Equity Is a Number You Can Defend
What equity means in the arithmetic of a private lender: the gap between value and debt, and why the number has to survive a bad month.
One schedule of the book
The collateral
the parcel, the equity and what a lender's eye reads first
Notes under this schedule
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The Parcel Appraised in Twenty Minutes
The drive-by look: how a private lender values a house from the curb, what the twenty minutes actually measure, and what the formal appraisal adds later.
Second Position, Second Look
What a junior lien really is: the loan that stands behind the first, the arithmetic of combined loan-to-value, and why second position reads like a different trade.
Vacant Land Reads Differently
Why raw land is the hardest collateral a lender reads: no rent, no roof, no comps that behave, and a value that lives entirely in somebody's plan.