5 – 30 – 12
GSP is closing transactions with a national funder of non-recourse bridge loans with a 1.0 or greater going-in debt coverage ratio. This capital provider will also offer a portfolio take-out upon stabilization for transactions over $10,000,000. This is not a forward commitment, and there is no exit fee if their take-out is not executed. Bridge Terms are from $10,000,000 to $50,000,000 priced at LIBOR+450/500 with no floor. The three to five year floater requires a one point lender origination fee. The on-book permanent take-out will be sized and priced at then market conditions upon stabilization.