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Balance Sheet Lending from LIBOR + 225

George Smith Partners is placing ground-up construction and bridge/reposition debt with a national Money Center Bank pricing from LIBOR + 225 to 250 to 65% of cost. All-in coupons are sub-3.0% for cash flowing and potentially cash flowing commercial assets from $3,000,000 to $50,000,000. Future good news dollars accrue interest when funded; there is not negative arbitrage.