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Transaction Description: GSP has identified a new debt fund comprised of a group of ex-CMBS professionals that is looking to deploy capital. The fund will target the lending niche between conservative insurance company loans and higher-risk bridge loans and preferred equity. The fund is currently targeting borrowers with short-term maturities who need to refinance and prefer non-recourse debt. In addition to senior debt, the fund will finance purchases of distressed properties and will selectively write B-notes, mezzanine loans and bridge loans. The lender plans to keep the loans on its balance sheet – may consider securitization as an exit strategy when the CMBS market returns. |
| Transaction Size: $10M -$50M |
| Rate: 8% – 10% |
| Loan Term: 3 to 7 years |
| Amort: 30 years |
| Max LTV: 75% |
| Min DCR: 1.3 |
| Non-recourse |
| Property Types: All major asset classes |
| Prepayment: Yield Maintenance |
| Fees: 1.0% |
| Geography: Large MSAs |
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