Stratas | Commercial Real Estate Financing - Learn More
Commercial Real Estate Financing
Learn More

CRE capital placement
built for experienced developers.

Stratas helps developers, sponsors, operators, and qualified brokers structure, package, and place commercial real estate capital for development, construction, bridge, stabilization, refinance, and equity paths.

$5M+ target minimumThe full review is built for larger CRE requests with enough scale to support lender and capital partner execution.
$15M-$80M preferredThe common sweet spot is where project size, sponsor readiness, and capital partner appetite tend to align best.
Debt + equity optionsSenior debt, bridge, construction, preferred equity, LP/GP, and JV structures remain available when the file supports them.
Round 1 first, full underwriting laterWe start with a lean package to build the story, then deeper lender diligence follows after term sheet activity.
Current CRE lanes
Multifamily BTR Build-to-sell Hotels Lot development Equity
View fit box
Multifamily development
Multifamily and BTR5+ unit development, bridge, and stabilization requests.
Hotel asset
HotelsFlagged assets, PIP, rebrand, conversion, and bridge paths.
Lot development
Lots and siteworkHorizontal development, soft costs, and lot sale strategy.
Common rates
SOFR + 3% to + 6% is a common estimated range across qualifying CRE files. Not a quote or commitment.
Bridge loan
1-2 years is typical bridge guidance. Interest reserves may be available when supportable.
Construction loan
3-4 years is typical construction/development guidance with draw-based execution.
Leverage guide
Up to 75% LTC may work for development, construction, improvement, rebrand, conversion, and stabilization. About 65% LTV is common for pure acquisition or refinance scenarios.
Current CRE Fit Box

The asset classes Stratas is actively screening.

The current box is intentionally focused. Files outside these categories can be harder to place, while underwriteable files in these lanes can move into the Round 1 package and lender/capital partner matching process.

Full CRE Fit Application
Multifamily apartment development

Multifamily / Apartments - 5+ units

Development, bridge, stabilization, or refinance paths for apartment projects with a clear sponsor story, capital stack, and exit strategy.

5+ unitsscreen floor
75% LTCwhen supportable
Major metropreferred
DevelopmentBridge stabilizationSponsor equityPFS / SREO
Build-to-rent community

Build-to-Rent Community - 5+ units

Rental community financing where the plan, budget, sources and uses, sponsor contribution, and refinance/sale path are clear from the start.

5+ unitsminimum phase
3-4 yrsdevelopment guide
Drawsbudget based
BTR communitiesHorizontal + verticalConstruction drawsRefi / sale exit
Build-to-sell homes and lots

Build-to-Sell Homes / Lots - 5+ homes/lots

For-sale homes or lots can be reviewed when the sponsor has a defined plan, budget, presale strategy, and sale-based exit.

5+ homes/lotsscreen floor
Presale %tracked
Sale exitneeded
Homes / lotsPresale planSources & usesTrack record
Condo and build-to-sell multifamily development

Condo / Build-to-Sell Multifamily - 5+ units

Condo and build-to-sell multifamily requests work best with strong market support, presales, deposits, plans, and clean development documents.

5+ unitsscreen floor
20%-30%presale target
Sale/refiexit path
Condos preferredPresale depositsPlans + permitsComps
Hotel financing

Hotels / Flagged Assets

Hotel requests can include construction, acquisition bridge, stabilization, property conversion, rebrand, or refinance of a current loan.

100+ keyspreferred
Hilton/Marriottbest fit
1-2 yrsbridge guide
Flagged hotelsPIP / rebrandConversionOccupancy history
Lot development to sell

Lot Development to Sell - 5+ lots

Horizontal development, sitework, and soft-cost requests for lots intended to be sold or moved into the next financing phase.

5+ lotsscreen floor
75% LTCwhen supportable
Lot salesexit clarity
SiteworkSoft costsEntitlementsLot sale exit
Capital Paths

Choose the capital path that best fits your project.

