Shared collateral creates shared exposure
A problem at one property can affect the rest of a cross-defaulted facility.
Multiple assets / ownership
Portfolio Financing & Recapitalization
Capital solutions for multi-asset portfolios.
Explore representative terms
01 / Program overview
Where it fits.
Kiser evaluates financing across multiple properties, considering asset-level performance, combined cash flow and collateral requirements. The structure should support the sponsor’s ownership objectives while accounting for property releases, future acquisitions and upcoming maturities.
Suitable transactions
- Coordinate several upcoming maturities.
- Acquire, refinance or release properties within a facility.
- Evaluate a partner buyout or new equity alongside refinancing.
What we evaluate
- Asset-level debt schedule, valuations, cash flow and ownership.
- Release prices, cross-defaults and concentration limits.
- Net proceeds after payoff costs, reserves and transaction expenses.
02 / Market guide
Representative
Market Terms
A starting point for evaluating the structure. Final terms depend on the property, sponsor, business plan and capital provider.
Discuss your scenario| Parameter | Guideline / consideration |
|---|---|
| Loan size | Sized to the transaction and lender program. Requested proceeds are evaluated against collateral, cash flow and the capital provider’s criteria. |
| LTV | Based on asset value, cash flow and lender criteria. The final advance is subject to valuation and underwriting. |
| LTC | Dependent on the assets and acquisition plan. No universal portfolio LTC range. |
| Term / extensions | Structured around the business plan and exit. Extension rights and conditions are negotiated with the lender. |
| DSCR | Property and portfolio coverage are evaluated. Each asset and the combined collateral pool must support the proposed debt. |
| Pricing / benchmark | Fixed, floating or mixed tranches. The benchmark, spread, floor and rate-lock terms are set for each transaction. |
| Amortization / interest only | Interest-only or amortizing, depending on the program. Confirm the payment schedule and principal due at maturity. |
| Recourse | Negotiated to fit the financing structure. Review guarantees, carve-outs and ongoing obligations. |
| Prepayment / releases | Negotiated release, substitution and prepayment terms. Test whether a sale requires more paydown than the allocated loan balance. |
| Reserves | Property and pool-level reserves as required. Confirm whether cash can move between assets. |
| Closing timeframe | Coordinated with the transaction’s requirements. Diligence, documentation and lender approval determine the closing schedule. |
| Eligible properties | Multi-asset commercial and multifamily portfolios. Ownership, asset mix and lender concentration limits shape the structure. |
| Geography | Location reviewed with the capital provider. Property location and capital-provider coverage are reviewed early in the process. |
Representative terms are subject to market conditions, underwriting and lender or investor approval. Actual proceeds and structure depend on the transaction.
03 / Structure matters
Look beyond
the headline.
Flexibility must be documented
Model an individual property sale before accepting release and substitution tests.
Start with the property
Let’s discuss the next step.
Share the property type, business plan and timing. We’ll use that context to evaluate the capital strategy.
Discuss portfolio financing