- Location: HQ in Los Angeles, CA
- Markets: Top 25 MSAs nationwide
- Deal Types: Construction or construction-completion only
- Loan Sizes: $10M to $50M typically. However, they closed a $64M construction loan last year.
- Asset Types: Multifamily, townhomes, SFR subdivisions, BTR, condos, and single-tenant net lease.
- Leverage: Up to 75% LTC for residential and 90% LTC for STNL.
- Pricing: SOFR + 4.50% to 5.00%
- Recourse: Typically non-recourse
- Recent Deals: They've financed the construction of several 100% affordable projects using Los Angeles's ED1 program.
- Competitive Advantages: Combination of leverage and pricing for non-recourse construction financing.
- Notes: They're leaning in on smaller deals where there's less competition.
