The surge of capital has added the challenge of identifying national portfolio lenders willing to consider transactions under $5,000,000 on a non-recourse basis. GSP is working with a national institutional lender for stabilized assets from $2,000,000 to $6,000,000. Spreads vary based on risk and product type although all fixed coupons are priced over treasuries, a 15 to 17 basis point savings over comparable SWAPs. Core assets and student housing in major MSAs are underwritten to 75% of value/1.25 dcr on a non-recourse basis. Terms vary from 5 to 15 years, amortized over 30 years and carry a yield maintenance prepayment penalty.