by Darrian Peck | Jul 31, 2026 | Construction
Cheaper Equity or Expensive Debt Mezzanine financing gets pitched as a bridge. In practice it behaves like expensive debt with equity-like risk. It sits below your senior lender and above your equity, and it charges a rate that reflects that position, typically in the...
by Darrian Peck | Jul 29, 2026 | Construction
Where Your Dollars Actually Sit Every hotel deal is described in terms of cap rate, NOI, and exit multiple. But before any of that matters, the money behind the project is stacked in a specific order, and that order determines who gets paid first, who gets paid last,...
by Darrian Peck | Jul 27, 2026 | Construction
The Delay Hiding in the Loading Dock Most schedule risk conversations start with steel, concrete, and permitting. Few start with case goods, casegood veneers, or the guest room HVAC package. Yet a surprising share of hotel opening delays trace back to a purchase order...
by Darrian Peck | Jul 24, 2026 | Construction
Draws Are a Trust Mechanism, Not Paperwork Every draw request tells your lender a story. It says the work matches the budget, the budget matches the schedule, and the schedule matches reality. When that story holds together month after month, construction draw...
by Darrian Peck | Jul 22, 2026 | Construction
Somewhere in the middle of a construction draw schedule sits a line item most sponsors barely glance at during underwriting: the interest reserve. It rarely gets debated the way hard costs or contingency do. Then, twelve months into a build, it becomes the reason your...
