Scott Felder Homes buys Esperanza lots, pledges them to bank lines

Scott Felder Homes bought new lots in The Lookout Group’s Esperanza community near Boerne on Oct. 29 and pledged them the same afternoon to two existing bank credit lines, Kendall County Clerk records show.

Two special warranty deeds, instruments 413292 and 413301, moved Esperanza Unit 4B lots from Lookout Development Group LP to Scott Felder Homes. Each deed was paired with a deed of trust recorded the same day.

Instrument 413293, recorded at 2:44 p.m., is a supplemental deed of trust to Third Coast Bank. It secures an amended and restated promissory note dated July 9, 2021, with a principal amount of $40,000,000. Instrument 413302, recorded at 4:39 p.m., is a tranche deed of trust to International Bank of Commerce. It secures notes dated May 7, 2019, one of them for $40,000,000, and May 1, 2021.

Why it matters

These filings do not record $80 million of new borrowing. They add freshly purchased Esperanza lots as collateral under credit lines that date to 2019 and 2021. That is how a production builder funds lot takedowns: buy a few lots, then tie them to a standing line rather than closing a new loan each time. The same two lenders hold liens on Scott Felder Homes lots in Bexar County’s Briggs Ranch North, recorded Oct. 7, as we reported earlier this month.

The numbers

• $40,000,000: principal on the July 9, 2021 Third Coast Bank note, per instrument 413293.
• $40,000,000: principal on the May 7, 2019 IBC note, per instrument 413302.
• 4: Kendall County documents recorded Oct. 29 covering the purchase and its collateral.
• 4: Esperanza Unit 4B blocks named across the two deeds of trust: 109, 117, 119 and 122.

What’s next

The Lookout Group continues to sell Esperanza lots to multiple builders. Perry Homes took six lots in the community earlier in October. The next public record on these lots is likely a building permit once Scott Felder Homes starts construction. More on the market: San Antonio.