The Sponsor on this transaction has been a client of the firm for many years. He recently purchased a piece of land in Mansfield, TX - all cash - with plans on developing a 200+ unit Multi Family community on site. Kay Finance successfully secured a local bank that strategically refinanced the land - repaying a portion of the original vested equity - while offering a soft commitment to provide constuction financing over the next 12 months subject to the developer receiving the appropriate permits and entitlements.