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Often, this type of structure will require the lender to underwrite the loan much as it dating in tampa florida pros and cons a subordinate or mezzanine loan, and will require the investor to enter into direct negotiations with the lender much like a mezzanine borrower would negotiate an intercreditor agreement with a senior lender to ensure that its payment requirements and enforcement rights do not trigger a default under the senior loan.
Further, "hard" preferred equity structures often require that the lender underwrite the proposed investor, a process that is both time consuming and labor intensive and could potentially significantly delay the closing of a transaction. Alternatively, a "soft" preferred equity structure combines elements of the above, but i may not require payments of "interest" to be made on the investment unless the property is generating sufficient excess cash flow after payment of debt service on the senior loan and property operating expenses ; ii may not have a set maturity date or absolute payment obligation; and iii may eliminate some or all of the harsher remedies in the event the investment is not paid back timely.
Generally, these investments, which more closely resemble a typical joint venture type agreement between partners, are more acceptable to a lender in that they present less or no interference with the management and cash flow from the property.