The party interested in working with Summit Homes submits an application for their property. Summit Homes begins its review of the site with the applicant, which may take 1 to 4 weeks dependent on property details.
If the land site is a fit, Summit Homes will joint venture with the landowner and develop the site without a construction loan (no mortgage lien required). Proceeds from developed unit sales would be split with the land partner (per land contribution in a development project).
We do not need to work with complicated waterfall structures with multiple tiers. It would be as simple as an equity share in the project or a flat rate of return. For example, if the land partner is 25% of the project, then they receive 25% of all profits as the units are sold. Although most development projects will vary in detail, and each Summit Homes partnership offer may be different, rest assure that we strive to keep things as simple as possible for our land partner.
Once infrastructure is in-place, the construction of the homes and its marketing will begin. With our model, the exit plan (all units sold) typically completes within a 2-year period.
* The information provided above does not constitute guarantees or warranties by Summit Homes Development. All items are subject to change depending on the specific details and scope of each individual project.
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