Rescue capital prices off what is unfinished — that is why it costs 15% and a piece of your promote. But one layer of a half-built project is already complete: the land. Sold at its as-complete value and leased back, it produces the capital that rebalances the loan, funds the finish, or ends the proceeding — and the promote stays yours.
| Situation | The land move |
|---|---|
| Construction loan out of balance | The lender wants more equity before funding resumes. Land proceeds go in as that equity — cash the lender can see — without a rescue partner taking the promote. |
| Lender exited mid-project | A year of hunting usually means the replacement ask is too big. Land money first, then a smaller completion loan — smaller loans get done. |
| Cost overrun ate the contingency | The overrun is funded from the land layer at a mid-6s, non-amortizing cost instead of 15%+ rescue paper. See the overrun page. |
| Receiver or foreclosure looming | Land proceeds plus a right-sized completion facility can reach the payoff or rebalance number that ends the proceeding — while the sponsor still controls the outcome. |
The two honest gates: a credible budget-to-complete, and named comps for the finished product. We size off the as-complete income, so the plan to get there has to hold up. If it does, the land is the cheapest rescue capital in the market; if it does not, no capital structure fixes the project.
Three, usually: write the check yourself, take rescue preferred equity at 15%+ with control rights and a piece of the promote, or monetize the land. A ground lease converts the finished layer of the project into the equity the lender wants, at a mid-6s non-amortizing cost, with no partner and no dilution.
Yes — the land is priced off the finished project's stabilized income, not the construction site's current state. What we underwrite is the credibility of the completion plan: real budget-to-complete, real comps for the finished product.
An indicative number comes fast from three inputs: the site, the budget-to-complete, and the stabilized pro forma. Stalled projects usually have all three sitting in the lender package already.
The window narrows but often stays open: land proceeds plus a completion facility can reach the payoff or settlement number while the sponsor still has standing. The earlier in the proceeding, the more of the upside survives.
Send the site, the budget-to-complete, and the stabilized pro forma — the same package your lender already has. An indicative land number comes back fast.
Email us the property