The situation
Source capital for a few-hundred-acre homesite community in the Mountain West and structure the financing request, as the incoming development partner on the sponsor's raise.
A sponsor with land held free and clear, certified wells and an appraisal behind it, and a package that argued with itself: a subdivision deck against a resort model, a named fund nobody could find, a lender letter of intent that had lapsed, and an offer to pay the advisors in the sponsor's own paper.
The package read against itself before the market saw it, the three claims the raise leaned on checked at their source, and a structure that survives what the checks found.
Verify first, counter rather than walk, and refuse payment in paper the sponsor prints. Staged cash, a minority stake that vests on milestones, a separately licensed placement advisor, protective terms, and nine written kill criteria.
All three load-bearing capital claims failed verification before any outside dollar moved. The financing request was rebuilt as a senior request under half the appraised value, and the sponsor asked Common Ground into every part of the project. Nothing has closed.
Read on
The decision and the reasoning
Why we did it this way, told first.
ReadWhat we did and what it produced
The work, decision by decision, and the result.
ReadA slice of the project list
A few related projects.
ReadPrivate side
The full report, the source files on record, the timeline and every figure with its source. Password.
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