Innovative Strategies. Redefining Performance.
We continue to practice the ethos instilled within our organization from the beginning.
Our approach to commercial real estate lending is to build long-term relationships by providing a transparent, reliable and swift process to our clients. With ongoing fluctuations in the capital markets, we seek to deliver superior risk-adjusted returns to our investors while our borrowers benefit from consistent certainty of execution. This philosophy has remained unchanged since our founding in 2010.
Loan Programs
Eligible Properities
- Multifamily
- Retail
- Office
- Light Industrial & Warehouse
- Self-storage
- Hospitality
- Healthcare & Skilled Nursing Facilities
- Special Purpose & Mixed Use
- Mobile Home Communities
- Condominium Inventory
Target Transactions
- Opportunistic Acquisition Financing
- "Quick Close" Special Situations
- REO & NPL Acquisitions
- Recapitalizations & LP Buyout
- 1031 Exchange Deadlines
- Significant Renovation
- Minimal Yield Maintenance
Financing Parameters
| Timing to Close | 5-15 Days from Application |
| Loan Size | $5 Million to $40 Million |
| LTV | Up to 68% LTV (maximum advance to 85% LTC with inclusion of "B Note," in tiered transactions) |
| 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 | 30-Day LIBOR + 650bps to 800bps; ability to PIK/accrue to maturity |
| 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 | Origination: 1.0% to 2.0% & Exit: 0.5% to 1.0% (determined on a case-by-case basis) |
Eligible Properities
- Multifamily
- Retail
- Office
- Light Industrial & Warehouse
- Self-storage
- Select Hospitality
- Student Housing
Target Transactions
- Value-add Acquisitions
- Lease-up or Upcoming Rollover
- REO & Non-Performing Loan Acquisitions
- Recapitalizations
- Refinance with Sale Flexibility
- CMBS 1.0 Maturity / Transition
Financing Parameters
| Timing to Close | 25-40 Days from Application |
| Loan Size | $7.5 Million to $50 Million |
| LTV | Up to 75% LTV "as-stabilized" / 80% LTC of total project costs |
| Lien Position | First Mortgage or Deed of Trust |
| Loan Term | 2, 3, or 4 year initial term (5 year maximum, including extensions) |
| Extensions | Multiple 1 Year or 6 Month extensions, subject to performance hurdles |
| Interest Rate | 30-Day LIBOR + 400bps to 600bps |
| Amortization | Interest-only |
| Debt Yield | Below 1.0X DSCR acceptable if supported by a Debt Service Reserve |
| Yield Maintenance | Pre-payable at any time subject to yield maintenance equal to 50% to 75% of the Loan Term |
| Recourse | Non-recourse, with standard carve-outs |
| TI/LC Facility | Future funding of up to 100% of tenant improvements and leasing commissions |
| CapEx or PIP | Holdbacks for renovations with timely review and disbursements |
| Deposits | Expense deposit adequate to cover third party reports, legal fees and other customary deal costs. |
| Origination & Exit Fees | Origination: 0.5% to 1.0% & Exit: 0.5% to 1.0% (determined on a case by-case basis) |
Eligible Properities
- Multifamily
- Industrial
- Office
- Retail
- Self-storage
- Student Housing
- Hospitality
Target Transactions
- Acquisitions
- Opportunistic Recapitalizations
- Value-add CapEx Repositioning
- TIs/LCs Future Funding for Leasing
- Structuring for Expiring Leases
- Transitional Properties
- Pre-payment Flexibility
Financing Parameters
| Timing to Close | 30-45 days from application |
| Loan Size | $15 Million to $100 Million |
| LTV | The lesser of 80-85% of "as-is" value or 70-75% of "as-stabilized" value |
| Lien Position | Senior secured first mortgage or deed of trust |
| Loan Term | Initial term of 2-4 years, with a total term of 5 years (if fully extended) |
| Extensions | Multiple 1-year options, subject to performance hurdles; available at market extension fees |
| Interest Rate | 30-Day LIBOR + 350bps to 450bps |
| Amortization | Interest-only with market-driven amortization during the Extension(s) |
| Debt Yield | Preference for going-in NCF DY of 4%+; non-cash-flowing properties requiring an interest reserve are evaluated on a case-by-case basis |
| Yield Maintenance | Typically 50% to 75% of the Loan Term; with exceptions on a case-by-case basis |
| Recourse | Non-recourse, other than standard “bad boy acts”; heavier CapEx may require a Completion Guaranty |
| 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 after submission of a complete draw request package |
| App Deposit | Expense deposit adequate to cover third party reports, legal fees and other customary deal costs |
| Origination & Exit Fees | Origination: 0.50% to 1.0% & Exit: 0.25% to 1.0% |