North of 15%
Tom, great response. Maybe $5m minimum. Sponsors should be "solid gold". The money is out there, but you will need a good story as to why you do not have the equity. There are some sources that will do a cross collateralized deal...rates are a little higher. Mezz debt can be messy.
As with any investment, keep in mind, the higher the risk, the higher the rate, the higher the reward.
CHEERS!
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