Common structures I’ve seen:Convertible preferred equity – early investors get a premium return or the option to roll into project equity.Promote kicker – pursuit investors might get a small piece of GP upside once the deal goes vertical.High single-digit to mid-teens pref – depending on risk profile and timeline.Family offices and hospitality-focused private equity groups can sometimes write these smaller early checks, but often want strong reporting and transparency since pre-entitlement risk is real.If you already have a pipeline of 20–90 key projects, building a repeatable structure for pursuit capital can help you scale.Curious—are you targeting more institutional-style equity partners, or open to smaller JV groups / family offices who want a seat early in the process?

Good point Jay.

I sent it over.Here’s the kicker: turns out those “two different referrals” were the same guy, creating artificial competition to seem more credible.

Quote from @Jay Hinrichs: Quote from @David Krulac: @Jay Hinrichs  agree, some courthouse sales are 100% due at the sale. 

Quote from @Matt Ridenour: Jay I’m in Michigan.

Quote from @Nick Belsky: Quote from @Jay Hinrichs: Quote from @Nick Belsky: @Mike RomanoWe have a resource for no credit and no visa requirements for a hard money loan with rehab. 

I call it a "PRE-APPLICATION"  I direct all applicants to this before I will have any phone conversations and it significantly reduces the tire kickers. 

Here is the kicker - there is not much to be done interior because they have been turned (lvp, fresh paint, new appliances and cabinets when needed)....

@Jay Hinrichs

Great topic, Ellisa, I’ve noticed a few trends in 2025 that have been working well:Financing: Private lenders are getting more creative — I’ve seen a mix of interest-only loans with small equity kickers, which help both sides.