In this episode of The Distribution, Brandon Sedloff sits down with Tony Avila for a detailed discussion on the evolution of residential land development and homebuilding finance. Tony walks through his multi-decade career, from early exposure to real estate and investment banking to building platforms focused on capital solutions for developers and regional homebuilders. The conversation explores how institutional capital, regulatory shifts, and interest rate cycles have reshaped the housing ecosystem, and why today’s environment presents a distinct opportunity in land and construction lending. Together, they break down the mechanics behind land development loans, underwriting discipline, and the structural gaps left by traditional banks.

They discuss:

• Tony Avila’s career path through real estate workouts, investment banking, and homebuilding M&A
• The institutionalization of homebuilding and the role of public markets and consolidation
• Distressed land and development opportunities following the financial crisis
• Why banks have pulled back from land and construction lending and how private capital is filling the gap
• The fundamentals of land development loans, underwriting risk, and housing affordability