In Episode 98 of the Land to Lots™ podcast, Carter Froelich sits down with John Hutchinson, Co-Chief Executive and Global Head of Origination at Trez Capital, a private real estate investment firm providing debt and equity solutions across the United States and Canada.

John shares perspective on how private capital is underwriting land development today, what lenders are focused on in the current market, and how sponsors can better position their projects for successful execution. Carter and John discuss entitlement risk, absorption assumptions, loan structure, recourse, and how infrastructure financing tools factor into lending decisions.

In this episode you'll learn:

• John's background and path into land development finance.
• How Trez Capital approaches land and horizontal development lending today.
• What lenders consider "down the middle of the fairway" underwriting in the current market.
• How entitlement risk, absorption, and takedown assumptions are evaluated.
• Typical loan structures, leverage ranges, and covenant considerations.
• How draw schedules, inspections, and funding mechanics work in practice.
• How special districts and bond reimbursements are viewed from a lender perspective.
• What John is watching in land development finance over the next 12 to 24 months.
• Trends John is watching in land and development lending over the next 12 to 24 months.
• John's biggest professional learning experience and what currently keeps him up at night.

Show Notes

John Hutchinson, Contact Information

O: 214 545 0952
E: johnh@trezcapital.com
W: www.trezcapital.com

Plus: Whenever you're ready here are 4 ways Launch can help you with your project:

1. Prepare a Special Tax District Bond Analysis for your Project – If you have a projects in AZ, CA, CO, ID, NC, NM, SC, TX, UT, WA contact Carter Froelich (ADD MY EMAIL LINK) and have Launch prepare an initial bond analysis for your project.
2. Add Favorable Financing Language to Annexation and/or Development Agreements – Create certainty and flexibility related to your project's infrastructure financing by having Launch professionals prepare handcrafted favorable financing language for inclusion in your Annexation and/or Development Agreement.
3. Perform The RED Analysis™ on your Project – We have developed a unique process at Launch called The RED Analysis™ in which we perform a diagnostic review of your project to determine possible ways to Reduce, Eliminate and Defer infrastructure construction costs in order to enhance project returns.
4. Track Your Reimbursable Costs Utilizing The Launch Reimbursement System™ ("LRS") – Never lose track of your district eligible reimbursable costs and have Launch manage your district's costs reimbursement tracking, preparation of electronic reimbursement submittal packages and processing of your reimbursement requests with the district, jurisdiction and/or agency.

Complimentary Offers for Land to Lots™ Listeners

Complimentary Land to Lots book: https://www.launch-mpc.com/offer

Complimentary Bond Sizing Analysis: https://form.jotform.com/231376408765160

In Episode 97 of the Land to Lots™ Podcast, Carter Froelich finishes his conversation with Scott Cox, Principal of SLC Advisors and a frequent contributor to The Builder's Daily, for a candid discussion on what is really driving builder stress right now. While margins may still look acceptable on paper, many private builders feel pressure building beneath the surface. The issue is not just today's closings, but higher-basis land in the pipeline, slower absorption, and the simple reality that time is expensive.

Carter and Scott explore the difference between managing to a pro forma and managing to the market. They discuss why sales velocity often matters more than protecting the last point of margin, how to calculate the true monthly carrying cost of a community, and why that number alone can reshape pricing decisions. Scott also shares practical ways to protect backlog without losing momentum, how trapped cash impacts capital structure, and when it may be time to revisit product instead of relying only on incentives.

In this episode, you'll learn:

1. Why margin concerns today are often rooted in tomorrow's land pipeline.
2. The dashboard metrics builders should be watching when absorption slows.
3. How to calculate the real monthly cost of being in a project.
4. How trapped cash impacts capital structure and future deal flow.
5. When protecting backlog makes sense and when it becomes counterproductive.
6. Why velocity protects more than revenue.
7. How to evaluate product utility against competitors in a practical way.
8. When it is time to revisit product instead of simply cutting price.

