2012-12-13 17:03:13 -
NEWPORT BEACH, CA -- (Marketwire) -- 12/13/12 -- Sabal Financial Group, L.P., a diversified financial services firm, has announced the expansion of their recently launched builder lending program. Originally launched in California, the program will now offer non-recourse construction and acquisition and development (A&D) loans to established homebuilders in the Arizona market. Sabal is filling a void in the lending market left by the departure of traditional capital sources, namely commercial banks, and comes at a time when homebuilders are actively pursuing quality development opportunities.
As a non-regulated lender, Sabal is unique in its ability to provide non-recourse construction and A&D loans secured with completion-only guarantees. Non-recourse loans are highly appealing to developers, especially given the challenges over the past several years in accessing construction loans.
Sabal will focus on serving experienced middle-market home builders and target entry-level to luxury residential projects, including detached single-family homes, townhomes and condominiums.
"Sabal's builder lending platform is growing to meet the expanding footprint of the lending business," said Pat Jackson, CEO of Sabal Financial Group. "As a non-regulated lender and leader in the real estate industry, Sabal has the capability to provide homebuilders in Arizona quick, dependable access to capital they may have previously struggled to obtain."
Sabal expects to lend in the $3 million to $35 million range, providing loans of up to 80% of project cost or 75% of value, flexible pricing and terms of 12 to 36 months for qualifying projects.
Tom Farrell, director of building lending for Sabal, will lead the program. Farrell is a 25-year veteran in construction lending and previously served as Bank of America's top executive in their homebuilder division. Sabal also has several former homebuilders on its staff, a key component in the group's expertise in underwriting and structuring residential construction financing.
"The Phoenix housing market continues to show improvement with increased new home sales and declining inventory," said Farrell. "The home builders in this market are in need of capital, both debt and equity, to grow their business. Sabal's Builder Lending program will support this demand by funding small to mid-sized home builders on a non-recourse basis."
About Sabal Financial Group
Sabal Financial Group, L.P. is a nationwide diversified financial services firm specializing in the acquisition, valuation, management and servicing of commercial real estate and acquisition, development and construction (ADC) loans and mortgages. Sabal Financial Group provides credit advisory services and loan portfolio management and performance assessments for investment and commercial banks, including capital assessment based upon portfolio and ALLL analysis. Sabal provides construction and A&D loans to established middle-market residential builders and commercial real estate bridge loans in California, Washington and Oregon. Sabal Financial Group is a privately held company with approximately $4 billion under management and is led by a senior management team with extensive banking and real estate expertise in both the public and private sector.
Sabal Financial Group is headquartered in Newport Beach, CA, with offices in Pasadena, CA, Miami, Washington, DC, Greenville, SC and New York City. www.sabalfin.com : ctt.marketwire.com/?release=965324&id=2386693&type=1& ..
Julie Fornaro | Jamie Rudolph
562-587-3957 | 714-263-8748
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