Avery: Hey guys, welcome back to another episode of the short-term show. Today I have on the founders of a really cool company that I just became aware of over the course of the past few months. They’re doing some really cool stuff in the financing space. The company is called Nectar, and I have Derek Barker and Brittany Mosely here.

Brittany, would you like to introduce yourself and tell us a little bit about what Nectar does?

Brittany: Yeah, I can take it away. Hey everybody, I’m Brittany. I’m from Shaker Heights, Ohio, which is just outside of Cleveland, and I went to Harvard. That’s where Derek and I first met, and after graduating, I moved back to Ohio.

I never thought I would, but I ended up starting a corporate retail business at Abercrombie & Fitch, and I worked my way up to running a $120 million tops business. It was an amazing experience, but I decided to leave in 2016 and moved to Atlanta. That’s when Derek and I decided to join forces. I came in and took over all of what we call our smaller projects, which was anything that was 50 units and under—single-family, multi-family, and short-term rentals. We built out our entire short-term rental portfolio from zero to about 125 units in about a year and a half or two years.

It was really cool, but also daunting, and it took a lot of hard work. From there, we started selling a majority of our portfolio, and we used that capital to build what is now Nectar.

Avery: Derek, do you want to jump in and tell us more about what Nectar actually does?

Derrick: Sure. The short version is that I have a background in finance. My passion was flipping apartment complexes. After I left my job as a trader at Goldman Sachs, I started investing in real estate. I had about 500 units by 2013, buying, renovating, and flipping over beat-up apartments.

Brittany and I built up our short-term rental business within our apartment complex portfolio, and that’s when we realized that as we got bigger, we needed way more capital. Even though we had cash flow from our real estate portfolio, there was nobody willing to lend us the large lump sums of money we needed to grow faster.

So, we started Nectar to solve that problem. Now, we help real estate entrepreneurs managing short-term rentals by giving them flexible capital to scale their businesses quickly.

Avery: Okay, I have a whole lot of questions. Let’s back up a little bit and talk more about your real estate portfolio. What did it look like before you started selling it off and getting to those 125 short-term rental units? Were you converting some of your apartment buildings into short terms?