Senior Debt:
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Leverage: |
Maximum 80% / typically 70-75% dependent on debt coverage ratios |
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Term: |
3-10 years / fixed-rate or adjustable |
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Size: |
Minimum $3,000,000 nationwide, smaller loans on a case-by-case basis |
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Amortization: |
25-30 years |
Joint Venture Financing:
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Leverage: |
Maximum 95% of the total capital stack dependent on strength of sponsor and project dynamics with a minimum of 10% equity investment by Sponsor |
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Term: |
1-3 years with options |
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Size: |
Minimum $3,000,000 |
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Amortization: |
Interest only |
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Participation: |
Combination of minimum IRR returns / preferred interest payments |
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Security: |
Secured by the Operating Agreement and/or a Pledge Agreement |
Mezzanine Debt:
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Leverage: |
Maximum 85% of the total capital stack |
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Term: |
1-5 years |
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Size: |
Minimum $2,000,000 |
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Amortization: |
Interest only |
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Rates: |
8-14% dependent on leverage and asset quality |
|
Security: |
Subordinated to senior lien holder together with a Recognition Agreement between senior lender and mezzanine lender |
Bridge Debt:
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Leverage: |
Maximum 85% of acquisition or original funding with additional “good news” funding events up to 95% of the original funding amount |
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Term: |
1-3 years with options |
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Size: |
Minimum $2,000,000 |
|
Rates: |
6-10% dependent on leverage and asset quality |
|
Amortization: |
Interest only |
Asset Type: Stabilized office, multi-family, industrial, retail, hotel, single tenant and mixed use properties as well as properties in transition, recapitalization opportunities, partnership buyout situations and broken condo projects. New construction on a case-by-case basis