Subdivision and Completion Bonds
Subdivision bonds mandated by local municipalities require builders, developers, and land owners to make specific improvements to property being subdivided.
In the current economic climate, many sureties are avoiding these bonds. Smith Manus has developed unique relationships with our insurance company partners which allow us to create aggressive solutions for our clients. It is essential to make sure you work with a company who has a deep understanding of this industry. With three decades of experience, Smith Manus can help you get the bonding capacity you need for your development projects.
Different or unusual guarantees challenge traditional surety underwriting. This is especially true of subdivision development. At Smith Manus, we’ve tailored our programs to provide these types of bonds to qualified developers.
- Exclusive focus on surety bonds
- 30+ years of industry experience
- Committed to building enduring relationships
- Flexibility to handle companies of all sizes
- Licensed in all 50 states
What sets Smith Manus apart?
- Program manager for the Lexon Surety Group (Lexon and Bond Safeguard Insurance Companies), the 12th largest surety bond provider
- Unique approach to underwriting that considers property values and other off balance sheet assets
- Willingness to customize programs to provide significant capacity and risk based collateral percentages
- Superior overall terms and conditions
- Ability to handle unique bonding requirements
- Proven track record and experience in providing surety programs to real estate developers
- Maintain commitment to this market despite retreat of others
- Handle all types of subdivision, completion, performance, and site improvement bonds related to residential development
- Real estate companies with excessive capital tied up in restricted cash or letters of credit to satisfy subdivision bonds
- Partially completed developments that are under new ownership and in need of new bonding
- Established developers in need of additional bonding capacity
- Private equity backed developments of strong properties where capital funding lacks a bonding component