The FORT Podcast: Jillian Murrish – Co-Founder @ Pier Asset Management – Speciality Finance Makes The World Go Round
Jillian Murrish is Co-founder and CEO of Pier Asset Management, where she manages the firm and heads business development. Before founding Pier, Jillian was EVP of Capital Markets at Patch of Land and an investment banker at Houlihan Lokey.
On this episode, Chris and Jillian discuss:
- Senior Credit Facilities
- Litigation Finance
- Underwriting risk
- Consumer Loan defaults
- Why private credit firms should not be regulated like banks
Topics
(00:00:00) Intro
(00:01:30) Jillian’s background and career
(00:10:39) Getting great prices for great assets vs. great prices for messy assets
(00:15:24) Providing senior credit facilities
(00:16:39) Why would someone borrow from you vs. a bank?
(00:19:28) Do you have a capacity of how much you can lend?
(00:21:58) Litigation Finance
(00:33:42) How are you sourcing deals?
(00:35:11) Are there common traits in deals that allow you to underwrite risk?
(00:37:53) Music royalties
(00:44:05) What are you seeing in today’s environment?
(00:46:14) Is the consumer paying their loans?
(00:49:07) What’s the shortest duration you want to be in a loan for?
(00:50:39) What’s happening in the auto loan world?
(00:56:17) How do you think about secured vs. unsecured notes?
(00:58:23) What % of deals do you write that you need to repo?
(00:59:19) Why and why not private credit firms should be regulated like a bank
(01:01:43) Do you have a favorite story when it comes to a non-performing loan?
(01:03:07) What gave you the entrepreneurial bug?
Episode Summary
Kicking off the conversation, Murrish highlighted the indispensable nature of specialty finance and private credit lenders, emphasizing their pivotal role in ensuring the stability and growth of small businesses and consumers. She pointed out that the stringent regulations imposed on banks, while crucial for protecting depositor capital, render them less capable of meeting the unique needs of smaller entities. Murrish underscored the agility and flexibility of specialty finance, which offers tailored solutions and swift funding, essential for the success of small businesses.
Diving deeper into the realm of real estate, the discussion revolved around the indispensable role of private credit lenders in fueling real estate projects. Murrish shed light on how these lenders step in when traditional bank financing is out of reach, providing vital funding and support. She underscored their ability to offer innovative and flexible financing options, crucial for the growth and development of small businesses and real estate ventures.
The podcast also touched upon the impact of regulation on the financial sector, with Murrish discussing the need for a balanced approach. She highlighted the importance of regulation in ensuring financial stability but also pointed out the necessity of fostering innovation and growth within the sector. Murrish emphasized the challenges and opportunities presented by the regulatory environment, calling for a nuanced approach that protects consumers while supporting the dynamism of the financial market.
As the conversation shifted to real estate, Murrish shared her expertise on navigating the complexities of real estate investments. She stressed the significance of due diligence and a deep understanding of market dynamics, crucial for making informed decisions. Murrish highlighted the role of private credit lenders in providing the necessary funding and flexibility, vital for the success of real estate ventures, especially in a rapidly evolving market.
Concluding the discussion, Murrish and Powers delved into the future of the real estate and financial sectors, discussing potential changes and trends. Murrish shared her perspective on staying informed and adaptable, emphasizing the importance of being prepared for market fluctuations and regulatory changes. She underscored the pivotal role of private credit lenders in sustaining the growth of the real estate market, highlighting their ability to provide innovative financing solutions and support for small businesses and entrepreneurs.
The FORT is produced by Johnny Podcasts