In this episode of Hustle Harder, James sits down with John Curry, Co-Founder and CEO of Sétanta Development Capital, to break down the misunderstood world of land acquisition and development (A&D) lending. John shares his journey from Irish lawyer to U.S. real estate investor, explains why land earned its “toxic” reputation after the GFC, and walks through how modern land development actually works. The conversation covers risk, entitlement challenges, public builders going land-light, private credit replacing banks, and why land remains a critical “widget” in solving the housing shortage.

Key Points from This Episode

00:00 – Welcome to the Hustle Harder Show and introduction of guest John Curry

01:09 – John’s background, move from Ireland, and entry into A&D investing

02:39 – Founding Sétanta and closing the firm’s first loan

03:04 – The origin and meaning of the name Sétanta

05:22 – What Sétanta does and how land lending differs from construction lending

07:34 – How land development works from raw land to buildable lots

10:48 – Why builders stopped self-developing land post-GFC

12:51 – Public markets, land-light strategies, and risk perception

14:32 – Why land became a “four-letter word” after the GFC

20:49 – How forced selling distorted land values and wiped out developers

23:35 – Sétanta’s borrower-first philosophy and partnership mindset

24:42 – COVID-era deal challenges and honoring commitments

29:23 – How the land business has evolved since the GFC

31:29 – Land scarcity, entitlement challenges, and affordability pressures

35:01 – Opportunity created by a shortage of land developers

38:02 – Builder takeouts, deposits, and reduced speculation

41:10 – Sétanta’s leverage model and long-term developer relationships

43:48 – The retreat of banks and rise of private credit in land lending

47:32 – Experience, cycles, and why focus matters in A&D lending

50:15 – “Developers who lend” and managing execution risk

52:36 – Strategic alignment between Sétanta and Renovo

56:24 – Shared values, Victory Park connection, and partnership outlook

59:13 – Final thoughts and closing remarks

Links

Renovo Financial - https://renovofinancial.com/

James Gaskin on LinkedIn - https://www.linkedin.com/in/james-gaskin-b675593/

John Curry on LinkedIn - https://www.linkedin.com/in/johnfcurry

Sétanta - https://setantadc.com/