Updated countertops with waterfall finish.

A typical preferred return might be 7% annual return paid monthly with a 70%/30% at waterfall at the end.  

Beautiful country with 300 miles of beaches, a lovely forested interior with mountains up to 4,000 feet tall, waterfalls, caves, and plenty to do (surfing, kite surfing, snorkeling/scuba diving, boating, fishing, rock climbing, partying, relaxing on the beach).2.

The way that many sponsors operate and structuring waterfalls it makes more sense to sell at the end of the value add rather than the sunset of the loan.

I've seen folks put in double waterfalls, kickers, and all of the sort.

Occupancy rates and ADR seem to be withstanding market shift, prices are lower than Blue Ridge, and year round attractions (wine, hiking, waterfalls, tubing, kayaking, history, festivals)

Paid most off, sold on mostly interest only contracts last year that pay monthly interest and will provide periodic large balloon waterfalls in years 3, 5, 7, 10 to redeploy along the way.  

As with any excel UW model, repetition, repetition, repetition has also been a big help.https://www.udemy.com/user/justinkivel/He also has an advanced course that includes various stress tests, next buyer analysis, hold-sell analysis, CF distributions, Uneven waterfall CF, EM (Equity Multiple) waterfall hurdles, clawbacks, etc... 

Equity into the borrowing entity (mostly for SPEs) which specifies repayment terms and details the "equity waterfall" is a good example.

Account ClosedPerhaps an LLC taxed as a partnership with a waterfall allocation and distribution schedule.What exactly is your partner bringing to the table if you're providing 100% of the initial capitalization and arranging financing?