Participating -  Portfolio Securitization will obtain an ownership interest in the property with the borrowing entity.  The normal range of equity contribution is 90/10 to 50/50.   Typically, Portfolio will own 50% of the deal.*
	*On a deal-by-deal basis.  It will depend on several criteria, including:
	--Sponsor   --Borrower's Experience   --Property Type

Mezzanine - There will not be any ownership interest on behalf of Portfolio Securitization.  Portfolio's position will be that of 2nd Trust Deed.

PROPERTY TYPES

	Retail Centers
	Industrial
	Office
	Apartments
	Senior Housing -  Independent Living, Assisted Living, CCRC, Nursing Homes.
	Residential Tract Developments

	The borrowing entity must have the financial capacity and contribute a minimum of 10% equity.
	Both types of equity deals are typically 3-5 year terms.