Show Notes:

Scott Cox 01scottcox10@gmail.com

https://www.linkedin.com/in/scott-cox-25874154/

Plus: Whenever you're ready here are 4 ways Launch can help you with your project:

1. Prepare a Special Tax District Bond Analysis for your Project – If you have a projects in AZ, CA, CO, ID, NC, NM, SC, TN, TX, UT, WA contact Carter Froelich (ADD MY EMAIL LINK) and have Launch prepare an initial bond analysis for your project.
2. Add Favorable Financing Language to Annexation and/or Development Agreements – Create certainty and flexibility related to your project's infrastructure financing by having Launch professionals prepare handcrafted favorable financing language for inclusion in your Annexation and/or Development Agreement.
3. Perform The RED Analysis™ on your Project – We have developed a unique process at Launch called The RED Analysis™ in which we perform a diagnostic review of your project to determine possible ways to Reduce, Eliminate and Defer infrastructure construction costs in order to enhance project returns.
4. Track Your Reimbursable Costs Utilizing The Launch Reimbursement System™ ("LRS") – Never lose track of your district eligible reimbursable costs and have Launch manage your district's costs reimbursement tracking, preparation of electronic reimbursement submittal packages and processing of your reimbursement requests with the district, jurisdiction and/or agency.

Complimentary Offers for Land to Lots™ Listeners
Complimentary Land to Lots book: https://www.launch-mpc.com/offer
Complimentary Bond Sizing Analysis: https://form.jotform.com/231376408765160

Carter Froelich hosts the Land to Lots™ podcast powered by Launch Development Finance Advisors. Carter shares how he and his team help their clients finance infrastructure, reduce costs, and mitigate risks all with the goal of enhancing project profitability Land to Lots™ is a registered trademark of Launch Development Finance Advisors

In Episode 96 of the Land to Lots™ Podcast, Carter Froelich continues his conversation with Scott Cox, Principal of SLC Advisors and a frequent contributor to The Builder's Daily, for a candid discussion on what is really driving builder stress right now. While margins may still look acceptable on paper, many private builders feel pressure building beneath the surface. The issue is not just today's closings, but higher-basis land in the pipeline, slower absorption, and the simple reality that time is expensive.

Carter and Scott explore the difference between managing to a pro forma and managing to the market. They discuss why sales velocity often matters more than protecting the last point of margin, how to calculate the true monthly carrying cost of a community, and why that number alone can reshape pricing decisions. Scott also shares practical ways to protect backlog without losing momentum, how trapped cash impacts capital structure, and when it may be time to revisit product instead of relying only on incentives.

In this episode, you'll learn:

1. Why margin concerns today are often rooted in tomorrow's land pipeline.
2. The dashboard metrics builders should be watching when absorption slows.
3. How to calculate the real monthly cost of being in a project.
4. How trapped cash impacts capital structure and future deal flow.
5. When protecting backlog makes sense and when it becomes counterproductive.
6. Why velocity protects more than revenue.
7. How to evaluate product utility against competitors in a practical way.
8. When it is time to revisit product instead of simply cutting price.

Show Notes:

Scott Cox 01scottcox10@gmail.com

https://www.linkedin.com/in/scott-cox-25874154/

Plus: Whenever you're ready here are 4 ways Launch can help you with your project:

1. Prepare a Special Tax District Bond Analysis for your Project – If you have a projects in AZ, CA, CO, ID, NC, NM, SC, TN, TX, UT, WA contact Carter Froelich (ADD MY EMAIL LINK) and have Launch prepare an initial bond analysis for your project.
2. Add Favorable Financing Language to Annexation and/or Development Agreements – Create certainty and flexibility related to your project's infrastructure financing by having Launch professionals prepare handcrafted favorable financing language for inclusion in your Annexation and/or Development Agreement.
3. Perform The RED Analysis™ on your Project – We have developed a unique process at Launch called The RED Analysis™ in which we perform a diagnostic review of your project to determine possible ways to Reduce, Eliminate and Defer infrastructure construction costs in order to enhance project returns.
4. Track Your Reimbursable Costs Utilizing The Launch Reimbursement System™ ("LRS") – Never lose track of your district eligible reimbursable costs and have Launch manage your district's costs reimbursement tracking, preparation of electronic reimbursement submittal packages and processing of your reimbursement requests with the district, jurisdiction and/or agency.

