Track record

Closed deals, in structures you can actually read.

Twenty-plus years of land lending across the country, starting in Miami. Every structure below is a real closed transaction — shown with the terms, not the marketing.

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Closed structures

Selected deals

01 · Mezzanine

Mezzanine behind a senior land loan

A mezzanine facility that stretched total capitalization to 80% at a 14% coupon, sitting behind the senior land loan. It closed the gap between what the senior lender would advance at 50% loan-to-cost and what the entitlement actually cost to complete, so the sponsor did not have to sell down basis or stall the approvals.

Subordinate to the senior land loan, secured behind first lien
Total capitalization taken to 80% including the mezzanine piece
Coupon priced against the entitlement timeline rather than a fixed take-out
Closed without forcing a discounted equity raise

Coupon: 14%

02 · JV / GP Equity

JV equity — GP seat with committed LP capital

Rodney came in as general partner with committed LP capital behind him, carried the entitlement and the disposition, and earned a promote on the back end. The 70% promote is the GP's share of profits above the LP's preferred return, paid only after LP capital is returned.

GP seat, running entitlement and exit
Committed LP capital behind the GP's own basis
70% promote on profits above the LP preferred return
GP compensation tied to the exit, not to fees at close

Promote: 70% promote

Underwriting

What gets a land deal funded.

Four things decide whether a deal gets a term sheet. None of them are the pitch deck.

Size

Entitled land loans from $5M to $50M. Below that, the deals get referred out — Rodney will tell you who to call.

Approvals

Zoning, site plan, utilities and access either exist or have a dated path. A rendering is not an approval.

Basis

Loan-to-cost of 50% on entitled land. Mezzanine can stretch total capitalization to 80% where the senior allows it.

Exit

There is a named buyer, a take-out lender or a vertical program in mind before the first dollar is committed.

Concrete bridge abutment and graded land at golden hour

The process

From submission to closing.

01
Submit the deal
The form, a phone call, or a plat and a pro forma by email.
02
Read the file
Approvals, basis, entitlement path and exit reviewed by Rodney directly — usually same week.
03
Term sheet
Size, rate, points, term and conditions in writing, with the open diligence items named.
04
Close
Diligence, title, and closing — then the draw schedule and the entitlement milestones.