Operator Track Record

Before I underwrote your deal, I lived through my own.

I'm a developer and investor first — more than $100M in real estate since 2006, built, entitled, syndicated, and operated through every part of the cycle. Now I underwrite from that side of the table. The deals below are ones I've personally underwritten and closed at 818 — told first-hand: how each was structured, the call I made, and how it got done.

Bring me your deal →Why I built 818

Ravi Punn

Operator · Founder, 818 Capital

$100M+

Transactions operated

20+ yrs

Hands-on, since 2006

Asset classes built

First-hand

Every deal, on the record

Single-family developmentRezoning & entitlementsGround-up constructionInvestment syndicationMultifamily acquisitions

Told first-hand. On the record.

Anyone can publish a highlight reel. I document each deal myself — how it came in, how I underwrote it, the structure I built, and the number it closed at. If you're trusting 818 with your deal, you should be able to read exactly how I've handled the ones before it.

Deal Breakdowns

Each one is a real deal I underwrote and closed at 818. More are added as I write them up.

Colleyville, TX — $1.46M Fix & Flip

Location: Colleyville, TX (DFW)
Role: Direct lender · 818 paper
Asset type: Single-Family Flip
Period: Closed Jun 2026

Outcome

$1,456,500 funded on our own paper

A seven-figure DFW flip we underwrote and funded on 818's own paper — our credit decision, our capital, our close. No syndicate to wait on, no broker chain.

Colleyville is one of the strongest suburbs in the Dallas–Fort Worth metro, and this was a $1.46M flip — the kind of high-basis deal that shows what a lender is actually made of. We funded it on 818's own paper: our credit decision, our capital.

I underwrote it the way I'd underwrite my own project — basis against real renovated comps, the sponsor's history on prior flips, and a draw schedule that protects both sides through the rehab. At seven figures, the after-repair comp set is the entire deal; an optimistic exit number is where these go wrong.

It closed clean. The sponsor got speed and certainty; we kept a loan we are comfortable holding.

What I'd tell an investor

—On our own paper, 'maybe' isn't an answer — we underwrite to a yes or we tell you exactly why not. That certainty is what a flip sponsor is really buying.
—At this basis, underwrite the exit, not the listing.

Washington, DC — $1.02M Rowhouse Flip

Location: Washington, DC
Role: Originated & structured
Asset type: Single-Family Flip
Period: Closed Feb 2026

Outcome

$1,017,700 · 90% acquisition / 100% rehab · IO bridge

A seven-figure DC rowhouse flip for a repeat sponsor — structured at maximum leverage and placed with institutional capital.

DC's inner submarkets — Petworth, 16th Street Heights — have been some of the most reliable flip markets in the country. This was a $1M+ rowhouse for a sponsor I'd funded before, structured as a full interest-only bridge: 90% of acquisition and 100% of the rehab draws.

Repeat borrowers are where a lender earns its keep. You've seen the contractor relationships, you know whether they hit timelines, and you can structure off that history instead of guessing. I placed this with an institutional capital partner at terms that let the sponsor recycle equity straight into the next project.

Maximum leverage only works when the underwriting beneath it is conservative. The leverage was aggressive; the comp set and the draw controls were not.

What I'd tell an investor

—Track record compounds — the second and third deal with a sponsor should be easier and cheaper, and ours are.
—High leverage is a reward for clean underwriting, not a substitute for it.

Sedona, AZ — $760K STR DSCR

Location: Sedona, AZ
Role: Originated · DSCR placement
Asset type: Short-Term Rental (DSCR)
Period: Closed May 2026

Outcome

$759,750 · 30-yr DSCR on short-term-rental income

A Sedona short-term rental financed on its own cash flow — qualified on the property, not the borrower's tax returns.

Sedona is one of the premier short-term-rental markets in the Southwest — constrained supply, year-round tourism, and nightly rates a long-term lease can't touch. This was a 30-year DSCR loan that qualified the property on its own income.

DSCR is where the operator's eye matters most: you're underwriting an income stream, so the realism of the revenue assumption is everything. I'd rather normalize the short-term-rental revenue conservatively and have the deal pencil through a slow month than chase a peak-season number that evaporates.

It funded. The owner locked in long-term financing on a proven income property — no tax-return underwrite required.

What I'd tell an investor

—On DSCR, the revenue assumption is the deal. Underwrite the trough, not the peak.
—The right structure lets a strong property qualify on its own merits — that's the whole point of DSCR.

Different side of the table, same operator.

I underwrite the project and the person — because I've been the person on the other side of the desk. Bring me your deal and I'll tell you straight.

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