers with time-sensitive needs or properties requiring renovation. The remaining 40% consists of longer-term financing exceeding five years, competing in what was once the exclusive domain of traditional mortgage providers. Emerging Lenders Above graph shows origination volume for Private Lenders tagged as “Emerging Lenders”. Each color represents when they “emerged”. The private lending industry experiences new entrants on a daily basis across the country. Some of these “Emerging Lenders” may be brokers converting to direct lenders or startups who have experience from other private lenders, or converting from conventional lenders. Regardless of backgrounds, the magnitude of new entrants is an interesting dynamic to follow. YTD 2025, Forecasa has identified over 1,400 Emerging Private Lenders (500+ just in Q2-25 alone). Some of these lenders may have only funded a handful of loans, but others quickly grow origination volume from Tier 5 to Tier 4 and beyond. A small percentage of these Emerging Lenders have capital market strategies in place, but many are looking for capital partners to grow and expand into new markets. The private lending market’s continued expansion, both in total volume and number of active participants, shows a strong underlying demand for alternative financing solutions. Private lenders have carved out a substantial and growing niche in real estate finance. Michael Fogliano Product Manager at Forecasa Click to contactHe specializes in data analysis and research for the private lending real estate market. His work focuses on building data models and analytics products that uncover market insights and enable better decision making.

The 13th edition of IMN’s Single Family Rental West Conference, organized by Informa Connect, took place in December 2-4 2025 at the Fairmont Scottsdale Princess in Scottsdale, Arizona. Once again, it proved to be one of the most influential gatherings in the U.S. single-family rental (SFR) sector, bringing together more than 1,800 professionals — including institutional investors, operators, lenders, builders, and service providers — in a setting designed for networking, knowledge exchange, and deal-making. A Format Designed for Connection The event’s structure combined plenary sessions, thematic panels, roundtables, and pre-scheduled one-on-one meetings, complemented by networking cocktails and business lunches. This dynamic format allowed participants to maximize every interaction, transforming introductions into meaningful relationships and qualified leads. A key feature of the event was IMN’s “Allocate Meetings” program, which strategically matched attendees for short, targeted conversations — making every encounter a genuine opportunity for business growth. An Agenda that Reflected Market Momentum The conference agenda covered the major trends shaping today’s SFR landscape, with sessions offering strategic, financial, and operational insights for professionals across the industry. Market Outlook and Capital Trends State of the SFR/BTR Industry:An in-depth look at the economic, policy, and investment factors influencing today’s market. Performance Under Economic Pressure:How interest rates, inflation, and liquidity cycles are reshaping valuations and strategies. Operational Strategy and Growth Value-Add Strategies:Exploring where the real return on investment lies in scaling SFR portfolios. Build-for-Rent Momentum:Key expectations for developers and lenders as the market evolves. Technology and Efficiency:The role of automation, data analytics, and AI in property acquisition, maintenance, and management. Partnerships and Expansion Models Institutional Collaboration:New approaches to joint ventures and portfolio structures that enable scalability. Small Group Roundtables:Interactive sessions designed to encourage peer-to-peer learning and regional collaboration. Where Real Business Happens The true value of IMN’s SFR West extended far beyond its panels. It was found in the informal conversations, introductions, and follow-up meetings that often led to real transactions and new alliances. With a diverse mix of institutional investors, lenders, brokers, and service providers, each interaction had the potential to evolve into a long-term partnership or investment opportunity. Participants left the conference with more than insights — they left with qualified leads, new clients, and expanded networks that will drive business into 2026 and beyond. IMN’s SFR West by Informa reaffirmed its position as the premier business hub for the single-family rental sector — an event where education, innovation, and deal-making intersect.Each panel, roundtable, and meeting functioned as a catalyst for collaboration and industry growth, reflecting the evolving strength and sophistication of the SFR market. The images don’t lie. See the gallery courtesy of Informa Connect, full of positive energy, authentic connections, and the vibrant spirit that defines the SFR community. Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Image provided by IMN Images provided by IMN Uriel Fleicher Editor in Chief and Co-Founder of The Elite Officer. Uriel Fleicher is a lawyer from Argentina with a strong academic background, holding a Master in Business Law and currently pursuing an MBA. Throughout his extensive career, he has provided legal counsel to Private Lending Firms in Argentina, which allowed him to establish valuable connections with key industry leaders in the United States. This experience enabled him, along with his partners, to identify a unique opportunity: the creation of The Elite Officer.

January 9, 2026 This case study features a high-value Purchase Fix & Flip transaction in Fort Lauderdale, Florida, where timing constraints and appraisal access issues threatened the borrower’s ability to close on schedule. Led by George Naveda, Senior Sales Manager at Lima One Capital, the deal required coordination across underwriting and valuations to structure a creative exception that preserved leverage while keeping the closing date intact. Real Stories. Real Challenges. Real Solutions. Every loan has a story behind the numbers. In this section, The Elite Officer highlights real-world cases where Loan Officers turned complex challenges into successful closings. Each case shows how persistence, creativity, and financial strategy can make the difference between a stalled deal and a successful closing. The Deal at a Glance Property Type: Single-Family Residence (Fix & Flip) Location: Fort Lauderdale, Florida Loan Purpose: Purchase Purchase Price: $1,685,000 Rehab Budget: $200,000 After Repair Value (ARV): $2,500,000 Leverage at Close: 85% LTV Post-Close Leverage: Additional 5% (90% LTC total) Target Closing Date: November 15, 2025 Loan Amount: $1,716,500 Rate: 8.4% The Challenge The borrower was under a tight contractual closing deadline, but the appraiser was unable to access the property prior to closing. This created a risk of delay or reduced leverage, both of which could have jeopardized the transaction. Key challenges included: Inability to complete a full interior appraisal before closing Borrower expectation for high leverage on a luxury fix & flip Need to satisfy risk requirements without pushing the closing date Coordinating exception approval across internal teams Without an alternative structure, the borrower faced either a delayed closing or less favorable terms. The Solution George proactively escalated the issue and worked directly with underwriting and valuations leadership to align on a practical exception. The agreed solution included: Approving a drive-by appraisalto support closing Structuring the loan at 85% LTV at purchase Allowing an additional 5% post-close advanceonce acceptable interior photos were provided Clearly documenting ownership of the exception to avoid operational delays By securing internal alignment and confirming that the buyer-provided interior photos met requirements, George was able to structure the file confidently and move it into operations without sacrificing leverage or timing. The Outcome The loan moved forward as structured, preserving the borrower’s leverage while keeping the November 15 closing date intact. The exception-based solution allowed the deal to proceed smoothly despite appraisal constraints, reinforcing borrower confidence and execution certainty. Takeaway for Loan Officers Early escalation prevents last-minute closing disruptions Appraisal challenges can be solved with the right internal alignment Clear ownership of exceptions is critical for execution Creative structuring protects both leverage and timelines George Naveda Senior Sales Manager at Lima One Capital Click to contactGeorge Naveda is a sales leader focused on building high-performing teams of relationship-driven professionals who are passionate about their work and motivated to grow in a rapidly expanding real estate lending industry. He believes the industry is rich with opportunity for talent that leads with trust, discipline, and long-term thinking. At Lima One Capital, George brings over 26 years of sales and finance experience, specializing in structuring high-leverage solutions for complex Fix & Flip, Purchase, Bridge, and Ground-Up Construction loans. He treats clients as partners—leveraging his experience as both a lender and an investor to deliver capital solutions that help investors scale, execute with certainty, and win. Bilingual in English and Spanish, George is known for solving deals where timing, leverage, or structure are at risk—because great lending is measured by closings, not quotes.