Complimentary Offers for Land to Lots™ Listeners
Complimentary Land to Lots book: https://www.launch-mpc.com/offer
Complimentary Bond Sizing Analysis: https://form.jotform.com/231376408765160

Carter Froelich hosts the Land to Lots™ podcast powered by Launch Development Finance Advisors. Carter shares how he and his team help their clients finance infrastructure, reduce costs, and mitigate risks all with the goal of enhancing project profitability Land to Lots™ is a registered trademark of Launch Development Finance Advisors

In Episode 95 of the Land to Lots™ Podcast, Carter Froelich sits down with Scott Cox, Principal of SLC Advisors and a frequent contributor to The Builder's Daily, for a candid discussion on what is really driving builder stress right now. While margins may still look acceptable on paper, many private builders feel pressure building beneath the surface. The issue is not just today's closings, but higher-basis land in the pipeline, slower absorption, and the simple reality that time is expensive.

Carter and Scott explore the difference between managing to a pro forma and managing to the market. They discuss why sales velocity often matters more than protecting the last point of margin, how to calculate the true monthly carrying cost of a community, and why that number alone can reshape pricing decisions. Scott also shares practical ways to protect backlog without losing momentum, how trapped cash impacts capital structure, and when it may be time to revisit product instead of relying only on incentives.

In this episode, you'll learn:

1. Why margin concerns today are often rooted in tomorrow's land pipeline.
2. The dashboard metrics builders should be watching when absorption slows.
3. How to calculate the real monthly cost of being in a project.
4. How trapped cash impacts capital structure and future deal flow.
5. When protecting backlog makes sense and when it becomes counterproductive.
6. Why velocity protects more than revenue.
7. How to evaluate product utility against competitors in a practical way.
8. When it is time to revisit product instead of simply cutting price.

Show Notes:

Scott Cox 01scottcox10@gmail.com

https://www.linkedin.com/in/scott-cox-25874154/

Plus: Whenever you're ready here are 4 ways Launch can help you with your project:

1. Prepare a Special Tax District Bond Analysis for your Project – If you have a projects in AZ, CA, CO, ID, NC, NM, SC, TN, TX, UT, WA contact Carter Froelich (ADD MY EMAIL LINK) and have Launch prepare an initial bond analysis for your project.
2. Add Favorable Financing Language to Annexation and/or Development Agreements – Create certainty and flexibility related to your project's infrastructure financing by having Launch professionals prepare handcrafted favorable financing language for inclusion in your Annexation and/or Development Agreement.
3. Perform The RED Analysis™ on your Project – We have developed a unique process at Launch called The RED Analysis™ in which we perform a diagnostic review of your project to determine possible ways to Reduce, Eliminate and Defer infrastructure construction costs in order to enhance project returns.
4. Track Your Reimbursable Costs Utilizing The Launch Reimbursement System™ ("LRS") – Never lose track of your district eligible reimbursable costs and have Launch manage your district's costs reimbursement tracking, preparation of electronic reimbursement submittal packages and processing of your reimbursement requests with the district, jurisdiction and/or agency.

Complimentary Offers for Land to Lots™ Listeners
Complimentary Land to Lots book: https://www.launch-mpc.com/offer
Complimentary Bond Sizing Analysis: https://form.jotform.com/231376408765160

Carter Froelich hosts the Land to Lots™ podcast powered by Launch Development Finance Advisors. Carter shares how he and his team help their clients finance infrastructure, reduce costs, and mitigate risks all with the goal of enhancing project profitability Land to Lots™ is a registered trademark of Launch Development Finance Advisors

In Episode 94 of the Land to Lots™ podcast, part 2 of the two-part Qtative series, Carter Froelich sits down with Tim Kihm and Brian Rupp, principals of Qtative Development Solutions, a California-focused entitlement and land use ystrategy firm part of the Land Advisors Organization family of companies. Qtative assists landowners, homebuilders, and investors secure entitlement approvals faster by navigating the California Environmental Quality Act ("CEQA"), packaging entitlements, coordinating with agencies, and managing community engagement to reduce risk and accelerating schedules.

