(Save the Date: RealShare Orange County comes to the Hyatt Regency,Irvine, August 16.)
NEWPORT BEACH, CA-Sabal Financial Group L.P., adiversified financial-services firm, has launched a new builderlending program in a strategic move to offer non-recourseconstruction and acquisition anddevelopment loans to established homebuilders inCalifornia. The firm has hired Tom Farrell to leadthe division; Farrell was formerly Bank ofAmerica’s top executive in its homebuilder division andhas a 26-year background in construction lending.
Sabal is filling a void in the lending market left by thedeparture of traditional capital sources, namely commercial banks,and comes at a time when homebuilders are actively pursuing qualitydevelopment opportunities. As a non-regulated lender, the firm isunique in its ability to provide non-recourse construction andA&D loans secured with completion-only guarantees. Non-recourseloans are highly appealing to developers, especially given thedifficulty over the past several years in accessing constructionloans.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
