- LTC (Loan-to-Cost) — loan ÷ total project cost.
- LTV (Loan-to-Value) — loan ÷ appraised value.
- DSCR (Debt Service Coverage Ratio) — net operating income ÷ debt payments (lenders want ≥~1.20–1.25x).
- Recourse / non-recourse — whether the borrower is personally liable beyond the collateral.
- Amortization — the payment-calculation period (e.g., 40 years).
- Term — when the loan matures/balloons.
- Draw schedule — staged release of construction loan funds against completed work.
- Construction-to-perm — one loan/closing covering construction and permanent financing.
- Cap rate — net operating income ÷ value; lower cap rate = higher value.
- NOI (Net Operating Income) — income after operating expenses, before debt service.
- Pro forma — projected financial model of a development.
- Yield-on-cost / IRR / equity multiple / cash-on-cash — developer return metrics.
- NNN (Triple Net) — a lease where the tenant pays taxes, insurance, and maintenance on top of rent.
- TI allowance — landlord's contribution toward a tenant's build-out ($/SF).
- Work letter — the lease exhibit defining landlord vs. tenant construction responsibilities.
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