Attractive spreads, a wide bandwidth and incomparable real estate sensibilities combined to form a great bridge lender for major food group assets, owner-occupied, and selective hospitality and special purpose properties in a reasonable location and market.
We would describe this lender as shooting for the $5-$20M value-add/repositioning loan on transactions that are mid-tier in credit and asset quality. Strong sponsorship (but still non-recourse) will tip the scale for harder deals.
Pricing is in the 3.50-4.70 IO over Libor range for a term up to 3 years. Sizing will be to 80% LTV on future value.