June 20, 2012 — Financial services firm Sabal Financial Group, L.P., announced the launch of a builder lender program in an effort to offer non-recourse construction and acquisition and development (A&D) loans to established home builders in California.
Sabal is a non-regulated lender and is able to provide these loans secured with completion-only guarantees.
Sabal will focus on serving experienced middle-market home builders in California markets. The group plans to target entry-level as well as luxury residential projects, including detached single-family homes, townhomes and condominiums.
The company expects to lend anywhere from $3 million to $35 million, providing loans of up to 80 percent of project cost or 75 percent of value, with flexible pricing and terms of 12 to 36 months for qualifying projects.
Tom Farrell was recently hired to head the division. Farrell brings 26 years of experience in the real estate financing industry and served previously as division executive of the home builder division at Bank of America.
Farrell received his undergraduate Natural Resources degree from Cornell University and earned a Masters in Business Administration from Pepperdine University in Malibu, Calif.