Non-recourse, assumable subordinate financing for the acquisition or refinance
| Eligible Properties | Multifamily, retail, office, industrial, and self-storage properties |
| Loan Amount | $500K- $5M |
| LTV Maximum | 75.0 - 85.0% of appraised value or purchase price depending on asset type |
| Loan Term | 5 - 10 years |
| Coverage Minimum | 1.05x |
| Amortization | Interest-only or consistent with the senior mortgage loan |
| Third Party Reports | MAI Appraisal, Property Condition Report and Environmental Phase I Assessment are required; Seismic Reports are required for properties in Seismic Zones 3 and 4. Mezzanine loan will rely on senior mortgage loan Third Party Reports. |
| Prepayment Terms | Defeasance with a lockout period of 24 months from securitization. Cannot be prepaid before A Note |
| Origination Fee | 3.0% to 4.0% |
| Cash Management | Standard mezzanine cash management |
| Timing | 45 - 60 days from application to funding |
| Assumibility | Loan is assumable, subject to approval of proposed replacement borrower |
| Geographical Focus | Nationwide |
