Mortgage Loan

We offer fixed-rate permanent and construction-to-permanent loans for stabilized, to-be-built, and lease-up properties across multiple asset classes.

Please refer to Portfolio for a summary of the current scope of our mortgage portfolio, and to review representative mortgage investments.

Track Record of Success

Our experienced lending professionals and commitment to diligent and timely execution are the foundation of our business and the key to our borrowers’ success.

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Deep Expertise Allows for Flexible Underwriting

Our loan professionals average over 26 years of lending experience, and have the expertise and understanding needed to underwrite not only stabilized core assets, but also to-be-built developments, properties in lease-up, and non-core asset classes. We measure our success by our ability to provide flexible financing that meets the needs of our borrowers.

Team Support for Knowledgeable and Timely Execution

Our experienced and diverse team of support professionals, including in-house counsel, construction managers, insurance, tax and closing specialists, allow us to quickly and efficiently execute on new loan opportunities. We enjoy a solid reputation for our knowledgeable and reasonable approach to closing requirements and for our ability to meet tight closing deadlines.

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Mortgage Loan Lending Parameters

Markets & Correspondents

MSA’s with minimum 250,000 population in the Continental US.

Non-exclusive correspondent relationships in target markets

In-house loan servicing preferred. 3rd Party Servicing Fees are negotiable based on loan size. Subject to level of annual transaction volume or deal flow.

Conventional & Bridge Loans

Loan Amounts	$15M - $90M. Targeting $25M to $75M. Up to $250M for portfolio transactions.
Loan Sizing	Up to 70% LTV and up to 85% LTC on new construction refinance.
Loan Terms	3 to 10 years
Current Spreads	Current minimum spread is 190 bps over the corresponding US Treasury rates. 175 bp spread available on stabilized (CM1), Class A apartment loans with 7-10 year terms. Minimum 275 bp spread on hospitality.
Amortization / IO	25 & 30 year amortization and up to 5 years IO depending on LTV.
Lender Fees	35–100 bps, minimum of $50,000.

Unique Products for Pre-Stabilized & Value-Add Opportunities

Hybrid 3+1+1 or 5+1+1 Fixed-Rate To Floating-Rate Structure

Initial 3-5 year fixed-rate period is subject to YM prepayment premiums. Floating rate extension periods are open for prepayment at par, but subject to achieving a pre-negotiated debt yield test and extension fee (10 bps).

36-42 Month, Fixed-Rate Bridge Loan

Minimum 24 months YM, then step down in year 3 (2%, 1%), open at par the last 3-6 months.

Construction Loans

Loan Amount	$30M to $80M, < 65% of total development budget
Property Types	Multifamily, Industrial, Grocery Anchored Retail, and select Hospitality
Loan Fee	1.0% origination; 1.0% exit, open at par the last 3-6 months
Term	4 to 6 years
Interest Rate	Floating rate at 300 to 400 bps over 1-month term SOFR, with a SOFR floor of 300 bps.
Minimum Multiple / Interest	1.15X minimum multiple on the committed loan amount, or 42 months minimum interest
Extension Fees	NONE

Cap or Swap Requirements	Not Required
Reduced Exit Fee	Fee can be reduced to 50 bps if Borrower and Lender agree to a new, fixed rate loan with at least 36 months call-protected term. New loan may include additional "cash out" proceeds.
Completion Guaranty	Guarantors will provide a completion and payment guaranty.
Stabilization Guaranty	Following completion, Guarantors will provide a stabilization guaranty to unconditionally guaranty and act as surety for the payment of 25%-50% of the Note and the performance of all Borrower’s obligations. Guaranty is released at stabilization.