
Private Lending and Debt Funds: Ruben Izgelov on Investing Without Direct Ownership
Episode Summary Ruben entered real estate as a teenager by helping his cousin find distressed properties in Queens. After leaving high school, he earned his GED, attended St. John’s University, completed law school, and continued acquiring, flipping, and developing properties while studying. Ruben explains how We Lend provides short-term financing for real estate investors and how States Capital gives accredited investors access to real estate-backed loans. He discusses appraisals, leverage, construction draws, borrower guarantees, first-lien security, creative underwriting, fund liquidity, and differences between debt funds and direct ownership. Key Takeaways How Ruben moved from humble immigrant beginnings into real estate finance. How We Lend finances residential, multifamily, and mixed-use investment properties. Why private bridge loans may close faster than conventional financing. Why every property is appraised before a loan is funded. How borrower experience, available capital, and deal quality affect leverage. Why construction funds are reimbursed after work is completed. Why borrowers need their own capital and “skin in the game.” How first-lien positions and personal guarantees support lender protection. Why lenders should analyze a project as carefully as an equity partner. How experienced operators may create value through subdivision, expansion, and conversion. How debt funds can spread capital across multiple loans and locations. Why debt investments have different liquidity, income, and tax characteristics than syndications. Why debt-fund investors generally do not receive property depreciation benefits. What This Means for W2 Professionals Busy professionals may want real estate exposure without finding properties, managing renovations, or handling tenants. A real estate debt fund offers another path by investing through property-backed loans instead of direct ownership. This does not remove risk. Investors should review underwriting standards, leverage, collateral, guarantees, fees, liquidity rules, performance, and offering documents. The appropriate strategy depends on your income goals, tax needs, time, and risk tolerance. About Ruben Izgelov Ruben Izgelov is the Co-Founder and Managing Partner of States Capital and We Lend . He has more than a decade of experience acquiring, flipping, developing, and financing over $500 million in real estate assets. He holds degrees from St. John’s University and Touro Law School. Guest Links LinkedIn: Ruben Izgelov We Lend: welendllc.com States Capital: Fund overview Instagram: @welendllc Email: ruben@welendllc.com Connect with Eric Lindsey / Moonlight Equities Free e-book: Download here Website: Moonlight Equities Schedule a call: Book a conversation Learn more: Eric Lindsey’s links Suggested Hashtags #RealEstateInvesting #PrivateLending #PrivateCredit #RealEstateDebt #DebtFunds #PassiveInvesting #W2ToWealth











