This is a UK-based bank that started lending in the US in 2023.
This is a UK-based bank that started lending in the US in 2023.
3 min read
Location: US HQ in NY
Markets: Nationwide except for CA and NV due to licensing requirements.
Deal Types: Bridge and construction
Loan Sizes: $10M to $75M. Will potentially go lower for a good sponsor that would have repeat business. Most of their loans range from $30M to $50M.
Asset Types: All asset types including land, office, hospitality, etc. They currently have $150M in office loans in process for credit approval.
Leverage: Mid-to-high 60s LTV
Pricing: S+3.50% to 4.00% for bridge, and S+4.00% to 5.00% for construction.
Recent Deals:
Condo inventory loan in Brooklyn
Office bridge loan in NJ (A-note)
Revolving warehouse line for a debt fund
Competitive Advantages: They're a bank chasing debt fund-profile deals on a non-recourse basis.
Notes: They've funded ~$2.5B since 2023 with a roughly 60/40 split between CRE and C&I loans. Approximately 70% of their CRE business is in the form of an A-note with another bridge lender.