December 15, 2025 At LeverageCon 7 in San Diego, I had the privilege of joining industry peers, attending lending panels, and exchanging ideas about the forces shaping today’s real estate market. The conversations were both insightful and forward-looking — and as I reflected on the sessions, I realized how many of the lessons we discussed could help Loan Officers and real estate professionals navigate what’s coming next. Below, I’ve summarized the main takeaways from those discussions — and added a few personal insights that I hope will help you position yourself for success in the year ahead. The Shift Loan Officers Can’t Ignore Private Lending isn’t just growing — it’s redefining how Loan Officers create value. As the Federal Reserve begins to lower short-term rates, liquidity is slowly returning to the market. That means more opportunities for refinances, new construction, and investor-driven financing. The Fed Rate Cut: A Turning Point for Private Lending The recent Fed rate cut marks a major inflection point for the lending industry.As Quantitative Tightening (QT) winds down, liquidity is set to return, leading to stronger project valuations and more feasible exit strategies for borrowers and investors alike. For Loan Officers, this means a more dynamic environment: A rebound in refinancing Greater borrower confidence. More institutional capitalseeking private credit channels. The cost of capital is coming down — and the smart players are already preparing for faster deal flow. From Banks to Private Lenders — The Great Migration The U.S. still faces an estimated shortage of 4 million housing units. Yet, while demand remains high, traditional banks are retreating.Under Basel III’s stricter capital requirements (HVCRE), many institutions are limiting exposure to construction and transitional loans. According to Moody’s, nearly $1 trillion is projected to move from banks to private lenders over the next 3–5 years. This isn’t a temporary trend — it’s a structural shift in how real estate is financed. For Loan Officers, that shift represents a once-in-a-decade opportunity to redefine your role — from a rate-quoting originator to a true capital advisor guiding clients through flexible private solutions. The Education Gap — and the Opportunity It Creates Despite this evolution, many developers and general contractors still don’t understand private capital. Some continue to fund projects with personal savings or even credit cards, unaware that specialized private lenders can structure creative, efficient financing for their needs. That’s where you come in. As a Loan Officer, your ability to educate and guide clients is what sets you apart. By helping sponsors and investors understand bridge, construction, and DSCR options, you can open doors they didn’t know existed — and win clients for life. Institutional Appetite and AI-Driven Efficiency Another major force behind the surge in private lending is institutional appetite. Both 2024 and 2025 have been record years for RTL securitizations, including ground-up projects. This demand is narrowing the yield spread between banks and private lenders — giving borrowers better pricing and faster execution. At the same time, AI and automation are transforming how private lenders operate. At RBI Private Lending, we’re integrating technology to streamline underwriting, reduce costs, and deliver a more transparent experience for borrowers and investors.Technology doesn’t replace people — it amplifies performance and consistency. The DSCR Secondary Market: Liquidity and Exit Options The DSCR secondary market continues to mature and now provides more liquidity than ever before. For real estate investors, this creates additional exit strategies, while for Loan Officers, it expands the universe of viable deals that can close faster and perform better. In this environment, understanding where liquidity flows — and how DSCR-backed products behave — becomes an essential skill for every lending professional. Looking Ahead: 2026 and Beyond With rates stabilizing and liquidity improving, 2026 is shaping up as a year of renewed growth. Valuations are expected to strengthen, exits will become easier, and the partnership between private lenders, brokers, and loan officers will grow even more critical. For every Loan Officer out there: this new cycle won’t be about rates — it will be about relationships, adaptability, and understanding where private capital is heading next. It was a true pleasure to share these insights in San Diego, and my thanks go to Brett Alazzawi and the LeverageCon team for building a community that continues to push our industry forward. ReferencesMoody’s Investors Service. (2025, July).Private credit growth adds liquidity, but heightens risk in CRE market. Moody’s Analytics. Available by subscription at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_XXXXX Leonardo Rostoker Chief Financial Officer at RBI Private Lending. Leonardo Rostoker is the Chief Financial Officer at RBI Private Lending, a direct private lender specializing in real estate bridge and construction financing. With over a decade of experience in financial strategy and capital markets, Leonardo is passionate about helping Loan Officers, brokers, and developers unlock smarter funding solutions through innovation, education, and partnership.

December 3, 2025 Private lending continues to be very profitable in the world of real estate investing, but with the continued growth of real estate investing comes the need for more and better funding. To keep up with this growing trend, private lending companies that make business-purpose mortgage loans are now obtaining multiple state licenses to lend in several states throughout the US, not just limiting their activities to one or two states anymore. While it may seem easy to apply for a specific lending license and pay the associated fee, think again. Mortgage lender licensing laws and requirements are complex and highly varied among the states. As a result, private lenders are increasingly overwhelmed and confused by the research and preparation needed to become properly licensed in each of the states. The process is confusing, tedious, and time-consuming. At least eighteen states have some form of restriction on business-purpose mortgage lending. Currently, the most popular (and most restrictive) states that require a license to originate business-purpose loans are Arizona, California, Nevada, North Dakota, South Dakota, Utah, and Vermont (if the loan is less than $1 million). Due to the complexity of each state’s lender licensing requirements, most lenders do not understand the licensing application and have trouble navigating the licensing requirements for each state. Navigating Mortgage Lender License Applications State-Specific Eligibility Requirements Many states have unique eligibility requirements. For example, California requires the lending company’s net worth to be at least $25,000, while Arizona requires $100,000. In Arizona and Nevada, it is mandatory to have a brick-and-mortar office location and a qualified Individual residing in the state. And although all states generally require a surety bond, the minimum bond amount varies from state to state. Series of Applications Any applications for state licenses, as well as documentation or other required forms for licensing, are filed through the Nationwide Mortgage Licensing System and Registry (NMLS). NMLS is a web-based platform that many lenders find to be complicated and not very user-friendly. Managing the requirements to maintain a license on NMLS can be time-consuming and extremely stressful. Each license application includes at least 2 separate NMLS applications: (i) the lending company’s application (MU1), (ii) an individual application for each control person of the company (MU2s), and (iii) potentially a branch application for each additional office location; and all applications and records need to be linked in NMLS. For states that require electronic surety bonds, bond companies must also link the bond to the company account. But that is not all. Document uploads require specific file names (which vary by state) and must be uploaded under different locations within the NMLS. Financial Statements and Other Documents As mentioned above, most states require you to submit your company’s financial statements, but the specific requirements of the financial statement vary between the states. For example, California requires an unaudited financial statement prepared in accordance with GAAP, Arizona requires the most current CPA audited financial statement, and Minnesota does not require a financial statement to be uploaded. Business Plans Most states require a formal business plan outlining the company’s products and marketing strategies. Depending on the state, there are additional state-specific business plan documents required, and certain states, like California and Nevada, each have their own business plan forms and requirements. Organizational Structure and Management Charts Companies will need to provide their organizational structure and management charts, which is where most of the headache and confusion arises. Organizational structure charts generally need to include the ownership percentages of direct owners, indirect owners, and, depending on the state, any other individuals who own a certain percentage of “voting shares” of the company. Management charts need to show all managers, officers, and directors of the company, including any other individuals who have control and authority over the company’s lending activities. Getting this part right is crucial as it has a trickle-down effect on the rest of the application. Depending on the state, the individuals ultimately listed in these charts may be required to submit to an FBI or criminal background check, fingerprint processing, and credit checks. For example, background checks are generally required for each executive officer or control person of the company, but California additionally requires a background check for any individual who directly or indirectly owns 10% or more of the company and has authority over the company’s lending activities. Arizona requires background checks for all individuals who hold 20% or more of the company’s voting shares, and Nevada requires this for holders of 10% or more of the voting shares in the company. A careful analysis of a company’s organizational and management structure is critical in accurately completing any state lender license application. Complications and Nuances Timing for the entire application process depends on various factors, including the time needed to compile and prepare all necessary state-specific information and documents, obtaining foreign state registrations needed, completing the MU2s, sponsorship approval of MLOs as needed, and of course, getting the correct bond in place. Once the licensing application is submitted, the waiting time for a state to review the application may take more than six weeks. This is especially true because of the COVID-19 backlog states have been experiencing. There may also be multiple rounds of follow-up items from state regulators before you get final approval of any state license. Key Takeaways for Successful Commercial Lending Compliance Successfully navigating the complexities of commercial lending requires careful planning, attention to detail, and a deep understanding of state-specific licensing requirements. Working with skilled attorneys who understand the lending industry, like the Corporate and Securities team at Fortra Law, can help prevent costly compliance infractions. By approaching commercial lending and licensing methodically, lenders can reduce errors, navigate regulatory complexity, and focus on building profitable business relationships. Jennifer Young, Esq. Partner at Fortra Law Jennifer Young is a Partner and Attorney on the Corporate & Securities team at Fortra Law, specializing in real estate-focused private placements and alternative investments for private lenders, developers, and entrepreneurs. She also leads the firm’s licensing practice and is a founding member of the

