| Most recent Comments - SUNTRUST BANK | ||
|---|---|---|
| Date | Deal | Comment |
| 12/01/2015 | Rivergate - Senior Lender List | Unlikely to be a player in the currently proposed structure due to two gating issues: 1) Their team does not know the IDI Group Companies; 2) Location is a bit pioneering for them. He said that they can typically get over one of those hurdles (i.e. great sponsor in a lesser known area, or great location with a lesser known sponsor), but it is difficult for him to gain traction internally with both of those issues. They do have a relationship with Kettler, and he may reach out to their contact over there to get some additional comfort. He did mention that if we were able to bring in a joint-venture equity partner that they are familiar with, that they would be interested in digging in further. Their proceeds would likely still top out at 60-65% LTC with 20% recourse, but would be priced in the mid 200\'s over libor. -- duke |
| 11/20/2015 | Rivergate - Senior Lender List | Conference call scheduled for Monday. -- duke |
| 11/10/2015 | Rivergate - Senior Lender List | Followed up with the loan history between IDI and SunTrust. While helpful, their lending platform has gone through a complete reorganization to include more detailed vetting of Sponsorship. To this end, they have requested financial information relating to net worth and liquidity. Upon receiving this information, they will begin their project underwriting and schedule a site tour and meeting with IDI. -- duke |
| 10/30/2015 | Rivergate - Senior Lender List | Lunch meeting with Marshall went well. They know of the IDI Group Companies, but have never worked with them in the past. As such, they would need to get comfortable with the Sponsorship and would need to review their financials. As well, at 70% LTC they would likely require partial recourse. They are doing two construction loans at the moment at 70% LTC and both of those loans have 25% recourse that burns off after achieving certain performance thresholds. They would have the ability to be the lead bank on this, and are actively looking to expand their real estate book of business. Marshall is continuing to review the package, and requested we send him the market study to assist him in getting comfortable with the market demand story down in that area. -- duke |
| 10/22/2015 | Rivergate - Senior Lender List | Spoke to Marshall briefly as he was headed out the door. Suggested we grab lunch next week (Tuesday or Friday) to discuss the opportunity. Also asked if I could bring a printed copy of the book as they struggle with the double sided books. -- duke |
| 10/21/2015 | Rivergate - Senior Lender List | Sent initial email -- duke |
| 06/22/2015 | 1255 22nd Street | Passed - While he likes the office to multifamily play in that location, their group lacks experience working with the sponsorship, and as such are not able to get there on this one. -- duke |
| 06/22/2015 | 1255 22nd Street | 6/15/15 - Marshall will run the sponsorship information up the flag pole, and will be back to us on Wednesday with feedback. -- duke |
| 06/15/2015 | 1255 22nd Street | Marshall will run the sponsorship information up the flag pole, and will be back to us on Wednesday with feedback. -- duke |
| 06/15/2015 | 1255 22nd Street | 5/6/15 - Initial email sent to Jeff Jacobson. 5/29/5 - Jeff Jacobson is now in the community banking side. Has passed the information over to Marshall Scallan. Left message for Marshall. 6/2/15 - Left voicemail. -- duke |
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