|Loan Amount||$5 million minimum|
|Loan Term||Generally 1 to 3 years.
Extension options available.
|Amortization||Determined on a case-by-case basis. Typically interest-only payments.|
|Minimum DSCR||1.25 at exit with appropriate in place DSCR; Lower DSCRs considered if payment supported by pre-funded interest reserves or guarantees|
|Maximum LTV||75% of exit value|
|Interest Rate||Floating rate over LIBOR index. Spread varies based on risk and terms|
|Eligible Property||Multifamily, office, retail, hospitality, Senior and student housing projects located in strong markets with positive demographic, population and employment trends|
|Eligible Transactions||Traditional acquisitions, acquisitions with rehab component, acquisitions with nearly completed new construction, debt buy-backs with fresh equity and properties in lease-up in strong markets|
|Sponsorship||Established track record and appropriate net worth and liquidity commensurate with transaction|
|Security||First mortgage lien on subject property|
|Tax and Insurance Escrows||Monthly deposits required|
|Replacement Reserves||Monthly deposits required|
|Recourse||Generally, non-recourse with standard carve-outs|