Welcome to the EN Capital newsletter where we promote different capital sources such as private lenders, family offices and equity funds in addition to general capital markets news. We’re also promoting the new alternative investment conference series called Uncorrelated, EN Capital is a partner in certain Uncorrelated events.

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Capital Source Spotlight:

The Lender That Closes Complicated Deals

Plenty of bridge shops will quote your deal. Far fewer will close it when the business plan gets strange.

This month's spotlight is a senior mortgage bridge lender running out of an open-ended fund — meaning no fund-life pressure, no "we're at the end of our vintage" excuses. They've been lending through cycles since the early 2010s.

Where they play:

• Check size: $20–60M sweet spot (they'll look down to ~$8M, but $15M+ is the real zone). Average deal is mid-$30Ms.

• Pricing: 375–500 bps spread. Ground-up starts around 500; land around 600.

• Leverage: up to ~68% LTV, 70% LTC on ground-up. They've stretched to 75–80% on the right story.

• Term: 1–3 years, extendable to 5. 1.5 points out.

• Geography: nationwide, all 50 states.

Asset classes: industrial, office (value-add, medical and life-science conversion), retail (neighborhood, power center, anchor backfill), hospitality (renovation and rebrand), self-storage, data centers, adaptive reuse, low-occupancy lease-up, ground-up construction and land.

Not for them: assisted living, memory care, age-restricted.

Why we're flagging them: they win on three things:

• Certainty of execution

• Speed

• Willingness to structure around a complicated business plan.

Environmental remediation, adaptive reuse, a half-empty building with a real lease-up plan — these are the deals they lean into while others pass.

Have a transitional deal in the $15–60M range that needs a lender who'll actually close?

• We’ve been building this email list since 2017 and we’re up to 43,000+ professionals focused on the capital markets for alternative investments such as commercial real estate, the space industry, renewable energy, LATAM deals and utilizing Data-as-an-Asset. So you’re in good company.

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• EN Capital is NOT a broker dealer and does not sell securities

• EN Capital is capital advisory firm / intermediary and NOT a direct capital source. Seriously, every time we sent out an email someone replies and gets pissy when they realize we’re intermediaries and not direct lenders. It’s clear on our website, LinkedIn and emails. We don’t know how to make it more obvious. Don’t be that guy.

Be sure to connect with EN Capital on Linkedin. and visit our website here.

Nathan Whigham
President
CA DRE Broker License: 01793655

EN Capital Contact Info:
www.encapital.com
[email protected]
Direct Line: 310-465-9253