BRIDGE LOAN

Bridge Loans For Acquisitions And Recapitalizations For Various Asset Classes

CAPITAL STRUCTURE: BRIDGE LOAN Direct bridge lender offering loans secured by commercial real estate nationwide. Check Size: $2MM-75MM+ LTV: Up to 75% Pricing: Starting at 4.00% for Multifamily and 4.75% for other assets Fees: Origination fee starting at 1.00% Term: 12 to 36 months, with extensions Amortization: Interest only Recourse: Deal based Property Types: All property types Use: Acquisition and recapitalization Geography: Nationwide

Permanent, Bridge And Mezzanine Loans And Preferred Equity Targeting Hotels

CAPITAL STRUCTURE: PERMANENT LOAN/ BRIDGE LOAN/ MEZZANINE LOAN and PREFERRED EQUITY Hotel specialist providing various debt and equity products for select and limited service premium branded assets. Check size: $5-$100MM for bridge and permanent loans, $1-$10MM for mezzanine and preferred equity LTV: Up to 85% on bridge and mezzanine, up to 95% on preferred equity Rate: Starting at 4.5% for senior debt and starting at 12%/13% with potential equity kickers for structured capital Term: Bridge 2-5 years, mezzanine matched to senior and preferred equity up to 5 years Property type: Hospitality-only uses, Acquisitions, Recapitalization, Construction Takeout, PIP/Renovation Financing, and Gap Financing Geography: Nationwide

Non-Recourse, Institutional Bridge Loan Program

CAPITAL STRUCTURE: BRIDGE LOAN A West Coast fund manager has rolled out a cheaper version of its national bridge loan program targeting higher quality assets with some in-place cash flow. Check size: $10-$40MM LTV: The lesser of 80-85% as-is value or 70-75% of as-stabilized value Rate: 375-550 over 30-day LIBOR Term: 2-4 years, up to 5 with extension options Property type: Multifamily, Industrial, Office, Retail, Student Housing, Hospitality, Self Storage Uses: Acquisitions, recapitalization, value-add CAPEX repositioning, transitional assets Geography: Nationwide

Fixed Rate, Non-Recourse Institutional Bridge Loan Program

CAPITAL STRUCTURE: BRIDGE LOAN A New York-based investment manager is funding hybrid bridge loans that start out fixed-rate for the first two years. DSCR can be lower than one with reserves and structure. Check size: $10-$35MM LTV: Up to 75% loan to cost Rate: 5.5% fixed for two years with two one-year extensions at 350 over 30-day LIBOR Term: 2-4 years with extension options Property type: Multifamily Uses: Acquisitions, recapitalization, value add CAPEX repositioning, transitional assets Geography: Nationwide

Specialty Asset Bridge, Construction And Mezzanine Debt

CAPITAL STRUCTURE: BRIDGE LOAN/ CONSTRUCTION LOAN , MEZZANINE DEBT Newly formed finance arm of private equity vehicle seeking to deploy capital for senior housing, medical offices, student/multifamily housing, self-storage. Check size: $10 – $500MM LTV: Up to 85% LTV/LTC Rates: Spreads to LIBOR of 2.5% – 5.5% (first mortgage) or 6.0% – 10.0% (mezzanine/preferred equity) Term: Up to 7 years Amortization: Typically interest only Property type: Senior Housing, Medical Office, Student/Multifamily Housing, Self-Storage Uses: Development, Acquisitions, Recapitalization Geography: NationwideHigh leverage flexible long-term balance sheet financing

Partial/Non-Recourse Bridge And Construction Loans

CAPITAL STRUCTURE: BRIDGE LOAN/ CONSTRUCTION LOAN An aggressive East Coast Bank has dropped pricing for construction and bridge loans across various asset classes. Check size: $20-$150MM LTV: Up to 70% for Multifamily and 65% for all others Rate: Spreads ranging from high 1s to low 2s on transitional assets and high 2s to mid 2s for construction transactions Recourse: non-recourse for bridge loans and 20-25% recourse for construction loans with burn offs Term: 3 to 7 years Amortization: 30 years for multifamily and 25 years for all other asset classes Interest Only: Up to four years DSCR sizing: 1.15x Structured Capital Friendly: Allow mezzanine debt up to 80% and preferred equity up to 90% Asset Types: Multi-family, condo, office, retail, hotel, mixed use, industrial, self-storage, parking, some land Geography: East of the Mississippi, Boston to Key Largo

Flexible Bridge Loans For Value Add Opportunities

CAPITAL STRUCTURE: BRIDGE LOAN Midwest asset management firm seeking to fund acquisition and renovation plays nationwide Property type: Student/Multifamily Housing, Self-Storage, Retail, Office, MHP’s and Hospitality Check size: $10 – $75MM Leverage: Up to 85% LTC / 75% LTV Rates: Spreads to LIBOR of 2.5% – 4.5% Term: Up to 5 years Amortization: Interest only Future Funding: Holdbacks for renovations and “good news” Uses: Acquisitions, Recapitalization and Repositioning Geography: Nationwide

Bridge Lender Not Dependent On Internal Leverage Actively Lending

CAPITAL STRUCTURE: BRIDGE LOAN Closed end fund not dependent on the CLO market and utilizing lower leverage credit facilities has avoided mark-to-market & margin calls provision. Property type: Multifamily, multi-tenant Industrial in infill locations, CBD and/or transit-oriented Office, performing Hotels on a very select basis. Check size: $10 – $75MM Leverage: Up to 75% LTV on post-COVID pricing. Rates: 5.5% – 6.0% over LIBOR with a .50% floor Fees: 0% in w/ 1%-1.5% exit Term: Up to 3 years Amortization: Interest only Future Funding: Holdbacks for renovations and “good news” Uses: Acquisitions, Recapitalization, and Repositioning Geography: Nationwide

International Life Insurance Company Seeking To Gain Market Share Is Actively Lending

CAPITAL STRUCTURE: BRIDGE LOAN/ PERMANENT LOAN Large international LifeCo providing low cost and flexible alternative to banks and domestic insurance company options. Property Type: Office, Mixed-Use, Self Storage, Flex, Industrial, Hotel, and Multifamily. Check size: $10 – $40MM Leverage: Up to 70% LTV on post COVID pricing. Lower for Retail and Hospitality. Rates: starting at 3.5% over LIBOR on floating and low 4s all in rate on fixed basis Fees: 1% in Term: Up to 7 years + extension Amortization: IO options available Future Funding: Holdbacks for renovations and “good news” Uses: Acquisitions, Recapitalization and Repositioning Geography: Top 25 U.S markets