Benchmark: A reference rate (e.g., 10‑year U.S. Treasury, SOFR) used to price loans.
Spread: The number of basis points (bps) added to the benchmark to arrive at a coupon.
LifeCo: Life insurance company lender. Typically targets lower leverage, core assets.
Agencies: Government‑sponsored entities (Fannie Mae/Freddie Mac) lending to multifamily.
Debt Fund: Non‑bank lender focused on structure or speed; generally higher spreads.
LTV: Loan‑to‑Value. Leverage is often bucketed at ≤55%, 55–65%, and 65–75%.
DSCR: Debt Service Coverage Ratio. NOI divided by annual debt service.
CEMA: Consolidation, Extension, and Modification Agreement used in New York to reduce MRT in certain refi structures.