CAPITAL STRUCTURE: BRIDGE LOAN
Insurance company launches new debt initiative focusing on transitional hotels
Check Size: $10MM-80MM
LTV: Up to 75%
Rate: Starting at 5%
Fees: 1% origination fee
Term: 3+1+1
Recourse: No repayment guarantee. Standard bad act carvouts
Misc: U/W using stabilized cash flow pre-Covid with a focus on 2019 performance
Property Types: Hospitality
Use: Acquisition (preferred) and recapitalization
Geography: Nationwide