| Eligible Markets | Nationwide in primary, secondary, and qualifying tertiary markets |
| Property Types | Office, retail, industrial, multi-family, student housing, medical office, self-storage, mixed-use, and single tenants with investment grade credit tenants, others considered on a deal-by-deal basis |
| Status | Stabilized buildings |
| Quality | Class A and Class B |
| Rate Type | Fixed rate |
| Loan Amount | $7 million to $80 million |
| Loan Terms | 3–20-year |
| LTV | Maximum 70% loan-to-value (LTV) ratio |
| DSCR | Debt-service coverage ratio (DSCR): Minimum 1.30x on underwritten net cash flow, 1.25x on multi-family. |
| Loan Spreads | Competitive pricing with life companies and commercial mortgage-backed securities (CMBS) |
| Origination Fee | .50% - 1.0% |
| Amortization | Up to 30 years |
| Rate Lock | Early rate lock available |
| Reserves | Real estate tax, insurance, and tenant improvement/leasing commissions (TI/LCs) (if applicable) |
| Recourse | Non-recourse, subject to industry standard “bad boy” carve outs |
| Assumable | Yes |
| Prepayment | No cumbersome and complicated defeasance; Assumable option available to counterbalance standard yield maintenance |
| Closing | 30-45 days from signed application and good faith deposit |
| Unacceptable Property Types | Single family residence (SFR), hospitality, owner-occupied, ground-up construction, specialty properties |
