246-acre property about an hour north
of Denver, CO
The borrower is an active developer, who plans to develop 289 single-family homes on the land, and commercial development on the land. He was in contract to sell the lots once the infrastructure is in place.
- New market
- Water and mineral rights had to be researched and understood
- A special district was created in order to float a bond to finance the infrastructure, which is essential because it will allow for the lots to be sold.
To overcome the challenges, we at TBG Funding:
- Retained an appraiser with local knowledge.
- Had our underwriters worked with the appraiser to understand the comps and assumptions made during the valuation process.
- Ensured constant communication between our team and the borrower.
- Sent our management team to carry out a site inspection to get a feel for the area and the market in a timely manner.
- Hired local counsel who guided the TBG team through the issues of water and mineral rights in addition to the bond issuance and any other local issues or concerns.
TBG Funding’s financing came through in a remarkably timely manner.
Let us know if we can help you overcome your financing challenges.
Visit tbgfunding.com, or call 718-705-9300
Smart Money. Not Hard Money.