Land and Development

Land is the hardest asset class to borrow against. No income, no improvements, and a value that swings entirely on entitlement status. Most banks won't go past 50% on raw dirt, and plenty won't go at all.

But if you've got approvals, a builder contract, or a credible path to permits, there's real capital available.

• Developers taking down entitled or pre-entitled parcels
• Subdivision and lot developers funding horizontal improvements
• Sponsors with executed builder takedown contracts (D.R. Horton, Lennar, regional builders)
• Owners pulling cash out of appreciated land to fund the next phase
• Anyone who needs to close on a parcel before entitlements finish

Loan size: $500K – $30M+

Entitled land: Up to 65% LTV

Pre-entitled: Up to 50% LTV

Horizontal development: Up to 75% LTC

Term: 12–36 months

Structure: Land bridge, entitlement bridge, A&D facility

Entitlement risk priced as certainty. If your value depends on approvals you don't have, the lender discounts to the as-is number. We structure a two-phase facility instead: land now, development capital on approval.

No carry plan. Land generates zero income and the interest is real. Sponsors who don't budget 24 months of carry end up selling under pressure.

A takedown contract that doesn't hold up. If a builder contract is the exit, the lender reads it — deposit, escape clauses, performance conditions, builder credit. A weak contract undermines the whole underwriting.