The fit application asks these as separate paths so the summary, estimated terms, and Round 1 document list can change based on the actual project request.

Horizontal development / sitework and soft costs

Capital for sitework, horizontal improvements, pre-development costs, design, municipal fees, reports, and early project momentum.

Term guidanceDevelopment-driven
Leverage guideUp to 75% LTC
Key supportSources and uses
    What Makes a File Work

    The core boxes Stratas reviews before deeper lender work.

    These are not approvals or guarantees. They are the practical fit items that help determine whether a file is ready to package and present.

    Sponsor fit

    Comparable experience matters.

    • Completed a similar project type before.
    • Comparable asset class, market, and dollar amount.
    • Qualified co-GP / JV already identified if experience is not strong enough.

    Equity / capital stack

    Sponsor contribution should include cash, money spent so far, and land equity.

    • Development and improvement requests can size to about 75% LTC when supportable.
    • Pure acquisition/refinance usually needs about 35% sponsor/JV equity.
    • LP/GP investors should be identified if outside equity is needed.

    Market and exit

    The story needs to be lender-ready.

    • Major city or major metro location preferred.
    • Clear stabilization, refinance, repayment, or sale strategy.
    • Budget, pro forma, sources and uses, and schedule should connect cleanly.
    Round 1 and After Term Sheet

    Start lean, then move into formal underwriting.

    The full application captures the financing request, terms, timeline, and use of proceeds. The Round 1 document package focuses on proof, support, and project context.

    Pre-underwriting / Round 1 document list

    This is the first package used to create the holistic project summary and lender-facing story.

    1. Personal Financial Statement (PFS)
    2. Guarantor / guaranty structure information
    3. GP / LP position breakdown
    4. Sponsor bio / resume / experience summary
    5. Project pro forma
    6. Detailed sources and uses / use of proceeds
    7. Entity balance sheet / Schedule of Real Estate Owned
    8. Property photos
    9. Appraisal / valuation support, if available
    10. CapEx history, if applicable
    11. Construction budget / construction estimate, if applicable
    12. Construction timeline / draw schedule, if applicable
    13. Construction takeout plan, if applicable
    14. Site and building plans, if applicable
    15. Entitlements / entitlement status, if applicable
    16. Permits, if applicable or available
    17. General contractor information + track record, if the developer is not the GC
    18. Occupancy history, hotel only
    19. Franchise agreement, hotel only
    20. Management agreement, apartment or hotel only
    21. Current rent roll, lease expirations, and lease abstracts only when acquiring/refinancing operating multifamily

    After term sheet is signed

    Formal underwriting and closing diligence usually happens after a signed term sheet and will vary by lender.

    • Credit authorization and lender-specific forms
    • Tax returns, bank statements, and liquidity verification
    • Government-issued IDs, EIN documentation, beneficial ownership, and entity formation docs
    • Title report, survey, environmental, insurance, and legal diligence
    • Entity approvals, resolutions, certificates of good standing, and KYC items
    • Final construction, GC, plans, permits, budget, draw schedule, and third-party report updates as requested
    • Asset-specific operating, franchise, management, lease, or closing documents requested by the lender
    Do not duplicate intake items

    The Round 1 document list above does not ask again for a financing request form, written capital request, short project summary, or requested financing amount/terms/timeline/use of proceeds because the full CRE fit application already captures those items.

    Process

    How the file moves from fit application to lender conversations.

    The goal is to avoid mass-blasting an incomplete file. Stratas packages the request first, then matches it to the lender or capital partner path that fits the project.

    1

    Complete the CRE fit application

    The application captures sponsor role, market, asset class, project purpose, capital stack, requested structure, timing, and exit strategy.

    • Borrower/sponsor or broker path
    • State and city selection
    • Asset-specific questions
    2

    Review preliminary fit

    Stratas reviews the sponsor, asset, market, capital stack, and requested loan purpose against the current CRE screen.

