At first glance, it appears that the highest price paid per dollar of federal tax credit is the most important factor. However, this is only one piece of the puzzle. You also need to think about all of the following:

1. The annual priority return you pay can make a big difference. You will pay Lisart Capital an amount equal to 1% of the invested capital per year. Most syndicators charge two to three times this amount. Over a five year period, Lisart Capital will save you the total difference of 5 to 10 cents per dollar of tax credit.
   
2. The put option payment you make to Lisart Capital at the end of the five year recapture period equals 5% of the capital we have invested. It is common for other federal tax credit syndicators to charge two to three times this amount. It is likely that using Lisart Capital will save you an additional 5 to 10 cents per dollar of tax credit.
   
3. The timing of payments is important. We typically invest all of our equity at the time the project is placed in service, NPS part III approval is received and the cash flow has stabilized. Other syndicators typically hold back a portion of their investment in reserve equal to the amount of the put option payment. This means that 10 to 15 cents per dollar of credit is not ever invested in the deal.

We strongly encourage you to compare our total pricing model to others. We are convinced it will be the most competitive in the marketplace.