November 25, 2025 Bridge lending showed a rebound in October after several months of declining volume, while DSCR loans set yet another record high on Lightning Docs. As new markets continue to emerge across the country, lenders are finding opportunities for growth in regions that were once off the radar. Bridge Lending Sees Its First Uptick Since July Bridge loan transactions increased 6% month-over-month, marking the first gain since July. While volumes haven’t quite yet returned to the highs of the spring, this rebound signals a pause in the steady decline we’ve seen through the second half of the year.The reasons for the uptick in bridge loan transactions are not perfectly clear. There was an additional business day in October from September, and the year over year increases have remained steady between 10-20% for the past 3 months. Separately, average loan amounts decreased this month, down nearly $30k from September. Average interest rates also decreased on a national level to 10.41%. A slight anomaly this month was that median interest rates rose from 10.13% to 10.25%.The top 10 most active states are shown below, but there hasn’t been much change from previous months. Instead, I’ve included data that highlights areas of growing opportunity. Utah has emerged as a hotspot for bridge lending, with both the state and its largest county, Salt Lake, showing the strongest growth from Q1 to Q3. Minnesota, Oklahoma, Tennessee, and Oregon round out the top five states for growth, demonstrating that lenders have opportunities in every corner of the country. The fastest-growing counties are similarly dispersed, with Clark, WA; Durham, NC; Kings, NY; and Providence, RI each seeing over 100% growth so far this year. DSCR Lending Continues Its Surge I’m tired of writing it, you’re tired of reading it, but the fact is DSCR transactions continue to surge. Lightning Docs users with us since the start of 2024 crossed the 3,000-loan threshold for the first time in October, reaching 3,357 total DSCR loans—an increase of 13% month-over-month, the largest jump since March. Lenders who’ve leaned into this segment continue to see strong resultsDSCR average loan amounts are around the same as last month at just under $315,000. Interest rates continued to decrease. At 7.17% they’re nearing the lowest we’ve seen since October 2024 which also explains why volumes have increased so much over the past few months. There is almost an equal distribution of loans with a 6.0-6.99% interest rate as there are 7.0-7.99% and if this trend continues we may in fact start seeing a significant loan volume under 6% for the first time since 2023 which will result in significant refinance opportunity. Rates Continue to Drop Across the Board In October, the Federal Reserve lowered interest rates for the second consecutive month, and private lending rates followed suit. Both bridge and DSCR averages decreased, mirroring drops in key benchmark indices. Spreads between treasuries and DSCR rates continues to stay consistent showing that market appetite for the product remains robust.As with bridge loans, I’ve shared the top DSCR states below, but the real story is in the growing markets. Five states—Hawaii, Oregon, Alabama, Washington, and Colorado—have seen over 100% growth from Q1 to Q3, highlighting strong momentum in the western U.S. The counties, however, tell a different story. Davidson, TN; Baltimore City, MD; Passaic, NJ; Jefferson, AL; and Orange, FL are the five fastest-growing counties, all located in the Central and Eastern time zones. Opportunities Nationwide Even as overall loan volumes rise and established markets remain dominant, new regions are driving meaningful growth. From Hawaii to Alabama, lenders are expanding into untapped territories and finding new opportunities to scale their businesses. Nema Daghbandan, Esq. Founder and Chief Executive Officer of Lightning Docs Lightning Docs is a proprietary cloud-based software which produces business purpose mortgage loan documents nationally. As a Real Estate Finance Attorney and Partner at Fortra Law, the nation’s largest private lending law firm, Mr. Daghbandan has unique expertise in understanding the needs of private mortgage lenders. Mr. Daghbandan has been recognized by his peers in the legal community as a Super Lawyers® Rising Star from 2016-2022. Only 2.5% of attorneys receive this distinction. He also received a perfect 10/10 rating from attorney review site AVVO®.

November 25, 2025 Quick wins, likes, deals, and notifications give us instant satisfaction — yet leave us feeling empty soon after. Real success, however, isn’t built on short-term pleasure. It’s built on trust, connection, and purpose — the chemistry of serotonin. In this new Elite Officer piece, we explore why chasing pleasure makes us miss happiness — and how smart professionals are using neuroscience to build deeper relationships, better business, and lasting growth Why We Chase Pleasure But Miss Happiness We often chase things that make us feel good — a slice of chocolate cake, a new pair of shoes, or blaming someone else when something goes wrong. Each of these moments triggers a powerful chemical in our brain: dopamine, the “pleasure neurotransmitter.” Dopamine evolved to keep us alive — it makes us seek food, reproduction, and social approval. It’s fast, intense, but short-lived. That’s why we’re always looking for the next hit. But happiness is different. Happiness is quiet, long-lasting, and built over time. It doesn’t come from dopamine — it comes from serotonin, the neurotransmitter of calm, connection, and contentment. Serotonin is released when we share, connect, and give — not when we take. True happiness is born in deep conversations, meaningful work, gratitude, and helping others. How Dopamine Blocks Happiness Here’s the tricky part: dopamine actually blocks the release of serotonin. The more we chase short-term pleasure, the harder it is to experience lasting happiness. For example, blaming others for our failures gives us a small dopamine boost. It feels good in the moment — but it actually makes us less happy. Why? Because it prevents us from taking ownership, growing, and connecting — all serotonin-generating behaviors. The same happens with consumer behavior. That dopamine rush when we buy something new? Addictive. But the more we rely on buying for that hit, the emptier we feel later. We’re mistaking pleasure for happiness — and that confusion drives much of today’s marketing world. Selling Without Selling: The Power of Meaning So… how do we sell in a world where buying doesn’t bring happiness? Simple. We don’t sell. We offer meaning. At The Elite Officer, our partners don’t just buy visibility — they invest in connection, recognition, and purpose. When a Loan Officer sees their story in our magazine, discovers a tool that makes their job better, or feels part of a growing professional community — that’s not dopamine. That’s serotonin. That’s happiness. And that’s what builds loyalty and brand equity. For Loan Officers: Turning Knowledge Into Trust 1. Don’t push — position. Investors don’t want to be chased; they want to feel understood. The best Loan Officers position themselves as trusted advisors, not desperate dealmakers. That builds serotonin-based trust, not dopamine-charged pressure. 2. Educate, don’t just quote. When you help investors learn, compare, and plan, you activate their rational brain and win long-term loyalty. Value first, numbers second. 3. Mirror their mindset. Are they growth-driven (promotion mode) or risk-averse (prevention mode)? Match their language and goals. Dopamine responds to action; serotonin builds through alignment. 4. Create belonging. People want to feel part of something bigger. Invite them into a network, share insights from peers, and position them within a community. When they feel seen — they stay. 5. Make every follow-up count. Don’t just “check in.” Share useful info, celebrate wins, and show appreciation. That’s not selling — that’s relationship building. Serotonin Sells — Dopamine Fades In both lending and advertising, short-term dopamine closes deals. But long-term serotonin builds brands, trust, and legacies. At The Elite Officer, we believe in the power of serotonin-driven business: Deeper connections. Smarter decisions. Lasting growth. Because when you build trust — not just transactions — you’re not just working. You’re leading. Uriel Fleicher Editor in Chief and Co-Founder of The Elite Officer Uriel Fleicher is a lawyer from Argentina with a strong academic background, holding a Master in Business Law and currently pursuing an MBA. Throughout his extensive career, he has provided legal counsel to Private Lending Firms in Argentina, which allowed him to establish valuable connections with key industry leaders in the United States. This experience enabled him, along with his partners, to identify a unique opportunity: the creation of The Elite Officer. This column is part of Neuroscience in Action: A Tribute to the Teachings of Estanislao Bachrach, a series exploring how neuroscience can be applied to everyday performance in the lending industry. This section is independently produced by the editorial team of The Elite Officer. It is inspired by the public lectures and published works of neuroscientist Estanislao Bachrach, but it is not affiliated with or endorsed by him. Estanislao Bachrach Holds a PhD in Molecular Biology from the University of Montpellier and a Bachelor’s in Biological Sciences from the University of Buenos Aires, with additional leadership and innovation training at Harvard University. He has taught at Universidad Torcuato Di Tella, speaks internationally, and is known for blending neuroscience, creativity, emotions, and leadership. He’s the author of several impactful books: ÁgilMente (translated into English as The Agile Mind: How Your Brain Makes Creativity Happen – 2017) ; EnCambio (2015); Cuentos y Juegos para Ágiles Mentes (2016); Random (2017); Zensorial (Spanish title: Zensorialmente: Dejá que tu cuerpo sea tu cerebro, 2023); ÁgilMente 2 (2023); and ¡Soltá! (2024). His work centers on applying brain science to enhance well‑being, emotional intelligence, decision‐making, and the link between mind and body through sensory awareness.

