Credit Parameters
The credit box, published
We put our parameters in writing so a sponsor or broker can qualify a transaction before spending time on it. If a deal fits the box, we can move.
Underwriting Parameters
- Loan size
- $1,000,000 to $5,000,000
- Lien position
- First lien only
- Term
- 12 to 24 months, two 6-month extension options
- Maximum LTV
- 65% of as-is value
- Maximum LTC
- 70%
- Minimum debt yield
- 9%
- Sponsor experience
- 3+ comparable transactions
- Required sponsor equity
- 25% of total cost
- Recourse
- Full recourse preferred, carve-out guaranty minimum
- Property types
- Multifamily 5 to 60 units, mixed-use with residential majority, small essential retail, light industrial and flex, self-storage
Parameters describe our general credit appetite and are not a commitment to lend. Every transaction is subject to underwriting, third-party reports, and investment committee approval.
Does your deal fit the box?
If the transaction matches our parameters, send it over. We screen within 24 hours and issue a term sheet within 48 hours of a complete package.