Office, retail, industrial, hospitality, self-storage and seniors housing, perm, bridge and construction, underwritten to the coverage floor each asset class clears.
Permanent leverage on these six classes sits in a narrow 65% to 70% band. Coverage is where they differ: 1.25x on industrial against 1.40x or more on hospitality and seniors housing. The rate tables on this page carry today's floors by source. Most negotiations end up being about coverage.
A sponsor who knows the coverage floor is the real constraint negotiates the number that sets the loan.
Storage bridge loans run to 70% LTC against 65% on perm, because fill-up is predictable in a way lease-up elsewhere is not. A storage facility's absorption curve is well-documented across thousands of comparable facilities; a hotel's re-flag ramp or an office building's lease-up is not.
Hospitality and seniors housing both carry the highest coverage floors on this page, 1.40x or more, for the same reason: the revenue is operational, not contractual. A hotel's RevPAR and a memory-care facility's census can move faster than a lease roll can, so lenders demand more cushion.
That's the bridge to the next tier of going-concern underwriting entirely, gas stations, truck stops and other operating businesses, where the real estate is almost incidental to the credit decision.
Enter the numbers and see what governs proceeds. When it looks right, hand it to the desk with the figures already filled in.
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Also consider: Owner-Occupied & Specialty · Multi-family & Residential Rental