In this 37-minute episode, Derek Dombeck sits down with David Hansel, founder of Alpha Funding and Lucerne Capital Partners, for a deep dive into the evolution from single-family flips to commercial and industrial real estate investing. David shares his journey through market cycles, how he built a thriving lending business during the 2008 crash, and how he transitioned into managing over $300M+ in assets through funds and syndications.
You’ll gain first-hand insights into hard money lending, fund management, and small-bay industrial investing — with actionable advice for both new and seasoned investors.
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Overview
In this episode of The Generations of Wealth Podcast, Derek Dombeck sits down with veteran investor and lender David Hansel, founder of Alpha Funding and Lucerne Capital Partners. David shares his journey from flipping homes and launching a hard-money lending company during the 2008 crash to managing more than $300 million in commercial and industrial real-estate assets today. He and Derek unpack what it really takes to raise capital, navigate shifting markets, and build lasting success in lending and syndication. The conversation blends practical investing strategy with the mindset required to adapt and grow through every market cycle.
Key Takeaways
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Adaptability builds longevity. David started lending at the height of a downturn—proof that opportunity exists in any market if you stay disciplined and creative.
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Understand your capital. He explains how retail and institutional funding differ, and why strong underwriting protects both investors and borrowers.
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Small-bay industrial is the next frontier. These under-served, multi-tenant industrial spaces offer strong demand and limited supply, making them a smart focus for the years ahead.
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Structure matters. A well-designed fund or syndication creates investor confidence and buying power, but only if managed transparently and efficiently.
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Perfection through small movements. Lessons from David’s background as a Division I diver—tiny adjustments create major improvement—apply directly to refining business systems and performance.
Relevant Topics Discussed
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Launching and scaling a hard-money lending company through a recession
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Raising private and institutional capital responsibly
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The current lending climate and risk management in 2025
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Transitioning from multifamily to small-bay industrial assets
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How to structure and operate real-estate funds and syndications
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Mindset and leadership lessons drawn from competitive sports
Why You Should Listen
If you want to learn how real investors scale from local flips to multimillion-dollar portfolios, this episode is a masterclass in growth and resilience. David Hansel’s story demonstrates how to spot opportunity in tough markets, attract capital partners who trust you, and pivot into high-performing asset classes like industrial real estate. Whether you’re just starting out or ready to expand into commercial deals, you’ll walk away with clear strategies and mindset shifts you can apply immediately.
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About David Hansel
BIO David Hansel is a seasoned real estate entrepreneur with almost three decades of experience spanning acquisitions, development, private lending, and institutional capital management. His career has been defined by a hands-on, strategic approach to building businesses, scaling platforms, and generating consistent, risk-adjusted returns across market cycles for both retail and institutional investors.
David began his career as a real estate broker before quickly transitioning into ownership and development, where he built a portfolio of value-add residential and commercial properties. In 2007, he co-founded Alpha Funding, a vertically integrated private lending platform that has originated and serviced over $1.2 billion in real estate debt. Under his leadership, Alpha became one of the most active private lenders on the East Coast and expanded its reach nationally, providing tailored financing solutions to homebuilders, fix-and-flip investors, and long-term rental operators through a proprietary underwriting and servicing platform.
In 2016, David co-founded Lucern Capital Partners, a real estate private equity firm focused on small bay industrial and multifamily investments. Lucern targets overlooked asset classes with durable cash flow, repositioning them through active management and operational improvement. As a Managing Partner, David leads Lucern’s capital raising, investor relations, and high-level investment strategy, with a particular focus on scaling platforms that marry technology, execution, and investor alignment. Recognized for his operational discipline and entrepreneurial vision, David is a frequent speaker, advisor, and investor in the real estate ecosystem.
He is passionate about mentoring emerging sponsors and fostering transparent, long-term relationships with both investors and operators. David holds a Bachelor’s degree from the University of Delaware and lives in New Jersey with his wife and children.