Jackson tells GlobeSt.com that with the program the firm will focus on serving the experienced middle-market homebuilders of for-sale homes in the California, Washington and Oregon markets, making it truly a West Coast-focused initiative. The group will target entry-level to luxury residential projects, including detached single-family homes, townhomes and condominiums, and the firm expects to lend in the $3-million to $35-million range, providing loans of up to 80% of project cost or 75% of value, flexible pricing and terms of 12 to 36 months for qualifying projects.

Jackson adds that the program is a “great next step for Sabal as we expand our company. It leverages the expertise of our team and allows us to participate in a recovering market where the banks are not participating today. It will also serve a real need as things start to improve.”

According to Jackson, Farrell, who joined the firm earlier this year, was chosen to head the program due in part to his long-standing focus on West Coast builders and his knowledge and experience in that side of the business. “Tom has long relationships in the marketplace. He has seen multiple cycles and knows what to look out for,” Jackson tells GlobeSt.com. “He’s a great fit for our team. Marry that with the real estate expertise we have on staff, and we have a compelling offering for builders getting back into the market.”

In addition to Farrell, Sabal has several former homebuilders on its staff, a key component in the group’s ability to underwrite and structure residential construction financing. “Sabal’s builder lending program is well positioned to create funding solutions for homebuilders with projects that exhibit sound feasibility, quality design and have a defined competitive market edge,” said Farrell in a prepared statement.

In January, as GlobeSt.com previously reported, Sabal acquired a $204 million portfolio of performing and non-performing loans consisting mainly of commercial and residential acquisition, development and construction loans. The acquisition was part of a portfolio sale mandated by the FDIC for the assets of more than 50 recently failed banking institutions throughout the U.S. According to Jackson at the time, this was Sabal’s fourth FDIC transaction, and he pointed out that the firm was currently “bidding on others.”