Current Deployment Outline 

• Value Add Acquisition and Refi Bridge Loans
  Max LTV/LTC 85%
  $5M and up
  Rates: L+500 – L+850% (Full and non-recourse)

• Construction Loans
  $5M and above
  Max LTC 75%
  LIBOR + 550-950 BPS (rates can improve based on reduced leverage)

• Hard Money Bridge Loans on Commercial Properties
  $500K-$10M
  Max LTV/LTC 70% (Transitional situations, distressed assets, need for speed, etc.)
  Rates 10-13% 2-4 pts (Full and non-recourse)

• JV & Pref-Equity on a Case by Case 
  Basis $10M minimum
  Equity transactions are structured on a 70/30 basis (70% Longhorn/30% Sponsor)
  All in yields on Pref is Mid to high teens – High teens to low 20's on JV
  Geography: United States