With California's historically complex and slow entitlement environment, Tim and Brian discuss how recent legislation including AB 130, SB 131, and the permanent extension of SB 330 is reshaping the entitlement landscape and creating new opportunities for housing developers. They explain where the real advantages exist, how to avoid common pitfalls, and how builders can use these tools to gain schedule certainty, reduce soft costs, and improve project returns.

In this episode you'll learn:

• How Tim and Brian built their careers and why they launched Qtative.
• The top entitlement items that "keep them up at night" and how they maintain project momentum.
• Where Qtative is currently helping investors, builders, and developers succeed in today's environment.
• What past legislative efforts achieved—and where they fell short.
• What AB 130 and SB 131 are intended to address in the CEQA process.
• How these streamlining tools shorten timelines, reduce litigation exposure, and support stronger project economics.
• The types of sites that now qualify as "no-brainers" under AB 130 and SB 131.
• Qtative's 90-Day Playbook for a 19-acre infill site, including early screening, packaging, and agency engagement.

Show Notes
Tim Kihm
E – Tkihm@qtative.com

Brian Rupp
C – (949) 302-4668
E – Brupp@qtative.com

Plus: Whenever you're ready here are 4 ways Launch can help you with your project:

1. Prepare a Special Tax District Bond Analysis for your Project – If you have a projects in AZ, CA, CO, ID, NC, NM, SC, TN, TX, UT, WA contact Carter Froelich (ADD MY EMAIL LINK) and have Launch prepare an initial bond analysis for your project.
2. Add Favorable Financing Language to Annexation and/or Development Agreements – Create certainty and flexibility related to your project's infrastructure financing by having Launch professionals prepare handcrafted favorable financing language for inclusion in your Annexation and/or Development Agreement.
3. Perform The RED Analysis™ on your Project – We have developed a unique process at Launch called The RED Analysis™ in which we perform a diagnostic review of your project to determine possible ways to Reduce, Eliminate and Defer infrastructure construction costs in order to enhance project returns.
4. Track Your Reimbursable Costs Utilizing The Launch Reimbursement System™ ("LRS") – Never lose track of your district eligible reimbursable costs and have Launch manage your district's costs reimbursement tracking, preparation of electronic reimbursement submittal packages and processing of your reimbursement requests with the district, jurisdiction and/or agency.

Complimentary Offers for Land to Lots™ Listeners
Complimentary Land to Lots book: https://www.launch-mpc.com/offer
Complimentary Bond Sizing Analysis: https://form.jotform.com/231376408765160

Carter Froelich hosts the Land to Lots™ podcast powered by Launch Development Finance Advisors. Carter shares how he and his team help their clients finance infrastructure, reduce costs, and mitigate risks all with the goal of enhancing project profitability Land to Lots™ is a registered trademark of Launch Development Finance Advisors

In Episode 93 of the Land to Lots™ podcast, part 1 of the two-part Qtative series, Carter Froelich sits down with Tim Kihm and Brian Rupp, principals of Qtative Development Solutions, a California-focused entitlement and land use ystrategy firm part of the Land Advisors Organization family of companies. Qtative assists landowners, homebuilders, and investors secure entitlement approvals faster by navigating the California Environmental Quality Act ("CEQA"), packaging entitlements, coordinating with agencies, and managing community engagement to reduce risk and accelerating schedules.

With California's historically complex and slow entitlement environment, Tim and Brian discuss how recent legislation including AB 130, SB 131, and the permanent extension of SB 330 is reshaping the entitlement landscape and creating new opportunities for housing developers. They explain where the real advantages exist, how to avoid common pitfalls, and how builders can use these tools to gain schedule certainty, reduce soft costs, and improve project returns.

In this episode you'll learn:

• How Tim and Brian built their careers and why they launched Qtative.
• The top entitlement items that "keep them up at night" and how they maintain project momentum.
• Where Qtative is currently helping investors, builders, and developers succeed in today's environment.
• What past legislative efforts achieved—and where they fell short.
• What AB 130 and SB 131 are intended to address in the CEQA process.
• How these streamlining tools shorten timelines, reduce litigation exposure, and support stronger project economics.
• The types of sites that now qualify as "no-brainers" under AB 130 and SB 131.
• Qtative's 90-Day Playbook for a 19-acre infill site, including early screening, packaging, and agency engagement.

