The Land Development Podcast with Ryan Glick RV Parks, Manufactured Housing & The Future of Development with Dave Kotter - TLP119
Nov 4, 2025
In this conversation, Dave Kotter, founder and CEO of Hybrid Debt Fund, shares his journey from early note-buying to launching a unique funding model blending debt and equity in real estate. He dives into the growing appeal of RV parks and manufactured housing due to shifting demographics and lower management intensity. Dave also discusses current market conditions, the potential rebound of multifamily developments, and insights for new developers. Plus, he highlights small-bay industrial as an underrated asset class gaining traction.
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Front-Load Loan Docs To Cut Red Tape
- The commercial lending process is antiquated and expensive due to late-stage document negotiation.
- Moving underwriting and documents to the front can streamline deals and cut red tape.
Use Participating Debt To Simplify Capital
- Use a hybrid participating-debt structure to provide stretch financing while sharing upside without taking equity control.
- Offer fixed-rate, three-year notes with upside participation to simplify capital stacks for seasoned developers.
Which Asset Classes Are Flowing Capital
- Multifamily underwriting tightened and margins compressed, making many deals unworkable since 2023.
- Small-bay industrial, hotels, RV and manufactured housing currently attract more capital and activity.