Sara Havlena
(2024 projected origination volume and preferences)
Madison Realty Capital
Volume: $3B
$40M-$700M loans for multifamily, build-for-rent SFRs, condos, hotel/condo branded residences (Four Seasons, Ritz, etc.) and industrial; up to 75% LTC; rates starting at SOFR+ 500-750 basis points depending on leverage; non recourse; up to 36-month terms plus options; all major markets
Romspen
Volume: $400M
Funded $75M so far this year; $10M-$100M loans for all property types; up to 75% LTC; rates are fixed or variable (approximately WSJ Prime+ 400-600 basis points); up to 36-month terms for larger loans, 12- to 18-month terms for smaller projects; some recourse generally required; all major markets with populations over one million, select smaller secondary cities/towns
AVANA Capital
Volume: $200M
Funded $175M in 2023; $8M-$25M loans for hotels, multifamily, industrial; 65%-70% LTC; 11%-13% rates; three-year terms; full recourse required; the top 150 MSAs with a focus on the Sunbelt
Artes Capital
Volume: $150M (ground-up and renovation)
Funded $40M in 2023; $1M-$10M loans for preleased retail and industrial, as well as entry-level housing; up to 65% LTV/75% LTC with stretch senior options up to 75% LTV/85% LTC, also up to 75% LTV/90% LTC for preleased retail/industrial; 12- to 18-month terms; fixed rates from 10.5%-12.5%; recourse required; Western states with a strong focus on CA
BridgeInvest
Volume: $100M
Funded $150M in 2023; $25M-$75M loans for condos, industrial, multifamily; SOFR+ 500-650 basis point rates; up to 70% LTC; non recourse; major MSAs
Freedom Financial Funds
Volume: $100M
Funded $75M in 2023; $2M-$10M loans primarily for retail, apartments, industrial; typically 75% LTC; generally 12-month terms plus extensions; recourse preferred; west of the Rockies, unless fully leased and then contiguous 48 states
INCA Capital
Volume: $80M
Funded $19M in 2023; $1M-$20M loans for all property types including multifamily, residential subdivisions, luxury investment homes, townhomes, residential condos, office condos, retail, hotels, industrial; up to 75% LTC; 12- to 18-month initial terms with extensions provisions; flexible recourse; rates start at 10.5% (Prime+ 2%); all AZ markets, major metros in CA, CO, NV, UT
Envoy Net Lease Partners
Volume: $50M
$1M-$8M loans for convenience store, retail, industrial; typically 12-month term with two three-month options; up to 100% LTC for credit against 80% LTV for credit tenants and 75% LTV; Prime rates+ 200-300 basis points, 1.5- to 3-point fees; typically recourse required with a few exceptions; top 200 metros
Seattle Funding Group
Volume: TBD
$500K-$5M loans for non-consumer residential (spec and investment/build-for-rent), multifamily, mixed-use, commercial, industrial; 70%-75% LTC; limited recourse; 10.49%-10.99% rates; 18- to 24-month terms; major Western markets