Show Notes
Tim Kihm
E – Tkihm@qtative.com

Brian Rupp
C – (949) 302-4668
E – Brupp@qtative.com

Plus: Whenever you're ready here are 4 ways Launch can help you with your project:

1. Prepare a Special Tax District Bond Analysis for your Project – If you have a projects in AZ, CA, CO, ID, NC, NM, SC, TN, TX, UT, WA contact Carter Froelich (ADD MY EMAIL LINK) and have Launch prepare an initial bond analysis for your project.
2. Add Favorable Financing Language to Annexation and/or Development Agreements – Create certainty and flexibility related to your project's infrastructure financing by having Launch professionals prepare handcrafted favorable financing language for inclusion in your Annexation and/or Development Agreement.
3. Perform The RED Analysis™ on your Project – We have developed a unique process at Launch called The RED Analysis™ in which we perform a diagnostic review of your project to determine possible ways to Reduce, Eliminate and Defer infrastructure construction costs in order to enhance project returns.
4. Track Your Reimbursable Costs Utilizing The Launch Reimbursement System™ ("LRS") – Never lose track of your district eligible reimbursable costs and have Launch manage your district's costs reimbursement tracking, preparation of electronic reimbursement submittal packages and processing of your reimbursement requests with the district, jurisdiction and/or agency.

Complimentary Offers for Land to Lots™ Listeners
Complimentary Land to Lots book: https://www.launch-mpc.com/offer
Complimentary Bond Sizing Analysis: https://form.jotform.com/231376408765160

Carter Froelich hosts the Land to Lots™ podcast powered by Launch Development Finance Advisors. Carter shares how he and his team help their clients finance infrastructure, reduce costs, and mitigate risks all with the goal of enhancing project profitability Land to Lots™ is a registered trademark of Launch Development Finance Advisors

On Episode 92 of the Land to Lots Podcast, Part 2 of Carter's conversation with Ross Martin of Winstead PC continues the discussion around Municipal Management Districts in Texas and the broader considerations developers evaluate when selecting the right district structure for their projects. Carter and Ross explore how different district tools may apply under various circumstances and the factors that influence those decisions.

The conversation also touches on the advantages and limitations of MMDs, the types of financing approaches used in the market, and the practical lessons that come from working with special districts over many years. Ross shares his perspective on how the industry has evolved, the guidance he received early in his career, and the issues that continue to shape district financing in Texas today.

In this episode you'll learn:

• How Ross advises clients when deciding between MMDs, PIDs, PID and TIRZ structures, or in-city MUDs.
• How those recommendations change when a project is located in unincorporated county areas.
• The core advantages of using an MMD for infrastructure financing and long-term project management.
• The limitations of an MMD and the circumstances in which another district type may be a better fit.
• The most innovative financing structures Ross has encountered and why they were successful.
• Ross's biggest learning experience related to MMDs and how it informs his current practice.
• The most significant changes in the private sector's use of special districts over the past 20 years.
• The best professional advice Ross received early in his career and how it shaped his work.
• The issues within district financing that still keep him up at night.

Show Notes
Ross Martin – Contact Information
O – 214.745.5353
W – https://www.winstead.com/People/Ross-Martin
E – rmartin@winstead.com

Plus: Whenever you're ready here are 4 ways Launch can help you with your project:

1. Prepare a Special Tax District Bond Analysis for your Project – If you have a projects in AZ, CA, CO, ID, NC, NM, SC, TN, TX, UT, WA contact Carter Froelich (ADD MY EMAIL LINK) and have Launch prepare an initial bond analysis for your project.
2. Add Favorable Financing Language to Annexation and/or Development Agreements – Create certainty and flexibility related to your project's infrastructure financing by having Launch professionals prepare handcrafted favorable financing language for inclusion in your Annexation and/or Development Agreement.
3. Perform The RED Analysis™ on your Project – We have developed a unique process at Launch called The RED Analysis™ in which we perform a diagnostic review of your project to determine possible ways to Reduce, Eliminate and Defer infrastructure construction costs in order to enhance project returns.
4. Track Your Reimbursable Costs Utilizing The Launch Reimbursement System™ ("LRS") – Never lose track of your district eligible reimbursable costs and have Launch manage your district's costs reimbursement tracking, preparation of electronic reimbursement submittal packages and processing of your reimbursement requests with the district, jurisdiction and/or agency.

