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 Quietly Closing the Equity Gap

Every sponsor we talk to says the same thing right now: debt is everywhere, equity is the problem. Term sheets keep landing at 70–75% LTC, and the gap to close is real money.

This month we want to flag a source built to solve exactly that.

It's a national multifamily owner/operator that stood up a dedicated structured finance group, deploying institutional capital. The edge: because they're an operator and a lender, they'll lean further into a deal than a typical debt fund will.

Two programs, and they stack:

• Stretch Senior — ground-up multifamily, $50M+ loans. Single-digit current pay.

• Pref / Mez — ground-up, acquisition, or recap. $9–10M minimum check, scalable well up.

The headline: layer both and a sponsor can reach ~90% LTC from a single counterparty — stretch senior to ~80%, pref/mez on top (light profit participation above 85%). Recent example: a $25M+ pref on a 250-unit ground-up, low-80s LTC last-dollar, low-double-digit pref.

Multifamily only — no for-sale, no BTR. Clean mandate, competitive capital, real momentum.

Have a multifamily development or recap with an equity gap? Reply and we'll take it straight to their desk.

• We’ve been building this email list since 2017 and we’re up to 39,000+ 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