Builders looking for capital can meet with those who have it to loan at a special spot planned for the International Builders Show in Las Vegas from Jan. 19 to 22.
The NAHB is planning a Partnership Pavilion at the show with private office spaces and concierge services for builders to meet with representatives from capital sources and financing advisors in the Las Vegas Convention Center. NAHB CEO Jerry Howard confirmed today that 11 or more capital sources?including representatives of Bank of America and Wells Fargo?have committed to a presence in the Partnership Pavilion.
"The severe lack of available credit for acquisition, development, and construction financing constitutes a significant threat to thousands of home building and development companies," NAHB Chairman Joe Robson said when announcing the pavilion. "Given the current situation, an innovative approach was called for to help our members find new sources of debt and equity financing while reinvigorating the traditional sources of housing credit, and that is the aim of the Partnership Pavilion."
Since many home building CEOs and other executives traditionally travel to the huge national event, "it just makes sense to provide a confidential setting within that venue for such professionals to meet one-on-one with potential new backers for their projects," said Robson, a home builder from Tulsa, Okla.
Builders and developers interested in participating in the Partnership Pavilion need to qualify in advance of the show by providing specific information on their proposed projects. An online portal will be set up soon on NAHB's Web site.
Potential investors and lenders will review the builder-provided information and set up meetings at the pavilion with those builders and developers they are interested in hearing more from.
Additional information and a sign-up form for financing and investment companies who wish to participate are available at www.nahb.org/partnership.
"At a time when credit for housing production is extremely difficult to come by, we hope that the Partnership Pavilion will provide a new channel through which home builders, developers and potential investors can communicate and conduct business while attending our industry's most important trade show of the year," said Robson.
Learn more about markets featured in this article: Las Vegas, NV.