What are some of the physical considerations that a developer should be concerned with when purchasing land?

1. What are some of the physical considerations that a developer should be concerned with when purchasing land? How should such considerations be taken into account when determining the price that should be paid?
2. What are the unique risks of land development projects from the developer’s and lender’s points of view?
3. In land development projects, why do lenders insist on loan repayment rates in excess of sales revenue? What is a release price?