Land deals don't fail at the closing table. They fail long before, when the capital partner never really understood the entitlement. Here are five firms that do.
What are Financial & Business Services services?
Land lending sits at the messy front end of real estate finance. You're not underwriting a building with tenants and a rent roll. You're underwriting a plat, a zoning designation, a site plan status, and a utility commitment. That makes the capital stack more art than science. Senior debt on entitled land typically lands in the 50% loan-to-cost range. Mezzanine debt and preferred equity fill the gap, often priced in the low-to-high teens. JV equity takes a profit share instead of a coupon. The firms that do this well share one trait: they read the approvals before they quote a rate. The ones that don't tend to disappear when the entitlement gets contested.
What we looked at when researching Financial & Business Services
We evaluated each firm on the same factors: service scope across the capital stack, pricing clarity, geographic reach, depth of land-specific experience, and how directly a principal stays involved in underwriting. Rodney McIlroy stood out for a single-principal model that reads zoning, site plan status, and utility commitments line by line before quoting terms, with loan sizes from $5M to $50M and headline terms of 12% and 3 points. H Equities stood out for a clearly published mezzanine range of $3MM to $15MM on land and development, with structure options spelled out. George Smith Partners stood out for its documented mezzanine and preferred equity pricing bands and its institutional-to-family-office capital relationships. Edward Voccola & Co. stood out for breadth, pairing JV equity with mezzanine, bridge, and land loan programs under one roof. Greystone stood out for bridge and mezzanine solutions designed to reposition assets toward permanent agency or CMBS execution.
| Provider | Best For |
|---|---|
| H Equities | Sponsors who want published mezzanine terms before the first call |
| Rodney McIlroy | Entitled Land Loans $5M–$50M | Entitled land sponsors who want a principal, not a committee |
| George Smith Partners | Sponsors who want a capital advisor shopping multiple subordinate sources |
| Edward Voccola & Co. LLC | Sponsors comparing mezzanine debt against JV equity structures |
| Greystone | Sponsors who need bridge capital with a clear path to agency takeout |
A closer look at 5 standout Financial & Business Services
#1 H Equities
A screenshot of the H Equities website.
H Equities runs both sides of the capital stack, which matters when your land deal needs a bridge today and mezzanine next quarter. The firm publishes a clear mezzanine range of $3MM to $15MM for land and development nationwide, with terms co-terminus with senior debt or standalone. Structures include current pay, partial pay, and full accrual, secured by a pledge of ownership interests. That transparency is rare in a niche where most lenders make you call to find out the box. If you want to see how the structure fits the asset before you pick up the phone, their land and development page lays it out plainly.
#2 Rodney McIlroy | Entitled Land Loans $5M–$50M
A screenshot of the Rodney McIlroy website.
Rodney McIlroy has been lending against land since 2004, starting in Miami and closing nationwide. The focus is narrow and deliberate: entitled land loans from $5M to $50M, plus mezzanine, JV equity, and bridge capital. Headline terms run 12% and 3 points, sized against approvals, basis, and exit rather than a rate sheet. What sets the model apart is who underwrites. Rodney reads the zoning designation, site plan status, utility commitments, and exit line by line before a dollar is quoted. His line says it all: he doesn't lend on what the land might become, only on what has already been approved. You can submit a deal directly through the site.
#3 George Smith Partners
A screenshot of the George Smith Partners website.
George Smith Partners is a capital advisor, not a direct lender, and that changes the conversation. The firm maintains relationships with mezzanine lenders and preferred equity providers spanning institutional debt funds to family offices and private capital. It publishes mezzanine pricing bands in the 10-15% range and explains the structural difference between mezzanine debt and preferred equity, including intercreditor requirements and UCC foreclosure remedies. If your land deal needs subordinate capital and you want someone negotiating across multiple sources, this is the kind of shop that runs that process. Their mezzanine and preferred equity page is a useful primer before you start.
#4 Edward Voccola & Co. LLC
A screenshot of the Edward Voccola & Co. LLC website.
Edward Voccola & Co. covers a lot of ground, and for land sponsors that breadth can be useful. The firm offers mezzanine financing, preferred equity, development agreement structures, and joint venture equity, alongside dedicated land loan and bridge programs. It works with both institutional and private capital for residential and commercial land developments. The firm also frames the tradeoff clearly: mezzanine is expensive debt but a cheap partner because there's no profit participation, while JV equity shares in the upside. If you're still deciding which structure fits your project, that framing alone is worth the read.
#5 Greystone
A screenshot of the Greystone website.
Greystone brings bridge and mezzanine lending to land and development deals with a specific endgame in mind: repositioning the asset to qualify for FHA, Fannie Mae, Freddie Mac, or CMBS takeout. The firm offers first mortgage and mezzanine bridge solutions, short-term CMBS mezzanine lending, second mortgage loans, and sponsor loans. Prepayment windows can be as short as six months, and there's no exit fee if permanent financing is originated with Greystone. That alignment matters if your land play is a stepping stone to a stabilized asset. Their bridge and mezzanine page walks through the case studies.
How to choose the right Financial & Business Services
Start with your entitlement status. If the approvals are in hand and you need $5M to $50M, a direct land lender who underwrites the plat is your fastest path. If you're still assembling the capital stack, a firm that publishes its mezzanine range and structure options saves you weeks of guessing. If you need someone negotiating across multiple subordinate sources, a capital advisor earns its fee. And if your exit is a permanent agency loan, pick a bridge lender who won't penalize you for refinancing out. Ask one question of every firm you call: who reads the site plan before quoting a rate? The answer tells you everything.
Expert Conclusion
Land lending rewards specificity. The firms on this list each own a distinct slice of the capital stack, from Rodney McIlroy's single-principal entitled land focus to H Equities' published mezzanine box, George Smith Partners' advisory reach, Edward Voccola's structure breadth, and Greystone's bridge-to-agency pipeline. Match the firm to your entitlement stage, not to the biggest name on the list. Your deal will close faster, and your diligence budget will thank you.