Eligible Collateral: First Mortgages on hotel properties, no personal guaranties required, except for standard Commercial Lender carve-outs.

Borrower/Sponsorship: Highly experienced in the hospitality industry, with strong net worth and liquidity.

Preferred Locations: Near demand drivers such as central business districts, office developments or airports.

Financing Size: $1,000,000 – minimum (prefer $3,000,000+). No maximum.

Loan Term: Any term from 5-20 years; 10 year term is generally the best pricing.

Amortization Period: 25 years maximum.

Interest Rate: Interest rates are fixed and typically locked two days before closing. Early and extended rate lock options are available.

Minimum DSCR: 1.40x

Maximum LTV: 75%

Processing Fee: $5,000, non-refundable.

Closing & Transaction Costs: Borrower is required to pay all third party due diligence and closing costs including the cost of an appraisal, environmental site assessment, physical needs assessment and seismic reports, title insurance, lender legal fees and miscellaneous transaction costs.

Loan Commitment: Within 10 business days of an executed application, receipt of related funds, requesteg Borrower data and third party reports.

Commitment Deposit: 1-2% of loan balance by commitment or rate lock.

Reports: Environmental: Site Assessment

Engineering: Physical Needs Assessment, Seismic (as applicable)

Appraisal: Full narrative FIRREA and USPAP compliant and MAI certified

Reserves: A Furniture, Fixtures and Equipment Reserve shall be the lesser of the amount determined by a third party capital needs assessment firm or 4% of EGI.

Prepayment: Two year lockout after sale of loan, then subject to defeasance, with the last three months open to prepayment with no fee.

Entity: Borrowing entity may be a corporation, a limited liability company or a limited partnership, but in any case must be organized as a Special Purpose Bankruptcy Remote entity.