The financial edge of modular isn't in construction cost savings—it's in the time value of earlier revenue. Most developers leave this value on the table.

Topics covered:

• Carrying cost savings: $50K-$150K per month on mid-rise
• Earlier lease-up and market timing advantages
• NOI acceleration and faster refinancing
• IRR impact: 200-400 basis points from schedule compression
• Underwriting speed into your capital structure

For developers and capital partners quantifying modular's financial edge.

Built Different is produced by Spring Street Management Group. New episodes drop weekdays at 6 AM Pacific.

Institutional LPs and fund managers operate on different criteria than developer capital. Most modular developers aren't checking all their boxes—yet.

Topics covered:

• Track record requirements—completed projects, not prototypes
• Repeatability: the playbook institutions want to see
• Scalability: $50M+ deployment, not one-off deals
• Counterparty risk across the factory-GC-developer chain
• Building platforms, not projects—the winning strategy

For developers seeking institutional capital and fund managers evaluating modular.

Built Different is produced by Spring Street Management Group. New episodes drop weekdays at 6 AM Pacific.

In traditional construction, work-in-progress sits on your land. In modular, it sits in someone else's factory—and the legal protections aren't what most developers assume.

Topics covered:

• Title transfer timing—when do you actually own the modules?
• Commingling risk and material segregation
• Supplier lien exposure even after you've paid the factory
• Factory bankruptcy and the Chapter 11 trap
• Protective measures: UCC filings, escrow, performance bonds

For developers and lenders conducting factory due diligence beyond quality.

Built Different is produced by Spring Street Management Group. New episodes drop weekdays at 6 AM Pacific.

In traditional construction, money flows as work gets done in the field. In modular, 60-70% of the value is created in a factory before anything touches the site. That mismatch kills deals.

Topics covered:

• Factory deposits—equity out before lenders release funds
• Progress payments and the remote inspection problem
• Parallel tracks: site work vs. factory production timing
• The 20% to 80% completion jump at module delivery
• Hybrid capital structures developers are using today

For developers and capital partners structuring modular deals.

Built Different is produced by Spring Street Management Group. New episodes drop weekdays at 6 AM Pacific.

Traditional construction lending assumes collateral sits on-site, draws follow field milestones, and appraisers have comps to work with. Modular breaks all three assumptions—and that's costing developers time and capital.

Topics covered:

• The collateral location problem—modules built 500 miles away
• Why draw schedules don't match modular's front-loaded capital needs
• Valuation uncertainty and the appraiser knowledge gap
• How Katerra and Factory OS shaped lender risk perception
• What the industry needs to standardize for smoother financing

For developers, GCs, and capital partners navigating the modular finance landscape.

Built Different is produced by Spring Street Management Group. New episodes drop weekdays at 6 AM Pacific.