TEXAS  Real estate capital advisory · debt only

Real estate debt for Texas developers.

Construction, bridge, land and mezzanine. We take your project to the banks, debt funds and private lenders that write Texas real estate, put their term sheets side by side, and close the best one.

Five black slabs with a single gold layer between them
Term sheets, side by side
 
Loan to cost
Recourse
Pricing today
Term
What they need
Bank
The number you already have
55 to 65%, more with land equity
Usually full
6 to 7% and up
24 to 36 months
Net worth at or above the loan, around 10% liquid, a bonded contractor with a guaranteed maximum price, and three comparable completions
Debt fund
Where we take it
Up to 75%
Non-recourse with carve-outs, burn-off available
8% and up
24 to 36 months, interest only
The deal underwritten, the interest reserve inside the loan, and a track record they can see
Mezzanine or preferred
On top of the senior
Stacks the total to 80 to 85%
Behind the senior
10 to 14%
36 months
Co-invest, and an intercreditor with the senior
HUD 221(d)(4)
If you can wait
Up to 90%
Non-recourse
Mid to high 5s, fixed for 40 years
40 years
Patience for a 12 to 18 month approval
US TreasuryFederal ReserveNew York FedTexas TDLRCBRE Lending Momentum

One lender is a quote. Six is a market. Your bank gives you one number. We get you the market's number, from the lenders that actually write Texas real estate, and close the best one.

FIG 0.1
EQUITY 43% LOAN 57% BANK EQUITY 25% LOAN 75% DEBT FUND +18% OF COST $9M ON $50M FIG 01 · LOAN TO COST, GROUND-UP CONSTRUCTION, TEXAS, SEP 2026

More loan, less equity

The three-completions test is a bank rule, not a market rule. A debt fund doesn't need it.

FIG 0.2
BANK DEBT FUND MEZZ

Term sheets, side by side

Leverage, rate, recourse, reserves, extensions, fees, and what each one means for your equity.

FIG 0.3
01 Send us the project 02 A short lender list 03 Term sheets, side by side 04 Through to closing ONE WEEK TO A READ · SIX TO TEN LENDERS · PAID AT CLOSING

Through to closing

Lender diligence, appraisal, third-party reports, loan documents. We stay on it until it funds.

TDLR  Where the projects are

964 developer groups. $28.4bn of registered construction.

Every commercial project over the state threshold is registered with the Texas Department of Licensing and Regulation before it starts. We read the filings, cluster them by owner, and know who is breaking ground before their bank does.

  • Dallas / Fort Worth $10.6bn
  • Houston $5.3bn
  • Rest of Texas $4.7bn
  • Austin $4.5bn
  • San Antonio $1.2bn

TDLR TABS registrations, clustered by owner, single entries capped at $400m, Sep 2026

HOUSTON $3.1bnAUSTIN $3.1bnSAN ANTONIO $888mEL PASO $414m DALLAS / FORT WORTH $10.6bn DOT AREA = REGISTERED VALUE · 851 OF 964 GROUPS PLACED
02  This month

Where the market is, dated and sourced.

Every number from a public source, updated monthly. Ranges are ranges. Where you'd land inside one is a conversation.

The terms on this site come from public sources and are updated monthly. Check them.

LIVE  Current terms Updated 2026-09-11
  • 10-year TreasuryUS Treasury, 11 Sep 2026
    4.96%
  • 5-year TreasuryUS Treasury, 11 Sep 2026
    4.78%
  • SOFRFederal Reserve Bank of New York, 11 Sep 2026
    3.62%
  • PrimeFederal Reserve, Sep 2026
    6.75%
  • Bank construction, recent closingsAnnounced closings, Jan to Jul 2026
    60 to 80% of cost, 6.25 to 6.75%
  • Debt fund construction, recent closingsAnnounced closings, May to Jul 2026
    70 to 88% of cost, non-recourse
All terms and sources
01
Debt only.

Construction, bridge, land, mezzanine. Not equity, not securities, not advice.

02
In the market.

The terms on this site come from public sources and are updated monthly. Check them.

03
Paid at closing.

No retainer. If the loan does not fund, you owe nothing.

03  Principal

Joseph Eun

Capital markets in Australia, equity deals to A$1bn. KPMG before that, law and accounting before that. Taking a construction package to eight debt funds and running them against each other is the same job with different paper.

[email protected]