GSP identified a regional portfolio lender funding cash-flowing commercial assets “with moving pieces” and blemishes nationally in major MSAs. Marginal borrowers with credit issues are considered as are alternative use assets involving operating companies (golf courses, marinas, hotels), and underwritten to a 1.20 dcr. Recourse may be required to 75% LTV although non-recourse is available sub-65%. Fixed for three years rolling to a two-year floater, coupons start a 6% amortized over 25 years at par.