Dive summary:
- An unregulated lender that has provided construction and acquisition-and-development loans in California is moving into the Arizona market with a focus on Phoenix.
- Sabal Financial Group, based in Newport Beach, Calif., will offer non-recourse loans in a range from about $3 million to $35 million, the company says.
- Builders and developers have faced the same issue of tight-fisted banks as home buyers looking for mortgages, and Sabal CEO Pat Jackson says the company "has the capability to provide home builders in Arizona quick, dependable access to capital they may have previously struggled to obtain."
From the article:
Sabal says it is filling a void in the lending market left by the departure of traditional capital sources, namely commercial banks....
