STRUCTURED CAPITAL FOR MIAMI COMMERCIAL REAL ESTATE

Every commercial real estate deal in Miami has a capital stack. It is simply the order of who gets paid — and who takes the hit — if the plan slips. At the base is senior debt: the first-position loan. It funds most of the project and sets the rules for everything above it. Permanent, bridge, or construction — same job, different timing. Above that sits gap capital: mezzanine, or preferred equity. That layer fills the distance between what senior will fund and what the project actually costs. At the top is sponsor equity — your own capital. Residual risk, and residual upside. The order is not decoration. Senior gets paid first. Common equity gets paid last. Get the stack wrong, and the business plan fights the loan for the whole hold. Ordeg Capital arranges that stack around the business plan — not the other way around. We do not lend our own money. We structure and place the capital. This is not a commitment to lend. Financing is subject to lender approval and full underwriting. Have a deal that needs capital? Visit ordegcapital.com/contact.

Senior debt rarely covers the whole basis. The gap between what the senior lender will fund and what the project costs has two common answers: preferred equity, and mezzanine. They fill the same hole. They do not behave the same way. Mezzanine is debt. It sits behind the senior loan, usually secured by an ownership interest rather than the building itself. It has a stated return, a maturity, and its own path if the deal fails. Preferred equity is equity. It sits between the senior loan and the sponsor's common equity. It is repaid after the senior lender and before common. In exchange, it carries a defined return — and a defined set of rights. The economics get the attention. The control provisions decide whether you still run your own asset. What triggers a change of control, what major decisions need approval, how a capital event flows — that is the real difference. Which one fits depends on what the senior lender permits, how the entity is structured, and what you are trying to protect. Ordeg works in both. We build the senior piece and the gap piece so they are compatible before either goes to committee. This is not an offer of securities, and not a commitment to lend. Terms are deal-specific. Send the stack as it stands today. Visit ordegcapital.com/contact.

What a lender actually reads first is not the pitch deck. It is the rent roll, and the trailing twelve months of operations. Income has to reconcile. Expenses have to look like the market, not like a hope. Coverage is modeled under conservative assumptions — not the ones that make the deal feel easy. Then the sponsor. Have you owned or built this kind of asset before? Is the equity real and available? Can you carry the plan if it takes longer? Then the exit. What happens at the end of the hold? Who buys, who refinances, and what has to be true for that to work? Deals quietly fall apart in the gaps: a rent roll that does not match the trailing statements, a capital budget with no backup, a business plan that only works if everything goes right. Ordeg underwrites before outreach. We build the model, pressure-test the assumptions against South Florida comparables, and find the issues a credit committee will find — while there is still time to answer them. This is not a commitment to lend. Underwriting is the start of a conversation, not an approval. Submit the file at ordegcapital.com/contact.

A signed term sheet is not a close. It is the start of the hard part. Sponsors treat the signature as the finish line. Capital treats it as permission to start diligence. The next sixty days are where deals are won or lost. Appraisal. Environmental. Property condition. Survey. Legal. Title. The third-party reports that either confirm the story or rewrite it. This is also where numbers retrade. If the appraisal comes in light, if the trailing income does not hold, if a lease rolls — the proceeds you thought you had can move. Staying in the file, and answering those questions while they are still solvable, is the work. Ordeg holds the timeline. We stay through diligence, appraisal, and closing. We sit on the sponsor's side of the table: proceeds, recourse, reserves, prepayment, and draw mechanics. Nothing here is a commitment to lend. A term sheet is an indication of interest. Financing remains subject to lender approval, full underwriting, satisfactory reports, and definitive documents. If you have a deal that needs to get through those sixty days, start at ordegcapital.com/contact.