    • Match score and support items
    • Estimated terms/payment range
    • Potential debt-only vs equity need
    3

    Collect Round 1 documents

    Round 1 gives Stratas enough support to build an accurate project story before chasing full lender diligence.

    • PFS, SREO, pro forma
    • Sources and uses
    • Plans, budget, permits as applicable
    4

    Build the Executive Summary

    Stratas prepares the lender-facing summary covering the sponsor, project, capital request, sources and uses, strengths, and support items.

    • 6-20 pages depending on complexity
    • Client review before outreach
    • Package accuracy matters
    5

    Match to lenders and partners

    The file is routed to aligned lenders, private credit groups, equity groups, or capital partners based on fit, not volume.

    • Conference calls
    • Clarifying questions
    • Actionable term sheet discussions
    6

    Underwriting after term sheet

    After a signed term sheet, the lender controls formal underwriting, diligence, legal, title/escrow, closing conditions, and funding.

    • Credit/KYC and entity docs
    • Third-party reports
    • Closing diligence

    Ready to run a full CRE fit screen?

    Use the full CRE fit application for the customer-facing intake we built around sponsor experience, asset class, market, capital stack, estimated terms, payment guidance, and Round 1 documents.

    Stratas is a broker, not a direct lender. All terms, pricing, leverage, payment estimates, timing, and capital availability are preliminary and subject to underwriting, diligence, third-party reports, lender/capital partner approval, and final documentation.
    Commercial Real Estate Financing
    Learn More

    CRE capital placement
    built around the current Stratas fit box.

    Stratas helps developers, sponsors, operators, and qualified brokers structure, package, and place commercial real estate capital for development, construction, bridge, stabilization, refinance, and equity paths.

    $5M+ target minimumThe full review is built for larger CRE requests with enough scale to support lender and capital partner execution.
    $15M-$80M preferredThe common sweet spot is where project size, sponsor readiness, and capital partner appetite tend to align best.
    Debt + equity optionsSenior debt, bridge, construction, preferred equity, LP/GP, and JV structures remain available when the file supports them.
    Round 1 first, full underwriting laterWe start with a lean package to build the story, then deeper lender diligence follows after term sheet activity.
    Current CRE lanes
    Multifamily BTR Build-to-sell Hotels Lot development Equity
    View fit box
    Multifamily development
    Multifamily and BTR5+ unit development, bridge, and stabilization requests.
    Hotel asset
    HotelsFlagged assets, PIP, rebrand, conversion, and bridge paths.
    Lot development
    Lots and siteworkHorizontal development, soft costs, and lot sale strategy.
    Common rates
    SOFR + 3% to + 6% is a common estimated range across qualifying CRE files. Not a quote or commitment.
    Bridge loan
    1-2 years is typical bridge guidance. Interest reserves may be available when supportable.
    Construction loan
    3-4 years is typical construction/development guidance with draw-based execution.
    Leverage guide
    Up to 75% LTC may work for development, construction, improvement, rebrand, conversion, and stabilization. About 65% LTV is common for pure acquisition or refinance scenarios.
    Current CRE Fit Box

    The asset classes Stratas is actively screening.

    The current box is intentionally focused. Files outside these categories can be harder to place, while underwriteable files in these lanes can move into the Round 1 package and lender/capital partner matching process.

    Full CRE Fit Application
    Multifamily apartment development

    Multifamily / Apartments - 5+ units

    Development, bridge, stabilization, or refinance paths for apartment projects with a clear sponsor story, capital stack, and exit strategy.

    5+ unitsscreen floor
    75% LTCwhen supportable
    Major metropreferred
    DevelopmentBridge stabilizationSponsor equityPFS / SREO
    Build-to-rent community

    Build-to-Rent Community - 5+ units

    Rental community financing where the plan, budget, sources and uses, sponsor contribution, and refinance/sale path are clear from the start.