October 24, 2025 “Saving a few bucks a month can translate to losses in the hundreds of thousands, or even millions, when a claim is denied or underpaid.” I’ve had to sit across from people in my office and watch them well up in tears when they realize that their life savings, often entirely invested in real property, are gone because they didn’t have adequate coverage, or any coverage at all, for the specific loss they suffered. Introduction Loan officers do a great job making sure borrowers have property insurance and that the limits look “adequate.” In 2025, that’s not enough. Wildfires, hurricanes, hail, tornadoes, and urban flooding are reshaping insurance markets and the fine print, such as exclusions, sub-limits, deductibles and valuation clauses, can leave borrowers unprotected and, by extension, leave your collateral exposed. This year’s legislative changes, carrier withdrawals, and catastrophe-driven premium hikes mean every loan officer needs to understand what’s actually inside the insurance policy, not just that one exists. A Personal Perspective Over the years, my goal was always to get the cheapest insurance rate, and I guess it still is to an extent, by shopping around and comparing. My dad has often called me “penny wise and pound foolish”, and admittedly, that hasn’t really changed. I’ll proudly grab groceries covered in bright SALE stickers to save a few dollars, then happily splurge on an overpriced bottle of a juicy California cab with an even more overpriced ribeye, cooked to perfection at some bourgeois restaurant and without hesitation because I’ve convinced myself that I’m paying for atmosphere. When it comes to insurance, I’ve learned hard truths, both personally and professionally. I’ve witnessed countless gaps in coverage that borrowers and homeowners only discover when they need insurance the most. It has completely shifted my perspective. Now, I focus on making sure I’m actually covered for whatever could come my way and that my deductibles are realistic should a claim arise. I’m no longer interested in chasing bargain basement insurance premiums so that I can check a box to satisfy my lender because if disaster strikes and the coverage isn’t there, I’ve basically set myself up for financial ruin. Saving a few bucks a month can translate to losses in the hundreds of thousands or even millions when a claim is denied or underpaid. Those are losses most borrowers, and even lenders, never truly recover from. I’ve had to sit across from people in my office and watch them well up in tears when they realize that their life savings, often entirely invested in real property, are gone because they didn’t have adequate coverage, or any coverage at all, for the specific loss they suffered. I’ve suffered from anxiety while starting at the phone, convincing myself that telling my clients the painful news that’s about to upend their lives needs to be done and sooner rather than later. It’s heartbreaking, and it’s preventable. The wrong insurance policy can devastate not only a borrower’s life but also the lender’s secured position. Regional Realities: 2025 Snapshot West: Wildfires and a Reshaped California Market California’s homeowners market continues to churn. In 2025, new legislation strengthened the state’s FAIR Plan to stabilize claim payments and expand coverage options. Yet, many private insurers have either pulled back or implemented steep rate increases. Watch for: Wildfire exclusions and “defensible-space” requirements buried in endorsements. “Actual cash value” settlements that significantly reduce payouts for older roofs. Ordinance or law coverage limits too low to meet new building codes. For loan officers, these exclusions can mean a damaged or destroyed property that can’t be rebuilt, rendering your collateral worthless. Southeast & Florida: Hurricanes and Policy Transitions Florida’s ongoing effort to shift policies out of Citizens Property Insurance Corporation has created confusion for borrowers and lenders alike. Borrowers may not realize that their new private policy has higher deductibles, different exclusions, or limited wind coverage. Watch for: Hurricane deductibles of 2–5% of the dwelling limit. Flood and wind-driven rain exclusions. Roof or “cosmetic damage” limitations that can gut claims. Gulf States: Fragile Progress Louisiana remains one of the costliest states for property insurance, though capacity is improving. Even with new entrants, policy language has tightened. Watch for: Actual cash value roof settlements unless upgraded by endorsement. Anti-concurrent causation clauses that bar coverage when wind and flood combine. Midwest: Hail, Tornadoes, and Hidden Deductibles Across Texas and the central U.S., hail and tornado events remain major loss drivers. Many policies now include percentage-based hail deductibles or cosmetic damage exclusions that borrowers rarely understand. Watch for: 1–5% hail deductibles tied to dwelling value. Exclusions for cosmetic damage that may void roof or siding claims. “Matching” limitations – insurer only replaces visibly damaged sections, leaving patchwork results. Northeast: Flooding and Urban Storms Inland flooding is a growing threat as severe rain events increase. Borrowers often assume they’re covered, but homeowners policies exclude flood. Unless a separate NFIP or private flood policy exists, they’re uninsured. Watch for: Sewer backup and sump overflow coverage – available only by endorsement. Contents and basement coverage restrictions under standard flood policies. The Fine Print That Blows Up Claims (and Loans) ACV vs. Replacement Cost— depreciation can reduce claims by 50%+. Ordinance or Law Coverage— sub-limits too low for rebuild compliance. Named-Storm or Wind/Hail Deductibles— shock deductibles that borrowers can’t afford. Cosmetic Damage Exclusions— roof dents and siding issues excluded. Flood Exclusions— no coverage for storm surge, surface water, or overflow. Anti-Concurrent Causation Clauses— one excluded peril can nullify the entire claim. Forced-Placed Insurance: A Last Resort That Hurts Everyone When a borrower fails to maintain coverage, servicers may impose forced-placed insurance (FPI) under CFPB Regulation X (RESPA §1024.37). FPI policies typically: Cost 2–3× more than standard policies. Protect only the lender’s interest, not full restoration. Inflate monthly payments, increasing default risk. The result? Higher costs, delayed repairs, and additional servicing headaches for both sides. The Loan Officer’s Role In today’s environment, it’s not enough to check that insurance exists or that the limit matches the loan amount. Loan officers

November 18, 2025 Las Vegas once again became the epicenter of the private lending industry as AAPL Annual #16 gathered hundreds of lenders, brokers, service providers, and investors at the iconic Caesars Palace Hotel. The atmosphere felt electric from the very beginning — a gathering that immediately reaffirmed why AAPL continues to lead the industry year after year. On Tuesday 11th, from the very first morning —with attendees arriving early, coffee in hand— the energy inside the Exhibit Hall was unmistakable. Booths were buzzing with activity, conversations flowed non-stop, and old colleagues reconnected while new partnerships began to form. As the Hall continued to fill, the sense of community was undeniable. Lenders and brokers shared insights, investors explored new opportunities, and service providers showcased technologies that are rapidly transforming the industry. This is what AAPL does best — blending education, relationship-building, and innovation into an event that truly moves the market forward. Where Insight Meets Opportunity Throughout the day, the breakout rooms were alive with sessions covering the most relevant and timely topics in private lending today. No matter what part of the industry you come from, there was something designed to sharpen your perspective and elevate your business. There were strategy-focused panels, exploring how lenders are navigating shifting capital flows and preparing for a changing 2025 landscape. There were technology-driven discussions, highlighting the tools, data platforms, and AI-driven innovations reshaping underwriting, origination, and borrower experience. There were compliance and risk-focused sessions, addressing transparency, valuations, legal exposure, and the standards lenders need to strengthen to stay ahead. And of course, there were leadership and human-centered conversations, emphasizing borrower trust, reputation, growth, and the importance of strong teams in a fast-evolving market. These weren’t abstract topics — they were real issues, presented by real operators who live the industry’s challenges and opportunities every day. That’s what made the panels not only relevant, but indispensable. Why AAPL Is the One Place You Can’t Miss If you work in private lending, everything you need happens here — in one place, in just two days.AAPL Annual brings together: Networking at the highest levelConversations that turn into deals, collaborations, and long-term relationships. Industry knowledge & practical educationInsights you can take home and apply immediately. Strategic clarityA deeper understanding of where the market is heading — and how to position yourself for what’s next. Personal and professional growthExposure to leaders, tools, and conversations that elevate your thinking. Energy, community, and funMorning coffees, evening receptions, and hallways full of movement and ideas. Lead generation & business opportunities everywhereFrom the Hall to the hallways, every moment counts. AAPL isn’t just a conference — it’s where the industry comes together, where the year’s most important conversations take shape, and where the connections that truly matter begin. Because at the end of the day, events like this remind us why the private lending industry keeps growing: it’s built by people, powered by ideas, and strengthened by moments like these. If you want to relive everything that happened on Day One, don’t miss our special feature that covers the kickoff in detail:https://theeliteofficer.com/aapl-annual-16-las-vegas-kicks-off-the-nations-premier-private-lending-event/ Uriel Fleicher Editor in Chief and Co-Founder of The Elite Officer Uriel Fleicher is a lawyer from Argentina with a strong academic background, holding a Master in Business Law and currently pursuing an MBA. Throughout his extensive career, he has provided legal counsel to Private Lending Firms in Argentina, which allowed him to establish valuable connections with key industry leaders in the United States. This experience enabled him, along with his partners, to identify a unique opportunity: the creation of The Elite Officer.

