Secured promissory note with tied equity pledge. 

Property Types & Uses: Multifamily, Hospitality, Healthcare, Industrial, etc.

Loan Amounts: $1M-$400M      

Terms: Co-terminus with senior note

Amortization: Interest-only; *fixed principal paydown options available

Note Position: 2nd

Loan-to-Value: Up to 85%

Loan-to-Cost: Up to 90% 

Rates: 13-15%

DSC: 1.10x

Reserve Funds/Liquidity: ~5-10%

Origination Fee: 0.5%-2%

Entity Type: LLC/Corp

Recourse: Non-recourse, except standard carve-outs

Locations: USA, Caribbean, South America, Europe, & Canada

Closing time: 25-40 days (Standard), 45-60 days (High-Ticket/Niche)