    5+ unitsminimum phase
    3-4 yrsdevelopment guide
    Drawsbudget based
    BTR communitiesHorizontal + verticalConstruction drawsRefi / sale exit
    Build-to-sell homes and lots

    Build-to-Sell Homes / Lots - 5+ homes/lots

    For-sale homes or lots can be reviewed when the sponsor has a defined plan, budget, presale strategy, and sale-based exit.

    5+ homes/lotsscreen floor
    Presale %tracked
    Sale exitneeded
    Homes / lotsPresale planSources & usesTrack record
    Condo and build-to-sell multifamily development

    Condo / Build-to-Sell Multifamily - 5+ units

    Condo and build-to-sell multifamily requests work best with strong market support, presales, deposits, plans, and clean development documents.

    5+ unitsscreen floor
    20%-30%presale target
    Sale/refiexit path
    Condos preferredPresale depositsPlans + permitsComps
    Hotel financing

    Hotels / Flagged Assets

    Hotel requests can include construction, acquisition bridge, stabilization, property conversion, rebrand, or refinance of a current loan.

    100+ keyspreferred
    Hilton/Marriottbest fit
    1-2 yrsbridge guide
    Flagged hotelsPIP / rebrandConversionOccupancy history
    Lot development to sell

    Lot Development to Sell - 5+ lots

    Horizontal development, sitework, and soft-cost requests for lots intended to be sold or moved into the next financing phase.

    5+ lotsscreen floor
    75% LTCwhen supportable
    Lot salesexit clarity
    SiteworkSoft costsEntitlementsLot sale exit
    Capital Paths

    Choose the capital path that best fits your project.

    The fit application asks these as separate paths so the summary, estimated terms, and Round 1 document list can change based on the actual project request.

    Horizontal development / sitework and soft costs

    Capital for sitework, horizontal improvements, pre-development costs, design, municipal fees, reports, and early project momentum.

    Term guidanceDevelopment-driven
    Leverage guideUp to 75% LTC
    Key supportSources and uses
      What Makes a File Work

      The core boxes Stratas reviews before deeper lender work.

      These are not approvals or guarantees. They are the practical fit items that help determine whether a file is ready to package and present.

      Sponsor fit

      Comparable experience matters.

      • Completed a similar project type before.
      • Comparable asset class, market, and dollar amount.
      • Qualified co-GP / JV already identified if experience is not strong enough.

      Equity / capital stack

      Sponsor contribution should include cash, money spent so far, and land equity.

      • Development and improvement requests can size to about 75% LTC when supportable.
      • Pure acquisition/refinance usually needs about 35% sponsor/JV equity.
      • LP/GP investors should be identified if outside equity is needed.

      Market and exit

      The story needs to be lender-ready.

      • Major city or major metro location preferred.
      • Clear stabilization, refinance, repayment, or sale strategy.
      • Budget, pro forma, sources and uses, and schedule should connect cleanly.
      Round 1 and After Term Sheet

      Start lean, then move into formal underwriting.

      The full application captures the financing request, terms, timeline, and use of proceeds. The Round 1 document package focuses on proof, support, and project context.

      Pre-underwriting / Round 1 document list

      This is the first package used to create the holistic project summary and lender-facing story.

      1. Personal Financial Statement (PFS)
      2. Guarantor / guaranty structure information
      3. GP / LP position breakdown
      4. Sponsor bio / resume / experience summary
      5. Project pro forma
      6. Detailed sources and uses / use of proceeds
      7. Entity balance sheet / Schedule of Real Estate Owned
      8. Property photos
      9. Appraisal / valuation support, if available
      10. CapEx history, if applicable
      11. Construction budget / construction estimate, if applicable
      12. Construction timeline / draw schedule, if applicable
      13. Construction takeout plan, if applicable
      14. Site and building plans, if applicable
      15. Entitlements / entitlement status, if applicable
      16. Permits, if applicable or available
      17. General contractor information + track record, if the developer is not the GC
      18. Occupancy history, hotel only
      19. Franchise agreement, hotel only
      20. Management agreement, apartment or hotel only
      21. Current rent roll, lease expirations, and lease abstracts only when acquiring/refinancing operating multifamily

      After term sheet is signed

      Formal underwriting and closing diligence usually happens after a signed term sheet and will vary by lender.