November 11, 2025 The lights of the Strip set the stage last night for the official opening of AAPL Annual #16, the most anticipated event of the year for private lenders, brokers, and service providers across the United States. Monday blended education, reconnections, and the perfect dose of networking — with activities that showcased not only the best views of Las Vegas, but also the vibrant energy of an industry that keeps expanding and evolving. The day began with a panel hosted by Baseline Software, followed by exclusive member training sessions, interactive workshops, and even a pickleball tournament that added a fun, relaxed touch before the evening’s main events — two receptions that perfectly balanced spectacular views and high-level networking: the High Roller Reception, hosted by Anchor Loans, and the VIP Reception by the American Association of Private Lenders (AAPL). High Roller Reception — Hosted by Anchor Loans The evening began with a reception and lively networking session, where guests could also enjoy the terrace’s stunning view of Las Vegas. To the right stood the Venetian, the Sphere glowed ahead with its dazzling light show, and towering right beside us, the giant High Roller completed a picture-perfect backdrop. Guests mingled over cocktails, a generous buffet, and casual conversations that blended sophistication with the excitement of kicking off the event. Then came the highlight of the night. As groups of up to 25 participants boarded the High Roller cabins, the experience took an unexpected twist: each cabin featured a fully stocked bar with a personal bartender — yes, inside the pod. Between laughter, toasts, and panoramic views floating 550 feet above the city, the atmosphere turned into pure celebration. From that height, Las Vegas unfolded in full splendor. The Strip sparkled from end to end, the Caesars Palace gleamed under golden lights, and the mesmerizing Sphere stole the show as the night’s true star. Between camera flashes and raised glasses, everyone shared the same feeling — the beginning of a conference destined to make its mark. VIP Reception — Soleia, The Cromwell Hotel Later in the evening, elegance took center stage at Soleia, inside The Cromwell Hotel, where the AAPL VIP Reception brought together industry leaders for an unforgettable night. The views from the terrace were even more impressive than from the High Roller. The Caesars Palace stood directly ahead, the Bellagio to the left, and just behind, the Eiffel Tower and glowing balloon of the Paris Las Vegas framed the skyline. Every fifteen minutes, the Bellagio’s fountains came to life, dancing to music in a scene straight out of Ocean’s Eleven. Yet beyond the city lights, the true highlight of the evening was the networking — spontaneous conversations, new connections, and a shared sense that this year’s AAPL Annual will undoubtedly leave its mark. Tuesday: Knowledge, Conversations & New Connections Day two of AAPL Annual #16 promises a full agenda of sessions, workshops, and discussions, bringing together the leading voices in private lending. From early morning, attendees will gather for a day focused on operational efficiency, market evolution, technological innovation, and long-term growth strategies shaping the industry. Beyond the educational content, Tuesday is expected to be a key day for strengthening relationships. The Caesars Palace corridors will once again become a constant meeting point — filled with spontaneous chats, coffee breaks, and opportunities to exchange ideas among lenders, brokers, and service providers from across the country. The evening will close with two highly anticipated events: the Official After Party, hosted by Appraisal Nation and RCN Capital, taking place at the F1 Arcade inside Caesars Forum Shops; and for those still not ready to call it a night, the After-After Party, hosted by Roc Capital at The Pinky Ring by Bruno Mars, located in the Bellagio Las Vegas. Two venues that promise music, style, and the best networking of the conference. Uriel Fleicher Editor in Chief and Co-Founder of The Elite Officer. Uriel Fleicher is a lawyer from Argentina with a strong academic background, holding a Master in Business Law and currently pursuing an MBA. Throughout his extensive career, he has provided legal counsel to Private Lending Firms in Argentina, which allowed him to establish valuable connections with key industry leaders in the United States. This experience enabled him, along with his partners, to identify a unique opportunity: the creation of The Elite Officer.

November 4, 2025 For more than seven years, Kat Hungerford has played a central role at the American Association of Private Lenders (AAPL), where she manages the organization’s digital systems, editorial content, and programming — including for the industry’s flagship event: the AAPL Annual Conference. In this exclusive conversation with The Elite Officer, she gives us a behind-the-scenes look at the upcoming AAPL Annual #16 (Las Vegas, November 10–11, 2025) — a two-day event built around innovation, insight, and connection. 900+ of our industry peers come back again, and again, and again—making this not only the largest event for the industry, but one that annually breaks its own record. That speaks clearer than I ever could about why this is the one event you shouldn’t miss. — Kat Hungerford STRATEGY, GROWTH & CAPITAL Uriel: Kat, it’s great to have you here — and congratulations on your outstanding work with AAPL. You’ve been part of the organization’s growth for years, so I’m curious: if you had to sum up this year’s conference in just one word, what would it be? Kat: Thank you, Uriel. And the word of the day is adaptability. “Ever-changing, ever-evolving” is a trope in every industry these days, but that’s because it’s also the one constant. Our programming reflects that need to help professionals prepare, pivot, and grow. Uriel: Adaptability — I like that. It feels like the perfect theme for what’s happening in private lending right now. Speaking of adapting and planning ahead, which of the strategic sessions would you say really set the tone for 2025? Kat: We work incredibly hard to ensure sessions contain actionable takeaways and points of interest for every single attendee, dialing into both the macro and micro trends within lenders’ businesses and externally to our industry and beyond. It’s the greatest compliment to hear complaints about not being able to pick between breakouts (which is also why all our sessions are recorded) And pro tip: If you’re stuck, pick the session you think you’ll have the most questions. Before afternoon concurrent breakouts, we start the conference at the macro level, so be sure to have boots on the ground starting 8:30AM on Tuesday with these presentations: “The 2026 Playbook”, presented by Nema Daghbandanand Kevin Kim from Fortra Law, gives lenders a clear roadmap for the year ahead, backed by data from what we’ve seen so far. “Future-Proof Capital”, led by William Tessar(CV3 Financial Services) and Eddie Wilson (AAPL), focuses on building resilient funding models that thrive through market cycles. Our keynote — “The Corporate Credit Outlook”with John Bringardner from Debtwire — will set the tone for macroeconomic trends impacting the industry. TECHNOLOGY & OPERATIONAL EFFICIENCY Uriel: Technology seems to have a bigger role than ever this year — almost like it’s no longer just a supporting tool, but part of the core strategy for lenders. Kat: If you’re wondering why, it’s because in our estimation, we’ve hit a nexus between availability, accessibility, and adoption. These days, cutting-edge isn’t limited to big budgets—which is both a potential advantage and a threat. You’ll see both sides of that coin discussed in the tech-focused sessions we’ve earmarked: “AI Adoption and Operational Efficiency”with Ben Fertig (Constructive Capital) explores automation, fraud prevention, and measurable ROI. “Emerging Technologies in Private Lending”with Shaye Wali and Jonathan Keebler (Baseline Software) takes a deep dive into AI, blockchain, and tokenization. And the “From Overhead to Opportunity”panel focuses on cost control, outsourcing, and smart automation to boost profitability. RELATIONSHIPS, TRUST & LEADERSHIP Uriel: I love that balance between strategy and innovation — but at the end of the day, lending is still a people business. Many of this year’s sessions seem to highlight that human side — relationships, leadership, and how teams actually make it all work. Kat: Math still has to math, technology must work, but people will always be at the heart of a business’s success or failure. Several sessions tap into the human side of the resources equation. “Borrower Trust = Lending Power”with Tim Landwehr (Anchor Loans) explores how transparency and authenticity drive borrower loyalty. “Brokers: Not a Four-Letter Word” –led by John Santilli with speakers from Vault Financial, Marchants Mortgage & Trust, and Doss La—redefines the lender-broker dynamic, showing how collaboration creates efficiency. And “The Professional Pivot”— led by Carrie Cook (Ignite Funding) with speakers from CV3, Appraisal Nation, and CohnReznick — covers personal branding, career reinvention, and lessons from bold leadership moves. COMPLIANCE, RISK & REGULATION Uriel: Beyond the human side, there’s always the part that keeps everyone on their toes — compliance. It’s one of those topics that never stops evolving. What’s new or different in that area this year? Kat: Two sessions really stand out. “Don’t Blacklist Your Way to Cour,”moderated by Steve Ernest, Esq. (Fortra Law), examines the legal risks of shared blacklists and the fine line between caution and overreach. During one of my first committee meetings seven years ago, we were asked to create a shared blacklist. This session will share why that remains a “no,” but provide other avenues toward the underlying need that serve to protect our members and industry. Then, “Valuations & Inspections: Factual, Fluffed, or Faked?”, moderated by Craig Stack(Truepic) with experts from Roc Capital, PCV Murcor, and Cathedral CPAs, focuses on maintaining valuation integrity and detecting fraud in due diligence. MARKET INSIGHTS & DEMOGRAPHIC TRENDS Uriel: And for those looking to understand broader market movements? Kat: “It’s an Avocado Toast Nation” is one of my favorites — moderated by Ray Sturm (Blue Lake) with Jeffrey Tesch (RCN Capital), Hernan Hernandez (Bedrock Servicing), and Chad Murphy (Richey May). It’s a creative discussion about how shifting demographics and generational housing needs are reshaping lending strategies.Also, “Institutional Capital Blinders?” brings together top executives like John Beacham (Toorak Capital Partners), Kirill Bensonoff (New Silver), and Ryan Sailor (Diya) to debate the future of institutional capital and its impact on independent lenders. NETWORKING & COMMUNITY Uriel: AAPL is known for fostering real connections. How will that play out this year? Kat: One of the biggest challenges we’ve faced as our conference continues to grow is maintaining that feeling of being able to attend and find the right people who will truly help take your business

