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Narrative provides customized mortgage, mezzanine and preferred equity products to clients, in addition to selectively financing discounted note purchases.  Investments are generally collateralized by multifamily, office, industrial, anchored retail and nationally flagged hospitality properties within top 50 MSAs. 

  • MORTGAGE LOANS

    Loan Size:
    Generally $10-75 Million

    Term:
    2-5 years

    Leverage:
    Up to 80% LTC / LTV

    Coupon:
    1 Mo LIBOR + 4.00-6.00%

    Fees:
    Typically 1.00% at closing; 1.00% at exit

    Prepayment Flexibility:
    Typically yield maintenance through 18-24 months

    Amortization:
    Interest-only

    Recourse:
    Generally non-recourse

  • MEZZANINE LOANS

    Loan Size:
    Generally $5-20 Million

    Term:
    Up to 5 years

    Leverage:
    Up to 85% LTC / LTV

    Coupon:
    Generally 1 Mo LIBOR + 8.00-12.00%

    Fees:
    Typically 1.00% at closing; 1.00% at exit

    Prepayment Flexibility:
    Typically yield maintenance through 18-24 months

    Amortization:
    Interest-only

    Recourse:
    Generally non-recourse

  • PREFERRED EQUITY

    Investment Size:
    Generally $5-20 Million

    Term:
    Coterminous with senior debt (up to 5 years)

    Leverage:
    Up to 90% LTC / LTV

    Priority Returns:
    Generally through income participation, with partial PIK accrual considered

    Fees:
    Typically 1.00% at closing; 1.00% at exit

    Prepayment Flexibility:
    Typically yield maintenance through 18-24 months