Lev Blog

Insights and guides about commercial real estate financing, market trends, and industry best practices.

Capital stacking in commercial real estate: how senior debt, mezzanine, preferred equity, and common equity fit together

Capital stacking in commercial real estate: how senior debt, mezzanine, preferred equity, and common equity fit together

The capital stack is how every CRE deal gets financed. Learn how senior debt, mezzanine, preferred equity, and common equity layer up, and what each costs.

Debt yield in commercial real estate: the formula lenders use when DSCR and LTV aren't enough

Debt yield in commercial real estate: the formula lenders use when DSCR and LTV aren't enough

Debt yield is the cash-flow yield a lender earns on the loan amount. Learn the formula, why lenders use it alongside DSCR and LTV, and what's a good debt yield.

Estoppel certificate in commercial real estate: what it is, who uses it, and why every closing needs one

Estoppel certificate in commercial real estate: what it is, who uses it, and why every closing needs one

An estoppel certificate is what tenants sign to verify lease terms in a CRE sale or financing. Learn what it covers, who needs it, and how to negotiate it.

Ground lease in commercial real estate: what it is, how it works, and when it makes sense

Ground lease in commercial real estate: what it is, how it works, and when it makes sense

A ground lease lets a tenant build on land they don't own. Learn how they work, subordinated vs unsubordinated structures, and how to finance one.

Warehouse and industrial real estate investment: how to buy, finance, and operate industrial properties

Warehouse and industrial real estate investment: how to buy, finance, and operate industrial properties

Industrial is the strongest CRE asset class. Learn how to buy a warehouse, what to underwrite, financing options, and what makes a property institutional-grade.

Rent roll in commercial real estate: what it is, what it shows, and how to read one

Rent roll in commercial real estate: what it is, what it shows, and how to read one

A rent roll is the most-read document in any CRE deal. Learn what a rent roll shows, the columns lenders and buyers scrutinize, and the red flags to spot.

DSCR loans in CRE: how lenders measure debt service coverage and what borrowers and brokers should know

DSCR loans in CRE: how lenders measure debt service coverage and what borrowers and brokers should know

DSCR is the ratio lenders use to decide if a CRE deal pencils. Learn how to calculate it, target ratios by property type, and how to strengthen yours.

Triple net (NNN) lease investing: how it works, who it's for, and what to expect

Triple net (NNN) lease investing: how it works, who it's for, and what to expect

A triple net (NNN) lease shifts taxes, insurance, and maintenance to the tenant. See how NNN works, lease variations, cap rates, and financing.

Offering memorandum in commercial real estate: what investors and lenders look for

Offering memorandum in commercial real estate: what investors and lenders look for

An offering memorandum (OM) is the document that gets a CRE deal financed. Learn what's in an OM, how to read one, red flags to spot, and how lenders use it.

BOV in real estate: how it compares to BPOs and appraisals

BOV in real estate: how it compares to BPOs and appraisals

A broker opinion of value (BOV) gives CRE investors a fast, low-cost read on a property's value before committing to an appraisal. Here's how BOVs work, when to use one, and what to expect.

CRE Glossary: Every Term You Need to Know

CRE Glossary: Every Term You Need to Know

A working glossary of the commercial real estate terms CRE investors, brokers, and lenders use every day. Definitions, examples, and links to deeper guides.

What Are AI Agents and Why CRE Companies Need Them

What Are AI Agents and Why CRE Companies Need Them

AI agents are changing how commercial real estate companies operate. Learn what they are, how they work, and why early adopters will have a major advantage.