Success, as defined by Merriam-Webster, is a “favorable or desired outcome.” Simple on the surface—but incredibly powerful when you take it to heart. Because to reach that outcome, you first have to want it—deeply, intentionally, relentlessly. Your mindset is your greatest asset, no matter what industry you’re in. I believe that success begins when you visualize the end goal and lock in the determination to make it happen. It’s a mental commitment, like hard coding your future into your present self. For me, that drive shows up in every project and every client relationship. I want my clients to win. I want them to succeed in their ventures just as much as I want to succeed in mine. That competitive mindset doesn’t mean pushing for a deal at any cost—it means being clear-eyed and strategic about how to deliver value. If the solution I offer doesn’t align with a client’s project, I’m not here to force the fit. I’m here to build trust. Because in my world, success isn’t just about closing the deal in front of me—it’s about building trust so that clients know they can come back for the next one. Whether it’s the next deal, a new question, or simply seeking advice, I want to be their go-to partner. The person they know will show up, understand their goals, and help them navigate what’s next. That kind of enduring relationship is what true success looks like to me. Staying informed about what other lenders are doing in this space helps me serve my clients even better. It turns me into a resource, not just a provider. And that, in turn, sets me apart. At the heart of it all is this: success starts with the desire to achieve, but it’s sustained by the relationships you build and the mindset you bring to every challenge. At the end of the day, success isn’t a single outcome—it’s a series of commitments. To the goal. To the journey. And most importantly, to the people you serve along the way.

October 9, 2025 I set out to master the fundamentals, not chase attention—yet somewhere along the way, the results became impossible to ignore. I didn’t have a flashy plan or a bold entrance into this industry. I focused on doing the right things the right way—day in and day out. Build trust. Solve problems. Follow through. Repeat. Twelve months later, that mindset produced nearly $100 million in loan volume—putting me on pace to rank among the top 10 non-QM originators in the country. But the production isn’t the story. The story is about what it took to get there, and who I became along the way. The real win isn’t the volume. It’s the discipline. The habits. The mindset. That’s what I’m sharing here—not just what I did, but how I thought about it. Because if we do not share those lessons, we cannot build a better industry. It Starts with Relationships Before there were numbers to point to, there were conversations. Introductions. Follow-ups. I made it my priority to build trust—with brokers, with investors, with every partner I connected with. I didn’t enter this space as someone looking to sell a product. I approached it as someone committed to helping others grow their business. That mindset of long-term partnership over short-term gain is what laid the groundwork for everything that followed. When you focus on solving problems, showing up consistently, and doing great work, the results eventually take care of themselves. Consistent Prospecting Prospecting isn’t a strategy you turn on when volume dips. It’s a daily action. An essential way of operating. It’s not about chasing deals. It’s about planting seeds. Following up. Playing the long game. The goal isn’t to close on the first call—it’s to make that first call worth returning. When you lead with value, stay consistent, and continue to execute, you move from being just another lender to being a trusted partner. Most of the brokers I work with now didn’t come from a pitch, they came from a relationship that was built over time. The more I stayed consistent, the more their trust grew. And the more their trust grew, the more deals followed. This process isn’t glamorous, but it certainly works. Once it’s done long enough, deal flow stops being something that you chase… …and starts becoming something that chases you. The Importance of Execution Deals don’t close themselves and reputation isn’t built on volume. It’s built on how you handle the moments that don’t go to plan. Execution is where great operators separate themselves. It’s easy to look good when everything runs smoothly. But in lending, things rarely go exactly as expected. That’s where trust is earned—or lost. I’ve built my business around a few simple non-negotiables: Competence isn’t optional — If you don’t know your product, you can’t be trusted to deliver when it matters Establish clarity upfront — If expectations aren’t set early, disappointment is all but guaranteed later Address problems before they escalate — Most fires start as sparks. Handle them fast and directly Say the hard thing early — The longer you wait to deliver tough news, the harder it lands You don’t need to be perfect. But you do need to be reliable. Because when you run a clean process, keep your word, and deliver, especially under pressure, people remember. And that’s when your reputation starts doing the prospecting for you. Execution isn’t a back-end detail. It’s the brand. Discipline Over Intensity It’s easy to be intense for a week. It’s harder to be disciplined every single day. In my experience, that’s what this business requires. Consistency without burnout and action without ego. Daily action compounds. Not immediately—but inevitably. That’s why I focus less on the results and more on what it takes to earn them. I’ve learned that focus should be on the work, not the scoreboard. Do the work. Do it well. The scoreboard will then take care of itself. Principles in Action: A Record-Breaking Deal Rather than just talk about principles, here’s one deal that puts them into action: One of the clearest examples of these principles in motion came in the form of a $5.2M loan for a newly built luxury SFR in West Palm Beach—a deal that tested every part of the process: structure, pricing, trust, and execution. This wasn’t just a big number. It was a Super Jumbo Bank Statement loan—a rarely executed structure, especially at this size and leverage. We closed the loan at 65% LTV, beating the competition on both rate and terms. While most lenders capped out at 60% or couldn’t go above $5M, we made an exception approval look routine. We didn’t win this deal just because we had the best terms—we won because the broker trusted that I’d execute when it mattered most. The Team Behind the Curtain From the outside, it’s easy to give all the credit to the loan officer. But anyone who’s been inside this business knows the truth: Great production is always a team effort. Behind every closed loan is a rockstar backend team—processors, underwriters, closers, capital markets—working with precision and urgency to make it happen. They’re not just supporting staff. They’re the engine. If you want to scale, you need to treat your backend team like true partners. That means clear communication, mutual respect, and a deep appreciation for the people who turn momentum into results. Take care of your people—not because it benefits you, but because they deserve it. Do that, and success becomes shared momentum. The Next Chapter: Maverick Lending NYC As I look back on what this first year has taught me, one thing is clear: the foundation is solid. Those lessons and experiences gave me the confidence to launch Maverick Lending NYC, my own branch under the umbrella of Maverick Lending Solutions, LLC. I want to thank the team for their support and for believing in my ideas. Let’s Build Together This business has always been about more than numbers—it’s about people, trust, and shared success. That’s

