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Predictable Income
with Credit Tenant Net Lease Properties

Credit Tenant Net Lease (CTNL)
Program

Program Overview

Financing secured by long-term corporate leases, including construction-to-permanent and long-term fixed-rate structures. Loans are sized to the lease term, tenant credit, and cash flow.

Purpose

Permanent or construction-to-permanent financing

Structure

CTL, sale-leaseback, ground-lease financing

Leverage

Up to 100 percent of LTV depending on lease credit

Loan Size

$25MM to $100MM plus

Funding Sources

Life companies, REITs, pension funds, CTL lenders

Property Types

Retail, medical, industrial, office, hospitality, single-tenant NNN

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No balloon payments

No prepayment penalties

Approvals based on projections

Refinance high-cost debt

Lower equity and longer terms

Fully non-recourse structures

Long-term fixed rates up to twenty-five years

Loans sized to lease cash flow and tenant credit profile

Representative Transactions

Investment-Grade Retail CTL

  • $62MM long-term fixed-rate execution

Corporate Ground Lease

  • $48MM CTL financing with twenty-five-year term

Fortune 500 Industrial CTL

  • $55MM long-term fixed-rate financing sized to lease term and tenant credit

Frequently
 Asked Questions

Here are a few frequently asked questions to help clarify common concerns and provide quick, helpful answers.

How is CTL different from standard NNN financing?

Loans are sized almost entirely to tenant credit and lease cash flow.

No. CTL loans are typically fully non-recourse.

Yes, for qualifying tenants and leases.

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