American Capital Services :: We Get the Deal Done.

ACAP provides or arranges mezzanine financing across all commercial asset classes on a case by case basis.

*Guidelines*	*Senior Loan*	*ACAP Mezzanine Debt*
Min/Max Loan Size	Deal by deal basis	$250,000 to $5 million
Maximum LTV	Typically 80%	Up to 90%
Coupon	Senior Lender	11%-16%
		For Highest DSCR and Tenancy Credit: 11% to 11.5%
		Median DSCR, Tenancy Credit and Land to Value Ratio: 13.75%
		Lowest Quartile DSCR, Tenancy Credit, and Land to Value Ratio: 16%
Minimum DSC	Deal by deal basis	1.05x combined
Commitment Fees	None	1/2 to 2 percent of Mezzanine loan
Term	Deal by deal basis	5-10 years
Amortization	Up to 30 years	Flexible
Prepayment	Deal by deal basis	Flexible
Lockbox	None	Typically Required
Due Diligence Items/3rd Parties	Senior Lender and ACAP
Originator	Senior Lender and ACAP
Credit Decision	Senior Lender
Closing	One Closing
Loan Security	Property	Ownership Interests

Guidelines