The Norseman CTN™ mezzanine underwriting process focuses on the lease, financing structure, and tenant credit.  A full lease review is performed, the ownership structure is reviewed, and the credit rating of the tenant is confirmed.  Whenever possible, Norseman relies on the due diligence performed by the senior lender with respect to property-level site surveys, appraisals, environmental and condition reports and title searches; provided that such reports are generally dated within one-year of the date of Norseman's engagement.  The resultant mezzanine financing package is then sent to the Rating Agencies and a rating on the financing is obtained.  This process can take 30-45 days from the time the Norseman engagement letter is signed.  Closing can occur within a few days of the end of the underwriting process.

 CTN™ Underwriting Guidelines