Home / Capital sources

More capital options.
A better fit for your project.

We help property owners and developers identify debt and equity sources suited to their project, then shape the request and manage the capital conversation.

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Explore the market

Different capital.
Different questions.

The business plan determines which capital conversations belong on the shortlist.

Balance-sheet credit

Senior debt

Operating assets and relationship-led acquisition or construction financing.

What to examine

Deposits, recourse, hold size and concentration limits.

Typical considerations only. This does not establish eligibility, current availability or a relationship with a specific institution.

Explore the capital landscape

A different plan.
A different capital conversation.

Choose a business plan to see the source families that may fit.

Banks & credit unions

Balance-sheet lenders

Relationship-driven mortgage lending.

Insurance capital

Life companies

Longer-duration real estate credit.

Eligible program channels

Agency & CMBS

Program or securitized mortgage execution.

Funds & private capital

Equity partners

Acquisition, ownership and recapitalization.

Your business planIncome in place

Durable cash flow. Long-term capital. Source fit depends on the asset, sponsor and mandate.

A qualitative guide, not a funding allocation or commitment. Categories overlap.

A broad view of the market. The relevant source depends on the property, sponsor, stage, size and structure. This is a guide to categories, not a list of committed partners or available financing.

01Balance-sheet lenders

National, regional and community banks; private banks; credit unions; foreign banks with relevant lending mandates.

Relationship, deposits, recourse, hold limits and concentration can affect fit.

02Private credit & debt funds

Closed-end and evergreen real estate debt funds, alternative asset managers, private lenders and specialty finance companies.

Bridge, construction, transitional and tailored credit strategies depend on each mandate.

03Life insurance companies

Life-company general accounts and insurance-managed lending programs.

Long-duration mortgages, credit quality and asset/liability requirements influence underwriting.

04Mortgage REITs

Public and private mortgage REITs and their lending platforms.

A potential credit source. A mortgage REIT is distinct from an equity REIT that owns properties.

05Securitized credit

CMBS conduit lenders, single-asset/single-borrower execution and credit platforms using CRE CLO financing.

Conduit or originating platforms provide the loan; securitization describes how credit may be financed or distributed.

06Agency & government-supported channels

Fannie Mae and Freddie Mac lending channels; HUD/FHA programs; SBA 7(a) and 504; eligible USDA programs.

Program lenders, eligibility and property use matter. These categories do not imply the firm is an approved agency lender.

07Institutional equity

Pension funds, endowments, foundations, sovereign wealth funds and investment managers acting for institutional accounts.

Often accessed through managers, joint ventures or programmatic partnerships, subject to mandate and governance.

08Private equity & real asset funds

Core, core-plus, value-add and opportunistic real estate funds; discretionary funds and separate accounts.

Business plan, return objectives, hold period and sponsor alignment shape fit.

09Family & private capital

Single- and multi-family offices, high-net-worth investors, private investment partnerships and investment clubs.

Decision-making, concentration and investment objectives vary considerably.

10Equity REITs & strategic partners

Public and private equity REITs, property companies, developers, operators and strategic joint-venture partners.

These parties may invest in ownership or a platform rather than lend against an asset.

11Specialty & mission-oriented capital

C-PACE capital providers, CDFIs, community-development lenders, housing agencies, tax-credit investors and eligible public/private programs.

Project eligibility, approvals, senior lender consent and specialist structuring may be required.

12Sponsor & transaction capital

Sponsor equity, co-GP capital, seller financing, seller rollover and negotiated earnouts or deferred consideration.

Capital already inside the transaction can complement outside financing; obligations and economics must be explicit.

Types & structures

The form
capital takes.

01

Senior debt

Acquisition, permanent and bridge loans; construction, land and horizontal development; rehabilitation/RTL; rental/DSCR and portfolio financing; condo inventory; owner-occupied and eligible business-purpose financing.

02

Structured credit

Mezzanine debt, subordinate mortgages where permitted, stretch senior and whole loans, note-acquisition financing, rescue or recapitalization financing, credit-tenant structures, lines of credit and portfolio facilities.

03

Equity & partnerships

Preferred equity, common/JV equity, GP and co-GP capital, LP equity, programmatic ventures, recapitalizations and platform capital.

04

Specialized structures

C-PACE, eligible tax-credit equity and public incentives, sale-leasebacks and ground-lease structures. These differ from conventional loans and may require specialist partners.

These categories overlap. A life company can invest through a fund; a debt fund can finance loans through a securitization. A source category is not a lending program, and neither is an asset class.

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Find the capital
that fits.

Tell us what you own, what you are planning and the capital you need.

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Actual document-page preview. The Resources page provides the complete overview PDF and original blank workbooks.

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