Investors / Lenders

Working with Investors and Lenders

Community land trusts are one of the safest mortgage investments you can make. Nationally, when the default rate on home mortgages hit an all-time high of almost 10%, the default rate of land trust homes was about 1.5%. In the last ten years the default rate has never reached 2%.

What Makes Bright Community Trust a Good Investment?

Serving as the trustee, Bright Community Trust works with members to ensure that they get the support they need to be successful homeowners. Examples of support include financial education programs, counseling, home repair programs, and annual property inspections (and trustee-required adherence to agreed-upon maintenance standards).

Thanks to the education and counseling support:

  • Land trust homeowners stay in their homes longer than the average homeowner
  • 70% or more purchase an unassisted, unrestricted, market-rate home after their first land trust home

The land lease agreement that the homeowners sign also has provisions for the trustee to intervene with a “right to cure” if the homeowner gets behind in mortgage payments. So the trustee can intervene early and get the homeowner the support they need to be able to either stay in their home or exercise an option other than foreclosure.

There are two ways your investment can help families to access affordable homes:

  • An individual land trust mortgage
  • Support acquisition of land for single family home or multi-family home development

We are committed to serving the public sector and investor communities with information and education about shared equity and the land trust model. Investing with Bright Community Trust provides great intrinsic benefits and has empirically-proven lower risk.

Join us for an opportunity to do permanent good with higher than normal success. Let’s talk about how we might combine our expertise with your investment to provide affordable housing to working families in Florida.

Bright Community Trust offers quality homes at incredible prices for income qualified homebuyers. The homes are part of the Pinellas Community Housing Foundation’s Community Land Trust. Homes that you never thought you could afford can now be yours at a great price. The purchase price of a home in the Land Trust is significantly lower because  the cost of the land is removed. Homeowners enjoy the same benefits of homeownership, for less money! A modest lease fee for the land is paid to the trust and the property remains affordable for future generations to enjoy.

Homebuyers may obtain mortgage loans from lenders approved for FHA, VA, Fannie Mae and must utilize the Ground Lease. The lenders listed below are familiar with the Community Land Trust program and are ready to assist buyers.

Approved Lenders

GTE Financial

Maurice Waring

711 Henderson Ave

Tampa, FL 33609

Phone: 813.871.2690 ext. 43570

Iberia Bank Mortgage

Teresa Hale

Phone: 904-536-8520

Raymond James Bank

Linda Kemp

710 Carillon Parkway

St. Petersburg, FL

Phone: 727.567.2568

Open Mortgage

Sol Nicoletti

14502 N. Dale Mabry Hwy, Suite 200, Rm 54

Tampa, FL 33618

Phone: 813-404-6934

NFM Lending

Steve Stapleton

1100 4th Street North

St. Petersburg, FL 33701

Phone: 727-224-3319

Valley National Bank

Buck Best
2781 West Bay Drive N 

Belleair Bluffs, FL

Phone: 727-254-5267

  • Income may not exceed 80% -120% of the Area Median Income depending on the property.
  • Buyers must take a HUD approved 8-hour face-to-face homebuyer education class and receive certificate of completion.
  • Homes must be owner occupied and you may not own another home within a 50 mile radius of the new home being purchased.
  • Certain lender eligibility and underwriter requirements may apply.
  • First mortgages must be a 30-year fixed rate — no adjustable rate mortgages permitted.

For more information, contact a Bright Community Trust representative at 727-475-1366.

Learn more about land trusts from the South Florida Lenders Forum

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