| Timing to Close |
15-40 Days from Application |
| Loan Size |
$1 Million to $10 Million |
| LTV |
Up to 68% LTV |
| Lien Position |
First Mortgage or Deed of Trust or Note Hypothecation for Note-on-Note Financing |
| Loan Term |
6 to 18 Months initial term (3 year maximum, including extensions) |
| Extensions |
6 Months extensions, available at market extension fees |
| Interest Rate |
Competitively priced spread floating over the 1-Month LIBOR index |
| Amortization |
Interest-only |
| Debt Yield |
Below 1.0X DSCR acceptable if supported by a Debt Service Reserve |
| Yield Maintenance |
Minimal pre-payment penalty |
| Recourse |
Non-recourse, other than standard “bad boy acts” or Recourse structure for higher risk transactions |
| TI/LC Facility |
Future funding facility towards future tenant improvements and leasing commissions |
| CapEx or PIP |
Holdbacks for renovations with timely review and disbursements typically occurring within 10 days after submission of a complete draw request package. |
| Deposits |
Expense deposit adequate to cover third party reports, legal fees and other customary deal costs. |
| Origination & Exit Fees |
Market competitive fees adjusted to loan size, timing and complexity |