October 29, 2025 In an industry where pressure is constant, time is limited, and decisions carry weight, few tools are as powerful, accessible, and underused as breathing. And not just “taking a deep breath”—we’re talking about a specific, science-based method: the 5.5/5.5 nasal breathing technique. Breathing well isn’t just about staying calm. It’s about optimizing how your body uses oxygen, how your mind processes pressure, and how you show up—mentally and physically—when it counts most. The technique The method is simple: Inhale through your nose for 5.5 seconds. Exhale through your nose for 5.5 seconds. Yes—through your nose. Try it right now, as you read this article. This rhythm—around 5.5 breaths per minute—has been shown to regulate the nervous system, sharpen focus, and increase physical and emotional resilience. It’s a method backed by science and used in fields as diverse as military training, professional sports, and high-stress leadership. Better oxygen doesn’t mean more air—it means better use One of the biggest misconceptions about energy and breathing is thinking that taking in more air equals more oxygen. In reality, it’s not about how much oxygen you breathe in—it’s about how much reaches your cells and gets used efficiently. When you breathe slowly and through the nose: Your body produces nitric oxide, a powerful molecule that opens up blood vessels and improves circulation. You maintain optimal carbon dioxide levels, which is essential for oxygen to be released from the blood and delivered to your muscles and brain. You reduce hyperventilationand stabilize your internal chemistry, leading to better energy distribution throughout the body. You allow the oxygen to remain longer in your system, giving your body more time to absorb and use it effectively. The result? More energy, less fatigue, and sharper mental clarity—because your body is actually using the oxygen you already have available. Novak Djokovic trains like this—for a reason One of the most striking examples of this principle in action is tennis champion Novak Djokovic. During certain training sessions, Djokovic uses mouth tape to force himself to breathe only through the nose. This isn’t a gimmick—it’s a method rooted in science. By training his body to breathe this way—even under intense physical effort—Djokovic: Enhances oxygen delivery and energy efficiency Boosts endurance by delaying fatigue Strengthens mental focus during high-pressure moments In elite sports, where every movement and decision counts, mastering your breathing is a competitive edge. And that same principle applies to business. What Estanislao Bachrach recommends Argentine neuroscientist Estanislao Bachrach promotes the 5.5/5.5 breathing method as a powerful performance tool. He recommends practicing it 3 to 7 times per day, five days a week, for three to four weeks. Bachrach even suggests that some people sleep with a small tape over their mouth to encourage nasal breathing during the night — a simple practice that helps maintain proper oxygen and carbon dioxide balance while resting. Bachrach often says that nasal breathing “doubles your energy.” While not a literal measurement, it captures the real-life impact of this habit: feeling stronger, clearer, more grounded, and more capable throughout the day—especially when facing challenges or decision-making under stress. Why this matters in lending This isn’t just for athletes or meditators. It’s a practical, repeatable tool for professionals who work in high-pressure environments—especially Loan Officers and Account Executives. Before an important meeting, one minute of nasal breathing helps you calm your nervous system and regain focus. During a tense negotiation, it gives you a moment to pause and respond strategically rather than react emotionally. After a rejection or tough day, it helps you reset, so you can step into the next conversation without carrying unnecessary tension. A quiet, strategic advantage Breathing well doesn’t make headlines—but it does make a difference. It influences how much energy you can access, how clearly you can think, and how present you can be in front of clients, teams, and tough decisions. This technique doesn’t just help you relax. It helps your body perform more efficiently and your mind operate with greater clarity. And it all starts with something simple: Inhale through your nose. Exhale through your nose. And let that rhythm become part of how you lead. Uriel Fleicher Editor in Chief and Co-Founder of The Elite Officer Uriel Fleicher is a lawyer from Argentina with a strong academic background, holding a Master in Business Law and currently pursuing an MBA. Throughout his extensive career, he has provided legal counsel to Private Lending Firms in Argentina, which allowed him to establish valuable connections with key industry leaders in the United States. This experience enabled him, along with his partners, to identify a unique opportunity: the creation of The Elite Officer. This column is part of Neuroscience in Action: A Tribute to the Teachings of Estanislao Bachrach, a series exploring how neuroscience can be applied to everyday performance in the lending industry. This section is independently produced by the editorial team of The Elite Officer. It is inspired by the public lectures and published works of neuroscientist Estanislao Bachrach, but it is not affiliated with or endorsed by him. Estanislao Bachrach Holds a PhD in Molecular Biology from the University of Montpellier and a Bachelor’s in Biological Sciences from the University of Buenos Aires, with additional leadership and innovation training at Harvard University. He has taught at Universidad Torcuato Di Tella, speaks internationally, and is known for blending neuroscience, creativity, emotions, and leadership. He’s the author of several impactful books: ÁgilMente (translated into English as The Agile Mind: How Your Brain Makes Creativity Happen – 2017) ; EnCambio (2015); Cuentos y Juegos para Ágiles Mentes (2016); Random (2017); Zensorial (Spanish title: Zensorialmente: Dejá que tu cuerpo sea tu cerebro, 2023); ÁgilMente 2 (2023); and ¡Soltá! (2024). His work centers on applying brain science to enhance well‑being, emotional intelligence, decision‐making, and the link between mind and body through sensory awareness.

October 28, 2025 When a six-unit multifamily property in Passaic, New Jersey, faced an unexpectedly low appraisal, the deal seemed on the verge of collapsing. But through persistence, technical expertise, and the right loan structure, Express Capital Financing’s Loan Officer Ben Shrara turned what looked like a dead end into a success story. Real stories. Real challenges. Real solutions. Every loan has a story behind the numbers.In this section, The Elite Officer highlights real-world cases where Loan Officers turned complex challenges into successful closings. Each case shows how persistence, creativity, and financial strategy can make the difference between a stalled deal and a successful closing. The Deal at a Glance Type: Six-unit multifamily Location: Passaic, New Jersey Loan Amount: $960,000 Rate: 7.625 % LTV: 60 % Final DSCR: 1.758 The Challenge The borrower sought to refinance and pull equity after upgrading the property and improving rents.However, the initial appraisal and CDA (Comprehensive Development Analysis) came back well below expectations. Key obstacles: Appraisal undervalued the property and ignored recent improvements. Garage unit income was excluded from Fair Market Rent (FMR) calculations. Extensive timelines for completing necessary Needs Condition Assessment (CNA), delaying the refinancing process. The DSCR fell short of lender requirements under a standard amortized loan. With the deal numbers off, the refinance appeared to be dead in the water. The Solution – The Turning Point Loan Officer Ben Shrara decided to challenge the outcome instead of walking away.He appealed both the initial appraisal and the CDA, advocating for a valuation that accurately reflected the property’s true market value and income after the recent improvements and rent increases. At the same time, he restructured the financial model to support a stronger DSCR — shifting from a traditional 30-year amortization to a 10-year interest-only term. This single change dramatically improved cash flow and repositioned the loan for approval. The revised structure and corrected valuation not only revived the deal — they also allowed the borrower to unlock trapped equity and optimize cash flow without increasing risk. The Outcome The refinance closed successfully, proving how expertise and creative thinking can redefine a transaction’s trajectory. By going beyond the appraisal, Ben demonstrated that data, flexibility, and determination remain the core tools of every effective Loan Officer. Takeaway for Loan Officers Sometimes the biggest opportunities come right after the first “no.” Assertive Valuation Reassessment: Ensuring properties are appropriately valued is paramount. Adaptive Financing Solutions:Loan programs should be tailored to overcome specific financial challenges, demonstrating the necessity for adaptability in loan structuring Embrace Interest-Only Benefits:Interest-only loans can substantially mitigate immediate financial burdens, offering investors increased flexibility and strategic advantages. Understanding the story behind the numbers— and knowing how to rebuild it — can turn a challenge into your next success story. Ben Shrara Loan Officer at Express Capital Financing(516) 424-1695ben@expresscapitalfinancing.com Ben Shrara is a Loan Officer at Express Capital Financing, where he specializes in investment-purpose real estate lending. With a strong focus on creative loan structuring, Ben helps investors secure financing across multiple asset classes — from residential and multifamily to commercial properties — utilizing DSCR, bridge, and interest-only loan programs to meet each client’s unique goals.

October 16, 2025 The Deal at a Glance Property Type:8-unit multifamily Location:Brooklyn, New York Loan Amount:$2,273,000 Term:30 years Structure:5-year fixed, interest-only Closing Time:30 days The Challenge A long-term client was facing a maturing construction loan on a fully renovated 8-unit building in Brooklyn. If the refinance didn’t close in time, they risked default and costly penalties. Two major obstacles stood in the way: Timing:The note was maturing at the end of the month. Valuation:Because of the high loan amount, dual appraisals were required to confirm value — adding complexity and potential delays. On top of this, the borrower wanted not only to pay off the existing note but also to pull out cash to fund their next investment. The Turning Point RBI Private Lending leveraged its flexible DSCR program and strong internal underwriting and processing teams to get the deal done in under 30 days — meeting the deadline and avoiding default. The ability to move quickly and structure a loan aligned with the borrower’s investment goals was critical. The Financing Strategy – Interest-Only Structure: The borrower secured a 5-year interest-only period, lowering monthly payments and improving cash flow. ➝ This gave them more liquidity to invest in other projects. – Cash-Out Refinance: Instead of selling the property to access capital, the borrower tapped into existing equity, unlocking funds for future deals. ➝ This allowed the portfolio to grow without sacrificing assets. – Permanent Loan: Transitioning from a short-term construction loan to a long-term, 30-year structure provided stability and predictability. The Outcome Loan closed on time — avoiding maturity default. Borrower paid off the existing note. Equity was recaptured through cash-out. Cash flow improved via interest-only structure. Portfolio positioned for continued expansion in the NYC metro area. Lessons Learned Timing is everything: When a maturity date is approaching, speed and execution make the difference. Cash-out can fuel growth: Refinancing allows investors to access capital without selling. Structure strategically: Interest-only periods improve liquidity and flexibility, though principal remains. Key Takeaway for Loan Officers When advising borrowers: Map out debt maturity timelines Identify equity extraction opportunitiesthrough cash-out refinance. Evaluate if an interest-only structurealigns with the borrower’s short-term investment strategy. A refinance is not just a solution to a problem — it can be a strategic lever for growth. Matthew Lamm Account Executive at RBI Private Lending Matthew Lamm is an Account Executive at RBI Private Lending, specializing in DSCR loans and strategic financing solutions for real estate investors. With a strong focus on recapitalization and refinance strategies, he helps clients optimize cash flow, unlock equity, and scale their portfolios in competitive urban markets.

