Objection Handling Reference
Purpose: Pocket card for Greg/Jason during calls. Top objections per channel with direct responses.
Universal Objections (All Channels)
"I've never heard of Haven."
"That's fair — we're a newer platform, but not a new team. Our principals built the net-lease practice at STORE Capital — $6B+ in transactions, 700+ deals, 35+ years combined. We're STORE's acquisitions team building the next platform with a construction-forward model."
"This sounds too good to be true."
"I get that. The structure is straightforward: we acquire the land and fund the build because we're a net-lease investor. We make our return on the lease — same as any NNN landlord. The difference is we build the asset from scratch instead of buying existing. The operator gets a turnkey facility, and we get a long-term leased asset. Both sides make money."
"How big is Haven's fund / How much capital do you have?"
"We're fully committed on our current pipeline and have capacity for new deals. Greg can speak to specifics on a deal-by-deal basis. The important thing for you to know is: when we say we'll fund a $3M build, we fund it." (Note: Don't speculate on AUM or fund size unless Greg has authorized specific numbers.)
"Send me something and I'll take a look."
"Happy to. I'll send our one-page overview — it covers the structure, the team, and the deal parameters. But the real value is in a 15-minute conversation where I can tailor it to [your clients / your borrowers / your tenants]. When works?" (Always pivot from "send info" to "schedule a call." Info without context gets filed and forgotten.)
Channel 1 — Franchise Attorney Objections
"My clients already have financing figured out."
"Most do for locations 1–3. The question is what happens at location 4 or 5, when SBA is maxed and the equity requirement per build is $400K–$900K. That's the moment Haven becomes relevant. You may not need us today, but when a client hits that wall, it's useful to know we exist."
"I don't make referrals for financial products."
"Totally understand — and I'm not asking you to. What I'm offering is: when the real estate capital question comes up naturally in your franchise practice — FDD review, development agreements, expansion planning — you can mention that structures like Haven exist. The client makes the call. You stay in your lane."
"My client would rather own the building."
"Owning makes sense in some cases — especially if the operator wants long-term appreciation. But for operators growing fast (3+ locations per year), tying up $500K–$1M per build in real estate equity slows the growth rate. The question for the client is: do they want to be a real estate investor, or an operator? Haven lets them be an operator."
"How is this different from a normal landlord?"
"Most landlords offer existing space. Haven builds to suit — ground-up, purpose-designed for the operator's specific concept. We fund 100% of construction. And unlike a landlord who may own the space through a REIT or syndication, Haven is a direct capital partner with a dedicated team managing the build."
Channel 2 — CPA / Advisor Objections
"My clients prefer to own their real estate for the appreciation."
"That's a valid wealth strategy, and for some clients it's the right call. But for clients in growth mode — adding 2–3 locations per year — the capital tied up in buildings is capital not deployed in the operating business. The appreciation on a $2.5M building might be 3–5% per year. The return on deploying that $500K in equity into the practice — new associate, new equipment, marketing — is often 40–80% ROI in year one. The question is: where does the capital earn more?"
"How does this affect my client's exit value?"
"Positively, in most cases. Asset-light businesses (leased locations) consistently command higher multiples in M&A because the buyer's capital requirement is lower, the deal is cleaner, and the bidder pool is larger. The lease is a predictable, underwritable cost line. Owned real estate adds complexity — the buyer has to acquire both OpCo and PropCo, or negotiate a carve-out."
"What about the tax implications — depreciation, etc.?"
"When the client owns the building, they get depreciation. When they lease from Haven, they don't — but the rent is a fully deductible operating expense. There's no depreciation recapture at exit. And the capital that would have been in the building is available for other deductions or investments. It's a trade-off that depends on the client's overall tax situation. I'd suggest running both scenarios and comparing."
"My client already has SBA financing — why change?"
"Not asking them to change. SBA is great for locations 1–3. Haven is for locations 4+, when SBA capacity is maxed or when the equity requirement per build exceeds what the client wants to deploy. Haven and SBA coexist — the client can use SBA for one concept and Haven for another."
Channel 3 — SBA Lender Objections
"I don't want to lose the borrower."
"You don't. Haven only touches the real estate. The operating accounts, lines of credit, equipment loans, payroll, treasury — all stay with you. Haven is the real estate capital partner. You're the banker. The borrower keeps both relationships."
"Referring my borrower to someone else feels risky."
"I understand. But consider the alternative: your borrower hits the $5M ceiling, can't grow, and either stalls (bad for your relationship) or goes to a competitor bank for a construction loan (worse). Haven gives you a third option: the borrower keeps growing, keeps banking with you, and you become the banker who solved the problem."
"What if Haven doesn't close?"
"Fair concern. Our team has closed $6B+ in net-lease transactions — 700+ deals. Greg Jeffers was MD at STORE Capital. Neil Albritton was SVP/Head of Acquisitions at STORE, 500+ deals, $6B+. We close. And we'll keep you informed throughout the process so there are no surprises."
"How does Haven underwrite the deal?"
"We underwrite two things: the tenant credit (revenue, EBITDA, unit economics, lease coverage ratio) and the real estate fundamentals (location, market, replacement cost, exit value). The borrower's operating financials — which you already have — are the primary input. We're looking at the same numbers you'd look at on an SBA deal, just applying them to a net-lease structure instead."
"My borrowers can't afford the rent."
"The rent on a Haven net lease is typically comparable to or lower than the debt service on a conventional construction loan — because the operator isn't paying for the building's equity. A $2.5M build at $22/SF NNN on 4,000 SF is $88K/year. Debt service on a $2.5M loan at 8% over 25 years is ~$231K/year. The rent is 38% of the debt service. The trade-off is: the operator doesn't build equity in the building, but they also don't deploy $500K+ in down payment."
Channel 4 — Tenant Rep Broker Objections
"This adds another party to my deal."
"It does — but it's the party that makes the deal happen. Without Haven, the tenant who can't fund the build doesn't sign a lease. No lease, no commission. Haven's involvement creates the transaction. One more party, but a much larger commission pool."
"My tenant would rather own the building."
"Some do, and that's fine. But the tenants who come to you saying 'I need a new location but I can't fund the build' — those are the Haven conversations. For them, the choice isn't 'own vs. lease.' It's 'lease and grow' or 'don't build and stay stuck.'"
"I already have developers I work with."
"Great — and Haven isn't trying to replace them. We're different from a traditional developer because we're a permanent capital owner. We don't build and flip. We build, lease, and hold. That means the tenant gets a long-term, stable landlord, and you get a capital partner who's committed to the tenant's success for 15–20 years."
"How fast can Haven close?"
"From engagement to lease signing, typically 30–60 days for underwriting and approvals. From lease signing to turnkey delivery, 6–9 months depending on the build. Total timeline: 9–12 months from first conversation to the tenant opening. That's faster than most conventional construction financing cycles (12–18 months) because Haven controls the entire process — no committee approvals, no additional equity raises, no construction loan draws to negotiate."
"What's Haven's fee to me?"
"Nothing. Haven doesn't charge brokers. Your commission is between you and your tenant, standard to your market and lease terms. Haven's economics are in the lease — we make our return as the landlord. You earn your commission as the broker. Both sides make money."
The "Let Me Think About It" Response (All Channels)
"Totally fair. Can I suggest this: I'll send you the one-pager and a calendar link. When a specific situation comes up — a client, a borrower, a tenant who's stuck on the real estate piece — call me then. No obligation until there's a real deal on the table."
(This reframes "let me think about it" from a polite no into a standing invitation. The goal is not to close the person — it's to be in their mental filing cabinet for the next time the scenario arises.)