Not every developer I speak with gets an introduction to investors. Not because I am being difficult — but because not every deal is ready to be funded, and introducing a developer who is not ready to an investor who is serious is a waste of everyone's time and a damage to my reputation.
Over time I have developed a clear sense of what makes a deal fundable — what signals tell me that this developer, this project, and this raise are worth connecting to serious capital. Here is exactly what I look for.
The Developer's Track Record
The first thing serious investors ask about is the operator's track record. Have they done this before? Have they delivered returns to investors in the past? Do they have completed projects to point to?
This does not mean a developer needs to have done twenty projects. But it does mean they need something. A developer raising $5M for a ground-up project with no prior development experience is a very difficult introduction to make. A developer with two completed value-add multifamily deals, even small ones, has a story to tell. Track record reduces investor risk and makes the introduction land.
"The introduction is a reflection of my judgment. When I bring a developer to an investor, I am implicitly saying I believe this is worth their time. I protect that signal carefully."
The Clarity of the Ask
The second thing I look for is a clear, specific capital ask. Not "we are looking for investors" — that is not an ask. A fundable deal has specific numbers: total project cost, amount already committed, amount being raised, the structure (equity, preferred equity, debt), the expected return to investors, and the timeline to close.
When a developer can articulate all of this clearly in five minutes, they are ready to be in front of investors. When they cannot, the introduction will go nowhere — because the first thing a serious investor will ask is exactly those questions, and a vague answer signals that the developer is not organised enough to be trusted with capital.
The Stage of the Project
Timing matters on the developer side too. A deal that has entitlements and permits in place is a fundable deal. A deal that is still in the planning stage, still waiting for zoning approval, still in concept — that is not ready. Investors deploy into certainty, not speculation.
The fundable moment is usually: site under control or acquired, entitlements approved or near approval, construction timeline clear, exit strategy defined. Before that, the raise is premature. After that, the developer may have already filled it.
The Deal Economics
- Equity investors expect 15–25%+ IRR on ground-up or value-add deals — does this deal deliver that?
- The preferred return for LP investors is typically 6–8% before the GP participates in profits — is that in the structure?
- The debt coverage ratio should be above 1.2x — is the deal cashflowing enough to service its debt comfortably?
- The exit cap rate assumption should be conservative — is the developer using realistic numbers or optimistic ones?
- The total return to investors should be clearly modelled — not a range, a specific projection with conservative assumptions
The Developer's Communication Quality
Finally, I pay attention to how a developer communicates. Investors are going to be in a relationship with this person for two to five years. If the developer is vague, disorganised, or evasive in the qualification call with me, they will be the same with investors. That is a risk I will not pass on to the investors I have built relationships with.
A developer who is clear, organised, responsive, and honest about both the opportunity and the risks — that is the developer I want to bring to my investor network. The introduction is a reflection of my judgment and I protect that carefully.
If you are a developer with a real deal, a clear ask, and a track record — and you are raising capital — book a 30-minute call. We will go through the criteria together and figure out if there is a match in the network.