This week, we interviewed Michael Jimenez from

Let’s get to it!

Who are you and what do you do?

I’m a co-founder and the CXO of Xchange.Loans- The online marketplace for non-performing loans. Which is still pretty opaque and vague. When a lender has an asset- typically a non-performing loan- that they want off their books they come to our marketplace to sell that asset to qualified buyers for cash. I’m in charge of user experience, sales & marketing, and lender outreach. Basically everything I never had to do in my previous CRE roles, before I embraced entrepreneurship.

What problem does your product/service solve?

We provide lenders a faster and more efficient way to liquidate their assets through a process known as a loan sale.

Loan sales are a quicker and more reliable way for a lender to be made whole, or as close to whole as possible, versus going through litigation- like foreclosure court, then to bankruptcy court, then back to foreclosure court, foreclosure auction, then having to sell the foreclosure or even worse- manage and stabilize the property prior to sale.

Taking back collateral and liquidating it is an extremely laborious, inefficient, and costly process for every lender. Lenders are built to originate and service debt, not liquidate the debt. Most lenders have no upside to the debt they originated. They’re in it for a few points of spread over an index, which isn’t much without scale.

Foreclosures in some states can take up to eighteen months without any hiccups and sometimes even years, whereas our process can be completed in as little as 4-6 weeks total. At the end of the day, our marketplace gets lenders OUT of their asset(s) and back into cash faster than any other process currently available.

What are you most excited about right now?

The thing that excites me most is that we-as in our amazing country- are moving forward at ramming speed into what appears to be an economic SUPER CYCLE. Part of this super cycle was created by the COVID-19 pandemic, but most of it was really created by decades of bad policies, poor decisions, and ‘kicking the can’. Well, we’re all out of easy-outs, workarounds, and pay-it later solutions. In the end, ALL debts must be settled and we are facing a tsunami of debt that we simply cannot pay back as promised. So we’re going to have to come up with some sort of settlement. This is precisely what we built our product for. The only surprise is the tsunami of debt is MUCH larger than we ever anticipated it to be and may hit us sooner and harder than I ever imagined. What happens? I don’t know. But I’m excited to grab my board and drop in on this massive wave. Cowabunga it is!

What’s next for you?

My primary goal is to scale my business to the point where I can hopefully take a breather and get just a little bit more work-life balance. I’ve never been a 9 – 5 guy, but the bootstrap grind is on a whole other level that I certainly underestimated. I love the grind, but I’d also love to spend a bit more time with my daughter, family & friends, my dog, and training jiu jitsu, and getting some more time to surf.

What’s a cause you’re passionate about and why?

Recapitalizing assets, opportunities and communities is my passion and fortunately my profession. Outside of that, I love teaching jiu jitsu, being a dad, and just trying to be a better Christian. Every day I rise with the goal of being a little bit better than I was the day before and I’m really looking forward to getting to the point where I can give back and have more of a positive impact on others.

Thanks to Michael for sharing his story. If you’d like to connect, find him on LinkedIn here.

We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop us a line (Community @ geekestate dot com).