Complimentary Offers for Land to Lots™ Listeners
Complimentary Land to Lots book: https://www.launch-mpc.com/offer
Complimentary Bond Sizing Analysis: https://form.jotform.com/231376408765160

Carter Froelich hosts the Land to Lots™ podcast powered by Launch Development Finance Advisors. Carter shares how he and his team help their clients finance infrastructure, reduce costs, and mitigate risks all with the goal of enhancing project profitability Land to Lots™ is a registered trademark of Launch Development Finance Advisors

On Episode 91 of the Land to Lots Podcast, Part 1 of a two-part conversation, Carter interviews Ross Martin, Shareholder at Winstead PC and one of Texas' leading public finance attorneys advising developers on MUDs, MMDs, PIDs, TIRZs, and other district financing tools. Ross explains the rise of Municipal Management Districts in Texas, why they were created, and how they function within the state's broader district framework.

Carter and Ross discuss the statutory foundation for MMDs, the problems they were designed to solve, and the ways in which they can provide meaningful advantages for both cities and developers. Ross also outlines the structural differences between MMDs and MUDs, key governance considerations, and the issues practitioners must account for during formation.

In this episode you'll learn:

• What an MMD is, why the statute was adopted, and the challenges it was designed to address.
• How MMDs and MUDs differ in authority, governance, eligible public improvements, bond types, and long-term responsibilities.
• How cities view MMDs within their boundaries and when an MMD may be preferred over a PID, PID/TIRZ, or in-city MUD.
• Considerations when evaluating an MMD versus a MUD in unincorporated county areas.
• Key advantages and limitations of MMDs from a developer's perspective.
• Examples of innovative financing structures using MMDs and why they were effective.
• Common formation and issuance pitfalls and how to avoid them.
• The most significant changes Ross has seen in the private sector's use of special districts over the past 20 years.

Show Notes
Ross Martin – Contact Information
O – 214.745.5353
W – https://www.winstead.com/People/Ross-Martin
E – rmartin@winstead.com

Plus: Whenever you're ready here are 4 ways Launch can help you with your project:

1. Prepare a Special Tax District Bond Analysis for your Project – If you have a projects in AZ, CA, CO, ID, NC, NM, SC, TN, TX, UT, WA contact Carter Froelich (ADD MY EMAIL LINK) and have Launch prepare an initial bond analysis for your project.
2. Add Favorable Financing Language to Annexation and/or Development Agreements – Create certainty and flexibility related to your project's infrastructure financing by having Launch professionals prepare handcrafted favorable financing language for inclusion in your Annexation and/or Development Agreement.
3. Perform The RED Analysis™ on your Project – We have developed a unique process at Launch called The RED Analysis™ in which we perform a diagnostic review of your project to determine possible ways to Reduce, Eliminate and Defer infrastructure construction costs in order to enhance project returns.
4. Track Your Reimbursable Costs Utilizing The Launch Reimbursement System™ ("LRS") – Never lose track of your district eligible reimbursable costs and have Launch manage your district's costs reimbursement tracking, preparation of electronic reimbursement submittal packages and processing of your reimbursement requests with the district, jurisdiction and/or agency.

Complimentary Offers for Land to Lots™ Listeners
Complimentary Land to Lots book: https://www.launch-mpc.com/offer
Complimentary Bond Sizing Analysis: https://form.jotform.com/231376408765160

Carter Froelich hosts the Land to Lots™ podcast powered by Launch Development Finance Advisors. Carter shares how he and his team help their clients finance infrastructure, reduce costs, and mitigate risks all with the goal of enhancing project profitability Land to Lots™ is a registered trademark of Launch Development Finance Advisors