We underwrite like builders buy — frontage/access, utility feasibility, soils/drainage, and tract sizes that actually absorb. We fund milestones, not maybes, and report quarterly with budget vs actuals and vendor docs.
Real-world comps, not theoretical valuations.
Capital released in tranches tied to milestones, not maybes.
Wholesale, paper lots, or builder partner — optionality built in.
Budget vs actuals with full vendor documentation.