Paul Gardaphe, CMB
President & Chief Operating Officer
iCap Realty Advisors
The Woodlands, Texas

About Paul:
As President & COO of iCap Realty Advisors, I am responsible for overseeing the operations of iCap and growing the company through new partners and lender relationships. In my 20 plus years of industry experience, I have successfully closed almost a billion dollars in multifamily and commercial real estate loans.

I received a BC in Finance with a minor in Accounting from DePaul University, Chicago, Illinois in 1979. I am a licensed real estate broker in the State of Texas, I hold my CCIM designation, I am a member of the Mortgage Bankers Association, the International Council of Shopping Centers, the Houston Apartment Association, and Past President of the Commercial Real Estate Association of Montgomery County.

CMB Motivation and Challenges:
I just recently received my CMB. My decision to pursue the CMB Designation stemmed from my position at iCap and the need to have a global understanding of the industry. My previous accomplishment of attaining the CCIM designation enabled me to count completed courses towards the CMB requirements. The process of reading MBA Issue Papers and publications has given me a deeper insight into the capital markets and how it affects our economy.

The challenges were reflective of our industry, time management and goal oriented expectations. I wanted to do my best on the written exam without taking anything away from my clients and colleagues. I spent many nights and weekends with MBA books, white papers and Internet resources.

Career Impact:
Since I've just earned my CMB, my expectations are that clients and lenders will visually know my dedication to the industry through the CMB suffix on all my correspondence and business cards.

Business Impact:
New clients will be confident in me because of the designations I've earned. Once they meet me, I will convince them with my expanded industry knowledge to allow me to be their exclusive commercial real estate financing advisor.

Importance:
As President of iCap Realty Advisors, I wanted to set an example for the younger mortgage bankers in our organization. It is important for me that our company is highly distinguished above the competition and actively involved in our industry associations.

What is the most significant issue facing the real estate finance industry today?
The current commercial credit meltdown on Wall Street has the CMBS market at its knees. The knowledge of the Capital Markets that I have gained from studying for my designation is invaluable. I am well versed to discuss the important issues of concern in our industry with clients and lenders.

What are the hottest trends you see that will impact the industry in the future?
The hottest trends of loose underwriting and low spreads have affected the commercial capital market by lowering CMBS bond ratings. The residential sub-prime issues are far reaching, which has caused a meltdown of bond purchasers. We need to get back to the basics that make commercial real estate a viable investment.

How has your experience as a CMB prepared you to handle the issues and trends you listed above?
As I mentioned earlier, the study material was all relevant to the current capital market conditions we are facing and those that we will face in the near term.

What advice do you have for those interested in obtaining the CMB Designation?
First you must be dedicated to your industry and career as a mortgage banker and want to excel above the crowd of competitors. If you desire longevity in our industry, you must stay abreast of economic and political issues that affect our industry.

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