What an engagement looks like.

One page, no mystery. Here is the process from first call to funding.

Six steps

From the first call to funded.

  1. 01The first call

    Twenty minutes. An honest yes or no.

  2. 02Engagement

    Success fee in writing. No retainer, no cost to start.

  3. 03The file

    Trailing twelve P&L, rent roll, mortgage statement.

  4. 04Packaging

    The underwriting file assembled, sized, and presented.

  5. 05Placement

    Matched capital sources, questions managed, to a term sheet.

  6. 06Funding

    The loan closes. Our fee is paid from proceeds at the table.

01

The first call

You tell us the property, the loan, and the maturity date. We tell you honestly whether we can help. Twenty minutes. If you want the math before the call, run the gap estimator.

02

Engagement

A written agreement defining our success fee, earned only if and when your loan funds. No advance fee, no retainer, no cost to start.

03

The file

We need three documents from you: a trailing twelve month P and L, a current rent roll, and your most recent mortgage statement. We build everything else.

04

Packaging

We assemble the underwriting file, size the request, and prepare the presentation a capital source expects.

05

Placement

We present to matched capital sources from our bench, manage questions and site visits, and drive to a term sheet.

06

Funding

The loan closes, our fee is paid from proceeds at the table, and you have refinanced the maturity.

Fee: a success fee of one to two percent of the placed loan, paid at funding. If the loan does not fund, you owe nothing.

How a loan gets sized

Two tests run against every request. The smaller answer wins.

Test one

The value test

Appraised value
× advance rate
= supportable loan

A ceiling set by what the property is worth today, not by what it appraised for in 2021.

Test two

The income test

Net operating income
÷ required coverage
÷ mortgage constant
= supportable loan

A ceiling set by what the property actually earns, carried at today’s rate rather than 2021’s.

The lesser governs

A lender advances the smaller of the two results. When rates rise, the income test usually binds first — and the distance between that number and your maturing balance is the gap.

CAPITAL PROVIDERS

We maintain a bench of private credit funds, bridge lenders, and mezzanine debt providers active in DFW. If you lend in the one to five million dollar gap band on Class B and C multifamily or small-bay industrial and want screened, packaged submissions, introduce your shop at the capital bench page.