Has anyone used First Republic’s (now JPMorgan Chase Bank, N.A.) “Professional Loan” program to fund their co-invest capital calls? My firm has a relationship with JPM/FR to set up a Line of Credit to fund future capital calls. Seems like SVB, JPM, First Republic and Signature Bank were the big players in this space back in the day and now really just JPM as the dominant player left. If so, a few questions here: 1. What type of rates were you offered? 2. Did you make use of any of the ‘private banker’ services offered? 3. Was this in addition, or in lieu of, your Firm’s own co-investment leverage program? I can go first. Was offered $60K - $1M+ (massive range I know but assume it’s because MDs can use this LoC too) which can fund up to 100% of the capital call structured as a five-year revolving facility with monthly interest payments. Must maintain a 70%+ LTV ratio. Was offered a few rate options (based on WFJ Prime or 12MAT Index) and selected the best one at around 5.9%. Not a big fan of the monthly interest payments but think the rate is pretty fair given the current environment. Thoughts?
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