How Solid Banking Relationships Can Grow Builders’ Portfolios
“Nowhere does the adage of real estate as a primarily relationship-driven industry hold as firmly true as with Colorado Federal Savings Bank’s unique bond with its developers.
CFSB has recently partnered with First Stone Development on not one, but two projects at once.
The budding relationship between CFSB and First Stone Development reads almost like a romantic comedy; it began almost exactly one year ago for Saola Townhomes, the construction of 17 modern townhomes, in November 2015. At the time, both the lender and developer expected a lengthy approval process from the City of Denver and a final approval date of April 2016. Following a myriad of delays by the local municipality, the deal finally closed on Oct. 31, 2016, as soon as the final project approval was received by local authorities.”
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