In the complex world of commercial real estate, the capital markets broker plays a pivotal role that often goes unrecognized. While buyers, sellers, and lenders each have clear objectives, it is the broker who ties these parties together, ensuring a deal moves from conception to closing. Culby Culbertson, founder of Culbertson Holdings, has closed nearly $520 million in loans over seven years and emphasizes that the broker is the nucleus of the transaction.
“If you don’t have a good mortgage broker, you are leaving a lot of money on the table,” Culbertson says. “You’re going to have to go through a lot of that process independently, when really you should be working with someone that has a keen understanding of it and can eliminate a lot of the occupied time for busy professionals.”
The broker’s work begins long before a term sheet is issued. When a borrower brings a deal to Culbertson Holdings, the team analyzes financials including profit and loss statements, rent rolls, and pro formas. They assess the property’s current performance and the gap between its as-is state and what lenders require. This contextual understanding is crucial, as banks typically assess risk based solely on presented data, without creative problem-solving.
“You’re not going to call Bank of America and they’re going to say, here’s how you should do it,” Culbertson notes. “There’s no chance in hell that will ever happen. But you come to a group like us, and we’re built for this.”
A capital markets broker brings a broad perspective, working across dozens of lenders and deal types. When conventional banks cap loan-to-value at 70%, brokers know how to utilize preferred equity, mezzanine structures, or seller carry arrangements to bridge financing gaps. These are standard tools for professionals who operate daily at the intersection of borrower needs and lender appetite.
Culbertson himself is an investor, owning multifamily properties in Central Texas and a self-storage facility in East Texas. He has firsthand experience with creative capital structuring. For a mom-and-pop operated apartment complex requiring renovation capital that conventional banks would not touch, he sourced specialized private capital to fund the rehab, stabilize operations, and eventually refinance into long-term agency debt.
“I’ve been there and done that,” he says. “And every time you see a new deal, it’s another rep. The more reps you get, the better you become.”
For investors weighing whether a capital markets broker is a cost or a value creator, Culbertson’s position is clear: the broker not only finds financing but also helps borrowers understand what their deal needs to look like, how to present it, and which capital products offer the best path to returns. In a market where lenders have tightened standards, the difference between having a good broker and having none can determine whether a deal closes.