      • Credit authorization and lender-specific forms
      • Tax returns, bank statements, and liquidity verification
      • Government-issued IDs, EIN documentation, beneficial ownership, and entity formation docs
      • Title report, survey, environmental, insurance, and legal diligence
      • Entity approvals, resolutions, certificates of good standing, and KYC items
      • Final construction, GC, plans, permits, budget, draw schedule, and third-party report updates as requested
      • Asset-specific operating, franchise, management, lease, or closing documents requested by the lender
      Do not duplicate intake items

      The Round 1 document list above does not ask again for a financing request form, written capital request, short project summary, or requested financing amount/terms/timeline/use of proceeds because the full CRE fit application already captures those items.

      Process

      How the file moves from fit application to lender conversations.

      The goal is to avoid mass-blasting an incomplete file. Stratas packages the request first, then matches it to the lender or capital partner path that fits the project.

      1

      Complete the CRE fit application

      The application captures sponsor role, market, asset class, project purpose, capital stack, requested structure, timing, and exit strategy.

      • Borrower/sponsor or broker path
      • State and city selection
      • Asset-specific questions
      2

      Review preliminary fit

      Stratas reviews the sponsor, asset, market, capital stack, and requested loan purpose against the current CRE screen.

      • Match score and support items
      • Estimated terms/payment range
      • Potential debt-only vs equity need
      3

      Collect Round 1 documents

      Round 1 gives Stratas enough support to build an accurate project story before chasing full lender diligence.

      • PFS, SREO, pro forma
      • Sources and uses
      • Plans, budget, permits as applicable
      4

      Build the Executive Summary

      Stratas prepares the lender-facing summary covering the sponsor, project, capital request, sources and uses, strengths, and support items.

      • 6-20 pages depending on complexity
      • Client review before outreach
      • Package accuracy matters
      5

      Match to lenders and partners

      The file is routed to aligned lenders, private credit groups, equity groups, or capital partners based on fit, not volume.

      • Conference calls
      • Clarifying questions
      • Actionable term sheet discussions
      6

      Underwriting after term sheet

      After a signed term sheet, the lender controls formal underwriting, diligence, legal, title/escrow, closing conditions, and funding.

      • Credit/KYC and entity docs
      • Third-party reports
      • Closing diligence

      Ready to run a full CRE fit screen?

      Use the full CRE fit application for the customer-facing intake we built around sponsor experience, asset class, market, capital stack, estimated terms, payment guidance, and Round 1 documents.

      Stratas is a broker, not a direct lender. All terms, pricing, leverage, payment estimates, timing, and capital availability are preliminary and subject to underwriting, diligence, third-party reports, lender/capital partner approval, and final documentation.

      Commercial Real Estate • Debt + Equity

      Capital for developers—across the full CRE lifecycle.

      We can finance every phase: soft costsconstructionbridge / stabilizationpermanent takeout. Deal- and structure-dependent.

      Up to $1B+ on a single project* Founded 2020$1B+ funded (historical volume)* Minimum CRE deal size: $5M+*
      Stratas logo

      Stratas

      Where capital meets execution.

      Stratas is a commercial financing brokerage built to help sponsors and operators structure, package, and place capital efficiently—across debt, equity, and hybrid solutions.

      Have a quick question? Message us on X.

      CRE: Phases We Finance

      • Soft costs / pre-development
      • Construction (ground-up / heavy rehab)
      • Bridge to stabilization (lease-up)
      • Permanent takeout (long-term debt)
      • Equity / preferred equity / JV when needed
      Common stack options
      Senior debt C-PACE (where applicable) Preferred equity Mezz + equity

      Contact

      8275 South Eastern Avenue Suite 200-783 Las Vegas, Nevada 89123

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