You know, just trying to get from the lender's perspective, what does a lender need to see before they're comfortable lending against a leasehold interest? What are they looking for?

Well, they need to see the ground lease.

That's the most important thing because that's really their collateral.

So, I mean, as a leasehold lender, you're really looking for sort of a suite of rights to make sure that you can retain and protect the collateral during the term.

One of those is notice and cure rights.

Pretty simple, right? If the tenant is going to default or something's going to happen where the landlord can send a default notice, they don't pay rent or they're leaving the property in disrepair.

the lender gets a right to receive simultaneous notice of that default and a right to cure it.

And then I think more specifically, and if you could provide an example and, you know, What is a sale lease back, the basics of it? A typical transaction would be helpful, maybe an example of a recent one that you've done and why this structure versus what we've been talking about in a more traditional ground lease structure.

You know, just trying to get from the lender's perspective, what does a lender need to see before they're comfortable lending against a leasehold interest? What are they looking for?

Well, they need to see the ground lease.

That's the most important thing because that's really their collateral.

So, I mean, as a leasehold lender, you're really looking for sort of a suite of rights to make sure that you can retain and protect the collateral during the term.

One of those is notice and cure rights.

Pretty simple, right? If the tenant is going to default or something's going to happen where the landlord can send a default notice, they don't pay rent or they're leaving the property in disrepair.

the lender gets a right to receive simultaneous notice of that default and a right to cure it.

And then I think more specifically, and if you could provide an example and, you know, What is a sale lease back, the basics of it? A typical transaction would be helpful, maybe an example of a recent one that you've done and why this structure versus what we've been talking about in a more traditional ground lease structure.