A Lot Loan Program for Growing Developers
Updated: Sep 20, 2019
There is a shortage of acceptable financing sources for land and lot developers. Traditional bank finance, if available, is often not efficient and/or typically provides less than 70% of total project costs. Spire Residential saw the opportunity for intelligent capital to enter the marketplace and provide targeted financing to specific developers and projects that meet internal criteria.
The Spire Residential Lot Loan Program (“LLP”) seeks to provide capital for land and lot developers to prepare lots for both residential rental units and traditional for sale development. Not every residential project is a suitable fit for the Build for Rent platform, but Spire Residential is open to examining all opportunities for our borrowers and development partners.
Terms vary on a deal by deal basis. Spire Residential will fund from $1mm to over $20mm, seeking long term, repeat business from valued borrowers.