September 17, 2025 You already know the mortgage business is one of the most competitive industries in America. With more than 688,000 active mortgage loan originator licenses nationwide, standing out from the crowd isn’t just important, it’s survival. As a loan officer or account executive, you’re constantly competing not only with other firms but with colleagues in your own office. That’s why you’ve poured time, money, and energy into marketing yourself. From Instagram reels and webinars to Zillow ads, lead-gen platforms, and old-school community events, your marketing is your lifeline to new borrowers and referral partners. But here’s the catch, every word, image, and click you use to promote yourself is subject to the law and in 2025, those rules are evolving faster than the ads themselves. Regulators are cracking down, states are tightening requirements, and the rise of artificial intelligence (AI) is adding a whole new layer of risk. If you’re not careful, the same marketing that fuels your pipeline could also put your license on the line. Why Compliance in Marketing Matters for Loan Officers When you think about compliance, you may focus on disclosures, licensing, or RESPA. But compliance isn’t just your company’s responsibility — it’s yours. Your personal brand is tied to your NMLS number, and if your marketing crosses the line, regulators won’t just fine the company; they can come after you individually. The bottom line: you can’t grow your book of business if you lose the very license that allows you to originate. Federal Rules You Can’t Ignore No matter what state you’re in, the following federal laws shape how you market your services: 1. Truth in Lending Act (TILA, Regulation Z) If you advertise loan terms (like rates, APRs, or payments), you must also disclose other key terms so your ad isn’t misleading. Example: If you post “3.5% APR” on Instagram, you must also include loan type, repayment term, and qualifying conditions. 2. Real Estate Settlement Procedures Act (RESPA) You can’t disguise kickbacks as “marketing agreements.” If you get referrals from realtors, builders, or title companies, structure them carefully. 3. SAFE Act & NMLS Rules Your NMLS ID must be on everything: business cards, email signatures, websites, and social media. Ads must be honest, no exaggerations about your experience or approval authority. 4. Truth in Advertising (FTC Act) Every claim must be truthful, substantiated, and not misleading. Example: If you say you’re the “#1 loan officer in Texas,” you’d better have data to prove it. 5. Trigger Leads & Privacy States like Texas, Arkansas, and Utah are cracking down on “trigger leads.” Even where legal, you must respect Do-Not-Call rules and opt-outs. State Rules: Where It Gets Messy The state you work in can dramatically change what you can and cannot do. A few examples: 1. California License numbers must be clearly displayed on all ads. Misleading claims (even implying government affiliation) are heavily penalized. As of September 2025, CA requires disclosure if AI was used in marketing. 2. Nevada Loan officers can’t market as “direct lenders” unless employed by one. Wholesale lenders can’t advertise directly to consumers. 3. Arizona All ads must clearly identify the licensed entity you work under. Restricted terms like “bank” can’t be used unless federally chartered. 4. New York Strict disclaimers are required for rates, APRs, and “pre-approval” offers. All marketing materials must be retained for three years. The message is clear: what works in one state may get you written up in another. Consumer vs. Business-Purpose Loans: Different Marketing Rules Not all loans are regulated the same way. The rules you must follow depend heavily on whether the loan is consumer-purpose, like a residential mortgage for someone’s primary or business-purpose, like an investor loan, fix-and-flip, or commercial financing. Understanding the distinction is critical to keeping your marketing compliant. Consumer-Purpose Loans These fall under the strictest rules because they directly affect consumers. All of the federal laws outlined above being TILA, RESPA, SAFE Act and FTC Act apply in full, along with additional state-level advertising requirements. The impact on marketing is that every ad, social post, or flyer with specific terms must carry appropriate disclosures. Words like “guaranteed,” “pre-approved,” or “no-cost” are especially risky unless you can fully substantiate them. Business-Purpose Loans Business-purpose loans are generally exempt from TILA and RESPA, but that doesn’t mean there are no rules. Key obligations still apply: FTC Act & UDAAP: You cannot use unfair, deceptive, or abusive advertising. State Laws: Some states require licensing and impose their own advertising restrictions even for commercial lending. Disclosure Flexibility: You don’t need TILA-style disclosures, but you must still avoid misleading statements about terms, risks, or government affiliation. The impact on marketing is that you have more flexibility in promoting business-purpose loans, but you’re still responsible for ensuring accuracy and fairness. Blurring the Lines Investor loans are a gray area. For example, a loan on a rental property may be treated as business-purpose, unless the borrower also lives there, in which case regulators could classify it as consumer-purpose. If you market these products, be precise in your language and documentation. The key takeaway is that consumer-purpose loans bear the full weight of federal disclosure rules while business-purpose loans have greater flexibility but must be truthful, accurate and in compliance with state laws. AI in Marketing: Opportunity or Liability? AI tools like ChatGPT, Jasper, and Canva are everywhere and yes, they can help you create polished, professional marketing in minutes however, regulators are now paying attention. As a loan officer, if you use AI to generate content, you: Must fact-check every claim and rate. Cannot rely on AI to produce compliant disclaimers. Are responsible for any misleading or inaccurate content. AI isn’t banned, but if you use it recklessly, it can cost you both credibility and compliance. Compliance Checklist for Loan Officers Before you hit “post” or launch that next campaign, run through this list: Always include your NMLS ID. Avoid “guaranteed,” “pre-approved,” or “no-cost” claims unless provable. Keep documentation to back up rates, awards, and statistics.

On September 17, 2025, the Federal Reserve lowered its benchmark interest rate by 25 basis points, bringing the federal funds target range down to 4.00–4.25%. This is the Fed’s first rate cut of the year and a pivotal shift in monetary policy after a period of prolonged restraint. The cut reflects the Fed’s recognition that inflationary pressures, while still present, have eased sufficiently to allow for some relief to borrowing costs. At the same time, signs of a cooling labor market and slower business investment have increased the urgency of ensuring that monetary policy does not excessively stifle growth. Short-Term Impact For households and businesses, this decision will translate into slightly lower borrowing costs. Mortgage rates and auto loans may ease modestly, providing a boost to consumer confidence. Credit-sensitive sectors such as housing and durable goods could see a rebound. For small businesses, lower interest expenses may free up resources for hiring and expansion. Financial Markets Equity markets often respond positively to rate cuts, as lower discount rates raise the present value of future earnings. However, this optimism may be tempered by investor concerns that the Fed is reacting to softer economic conditions. Bond markets are also likely to reprice, with yields adjusting downward as expectations of further cuts build. Broader Economic Outlook While a 25-basis-point move is incremental, it signals a new phase in the Fed’s policy trajectory. The central bank has indicated the possibility of additional cuts before year-end. Taken together, this pivot suggests a recalibration toward supporting growth while remaining vigilant against any resurgence of inflation. Conclusion The Fed’s September cut underscores the delicate balancing act of monetary policy: sustaining the expansion while guarding against inflationary risks. For the economy at large, it marks an important moment of transition — one where the focus is shifting from restraint to cautious support. Octavio Maza, Ph.D. Director of Academic Affairs Professor of Economics at Millennia Atlantic University Octavio Maza, Ph.D., is Director of Academic Affairs and Professor of Economics at Millennia Atlantic University, and also serves as Director at Banco Caroní. With a background in Industrial and Systems Engineering and a Ph.D. in Economics, he specializes in monetary policy, financial markets, and macroeconomic analysis.