Structured finance is used after the first mortgage when borrowers need options beyond debt financing and includes all options in the capital stack, including joint venture equity, bridge and preferred equity, mezzanine financing, platform or operating company investments, and development/construction financing. If a borrower can get 60% LTV for the first mortgage, then the borrower goes up the capital stack for structured finance or more equity. Typically, the borrower tries to get structured finance from 60-75% – e.g., preferred equity or mezzanine equity. Our structured finance group plays above the first mortgage and common equity and can go into common equity, e.g., joint venture.