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GSP met with an East Coast Bank opening their Los Angeles based originations office, offering traditional debt financing for less than traditional structures. Typically non-recourse, this bank will fund value-add reposition transactions to 65% of cost at below break-even coverage. Ground-up construction requests are also being underwritten for the primary four core product types. While unable to compete with money center banks on rate, this portfolio lender “thrives on unique deal structures” and will fund more complex facilities/requests. Their current focus is on note purchases; both arms-length pools or individual Borrower DPOs. Requests range from $10,000,000 to $100,000,000 and priced at LIBOR+500/600. The purchase of a cap or collar is not required.