CMBS volatility has Sponsors searching for national permanent capital providers with the ability to close as applied for at higher leverage points than traditional life insurance companies. GSP is working with several small balance lenders who pool then securitize but hold their own B Piece and advance to 75% of current value for stabilized assets. The lack of a B-Piece buyer omits the need for a material adverse change (MAC Clause) statement in the loan application. Priced in the high 4% range for 10 year fixed terms, amortization is typically 30 years for core assets. Lender legal is typically in-house to minimize closing costs.