Real Estate Note Investing
FIXnotes | Non-Performing Note Investing
Welcome to FIXnotes — the go-to podcast for real estate investors ready to level up by becoming the bank. Hosted by Robert Hytha and industry experts, we dive deep into the world of mortgage note investing — especially non-performing seconds. Learn how to source, analyze, buy, and resolve distressed debt while helping homeowners and building lasting wealth. Whether you're scaling a fund or buying your first note, you'll get actionable strategies, real-world case studies, and insider insights to systematize and grow your note business. It's time to cash flow without tenants, toilets, or trash.
Real Estate Note Investing
Episode 17: The Role of Equity and CLTV
Equity is more than a feel-good metric in note investing — it’s leverage, protection, and optionality. If you don’t understand how much real collateral coverage exists across the entire lien stack, you’re not underwriting a deal… you’re guessing how the borrower will behave when pressure hits.
In this episode, we unpack Combined Loan-to-Value (CLTV), why it’s one of the first filters seasoned investors use, and how it quietly predicts borrower motivation, pricing discipline, and workout outcomes — especially in second-lien deals where “your position” can be misleading.
🔍 What you’ll learn:
✅ What CLTV really measures (and why it matters more than your lien’s LTV)
✅ How low CLTV creates leverage: equity = borrower “skin in the game”
✅ Why high CLTV isn’t automatically bad — it can mean discounts and fast resolutions
✅ The hidden deal-killer: senior lien balances and delinquent property taxes
✅ A real scenario where a “great” second turns risky once you calculate true CLTV
✅ How to build CLTV into your intake + pricing sheet to auto-filter junk deals
This program is for informational purposes only and should be independently verified before taking action.