Looking to find out more about the lender finance products that debt funds are utilizing to finance some of their originations or note purchases. What are the typical ranges of rates quoted? Are these loans non-recourse or do Principal's need to PG? Who are some of the banks offering these LOCs/note on note financings?
I am aware of WF, Pacific Western, etc and their products but wanted to hear more as it seems that some smaller regional banks are starting to really market their lender finance platforms.
Thanks for any commentary.
Interned at Capital One and they had a strong FIG group that lended to lenders everything from debt funds, resi mortgage issuers, etc
What office was that? Down in Tysons?
Research warehouse credit facilities and you will find out all about the product you are asking about. You can see what terms lenders are quoting at on their websites and you can find examples of those agreements with funds on SEC filings.
Axos Bank and Western Alliance pretty active too. I think CityNat also plays in this space.
City Nat does, also Northeast Bank, and CrossRiver
Thanks all for the responses. I have spoken with a couple of the smaller banks listed. Appreciate the lists.
I know Ally has a lender finance division now. The division is quite new but from what I’ve heard they have scaled relatively quickly
Capital One is big in the space. Sizable note on note crossed facility type product and does business with top debt funds
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