This lender helps small developers build houses in Philadelphia

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This lender helps small developers build houses in Philadelphia
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Spring Garden Capital has stepped in to replace the neighborhood banks that used to back small developers. Half of its clients are people of color and women.

, a six-year-old institution that has made a new loan every day over the last year, averaging around $300,000 each, to small Philadelphia developers.Nationwide, around

That’s where Fells met Traci Sebastian, who soon after followed Goldstein to Spring Garden, and has been Fells’ loan officer ever since. With the construction slowdown, “skilled people have more availability now. But prices are up since COVID. You have to be generous and fair.” Veteran workers “know all the tricks of the trade, and the juice of it, not just stuff you can read in books or watch on YouTube. It’s magical when you watch them.”

“Typically, small developers are buying houses one at a time, but they also want to keep an active pipeline of projects ready, so they can keep one or more construction crews busy,” said Ken Weinstein, a Northwest Philadelphia-based developer who’s also a Spring Garden investor and director.

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