RE credit modeling/other resources?

I don't think its any more complex than just underwriting it from the equity perspective. Typically we'll do an in-house stabilized value based on rent comps, pro forma and comparing to any historicals for existing properties in the market of similar vintage and quality as well as construction budgets for similar product and market to make sure Sponsor is not understating the budget. Then we'll size our loan typically to 60-70% LTV and a 200-300 bps spread over market cap rates on debt yield. We're never looking at providing a specific LTC unless Sponsor asks - we underwrite and where we shake out is where it shakes out.

Rate is determined by the market/submarket/sponsor track record. Basically how much do we like this deal and how likely is it that we'll be competing with other debt funds for the loan. Obviously more competition means lower rate. Right now we're typically seeing construction debt for good markets price around S+550 so ~10.8% going in. Bridge is typically S+350-450 depending on the product and business plan. A simple MF project terming out on their construction debt and looking for a bridge to agency will be on the low end. A full re position of an asset or a value add component will be higher but also likely has more existing cash flow so less risk to lender.