Insights
Land loans, entitlements and capital stacks — explained without the jargon.
Long-form notes for owners, developers and first-time land investors. Everything here is written from real underwriting conversations, not a marketing deck.
Entitlement7 min read
What "entitled" actually means when a land lender asks
Zoning, site plan, utilities and access are four different approvals that get collapsed into one word. Here is what each one does to your loan amount.
Capital Stack6 min read
Why land loans size at 50% loan-to-cost
Land does not produce income, so it does not get underwritten like a building. A plain-English walk through how a land lender thinks about basis and exit.
JV Structure8 min read
The 70% promote, explained without the pitch deck
Who puts in the capital, who does the work, and what a promote actually compensates. A beginner's map of a land joint venture.
Mezzanine7 min read
Mezzanine: how a land deal gets to 80% of capitalization
How mezzanine closes the gap between a 50% senior land loan and a 100% project cost — and why the coupon sits where it does.
