I am seeing a lot of loan requests for deals during construction completion and lease up, so I put together a high level overview of the different options available today. Banks: Banks are likely to be the cheapest option, with pricing starting from Treasuries + 250, and could usually get 18 months of IO. Recourse (at least until stabilization). 5 or 10 year term. They may start with a higher rate and lower it upon stabilization. Max loan amount calculated using 1.25 DSCR for 30 year amortization. Usually want 30% +  Leasing activity, so it is more difficult to get a bank comfortable with construction completion. More focused on local sponsors. LifeCos: Pricing usually from Treasuries + 300, but could be T + 200 for $30MM+ deals. Could do full term IO 5 or 10 year term. Non Recourse Max loan amount calculated using 1.25 DSCR for 30 year amortization. (Even if they are offering IO). Usually Looking for more experienced sponsors. Private Lenders: About 50% of funds offer Non Recourse. Pricing from SOFR + 325 for over 10MM, and SOFR + 400 for under 10MM. Usually up to 36 months, IO full term, will likely be more expensive the longer the term and cheaper prepayment penalty. Some will lend even before CofO, so this will be the easiest option for construction completion. Max loan amount is usually calculated by underwriting to an agency takeout. Let me know if this matches what you are seeing or if you have anything else to add! If you found this useful, please like and retweet!