Travis Makes Money Make Money with Hybrid Debt | David Kotter
David Kotter is CEO and President of both the Hybrid Debt Fund and Integrity Capital, LLC, managing over $2 billion in funding in the commercial finance space. With a background spanning the secondary debt markets and commercial origination, Kotter is known for his innovative “hybrid debt” structure—blending lender security with investor upside—while helping clients bridge funding gaps in today’s challenging CRE market.
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David’s path from entrepreneurial hustles (medical kits, landscaping) to launching Integrity Capital while still in college, focusing on commercial debt origination and now running a fund that holds and manages private credit paper itself.
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The difference between primary market (origination/lending directly to developers) and secondary market (buying distressed or performing debt from other lenders); why Kotter migrated his focus to origination for deeper client relationships and resilience across market cycles.
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How the Hybrid Debt Fund works: funding up to 85–90% of a project, then participating in 30–35% of profits, offering speed and flexibility to developers, while providing “debt with equity-like upside” to investors.
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Why commercial lending is a field for those with tenacity and resilience; how internships and analytical roles are a strong entry point, and why success is a blend of sales grit, analytical rigor, and networking at the highest levels.
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Honest discussion of market cycles: post-2022 “fog mode” in CRE, what signals the sector is thawing as of late 2025, and why office, older multifamily, and hospitality have the most distress—but no “tsunami” of deals or crash expected.
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Breaking into commercial finance requires hands-on exposure, industry mentors, and a willingness to plow through long, complex, often uncertain deals—those who persist can earn $300K+ within several years.
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The debt+equity hybrid model gives developers flexibility and investors returns otherwise unavailable from traditional lenders—a timely solution as banks retrench and equity gets expensive.
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Commercial real estate is about to regain momentum after a period of stasis; the best operators are adapting, not waiting for “vulture” moments or a 2008-style crash.
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“Smart capital structure = survival. In 2008, great projects died because capital disappeared. In 2025, Hybrid Debt Fund is bridging the gap banks left behind.”
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“We provide operators with fast, flexible capital and offer investors security with upside—solving real market friction.”
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“Tenacity and relationship-building are essential; CRE brokering success comes to those who can solve complex problems and persist through slow, challenging cycles.”
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