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Non-Recourse Floating Rate Debt; LIBOR+250-500 from $10,000,000

Investment Banks seeking CMBS feeders continue to offer their balance sheets for short-term bridge transactions on larger executions. GSP is working with one I-Bank funding down to $10,000,000 on-book for three year terms on a non-recourse basis. Sized down to a 4.0% going-in debt-yield, an interest reserve may be funded at close. Sub-3.0% coupons are underwritten for Class A assets in gateway cities. The one-point exit fee will be waive upon rolling into a CMBS perm.