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Date	09/22/2015
Greenwich Coverage
E-teaser Status
CA Status
IOM Status
Term Sheet Status
Categories	Term Sheets Received Executed Confidentiality Agreement Received Detailed Discussions Initial Discussions Groups that have Passed Uncategorized
Investment Criteria
Status for Deal Tracking Report (Most Recent Comment - Custom Comment )
Term sheet received, but it required full recourse on the entire loan amount. Potentially could be a participating bank, and then they would follow the lead bank regarding recourse requirements.

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
10/27/2015	Sent initial email, and left message with Hunt's assistant -- duke
10/27/2015	Received a call from Jessica confirming that Hunt had received my email, and either he or someone on his team will be back to me tomorrow on it. -- duke
11/04/2015	Good initial meeting with Len Clark today at our office, and he said that our construction financing memorandum was the best one he has seen. Their legal lending limit is $50 million, and this transaction would be too large for them to be the lead bank on. With that being said, he is interested in being a participating bank, and said he would be reaching out to some of the banks he likes to work with to see if what their interest levels are. He has clubbed deals with Cardinal Bank, Columnbia Bank, EagleBank, as well as some of the larger banks. They would likely struggle with non-recourse on a loan of this size, but may be able to get comfortable with some partial recourse that burns off according to achieving certain milestones. As a participating bank, they would likely be looking to take a $20-30 million piece, and internally for them there are three primary decision makers for commercial real estate loans which are Jeff Welch, Bill Newell, and himself, and only above $20 million does a loan need to go through their credit committee. Noell Consulting Group have done a few market studies for them, and he was always very impressed with their group/work product. As such, he was pleased to hear we had a market study done by them for this project. He requested, and I have sent over, the market study as well as the financial model. -- admin
11/10/2015	left vm -- duke
12/01/2015	11/20/2015 - Len Clark, Bill Newell, and Ho Yu toured the site and met with IDI. Meeting went well, and they are continuing to dive in. As discussed previously, they would need to be a participant on a deal of this size, as their legal lending limit is $50 million, and they typically do not go larger than $30 million. As such, we will need to identify a lead bank, and Len mentioned that they have worked on numerous occasions with Citizens. -- duke
12/17/2015	Len Clark is working to put together an indicative term sheet as to what they would be prepared to do from a participation standpoint, and would try to have that sent over to us tomorrow or Monday. He indicated that they would likely top out at $20 million, and might be able to get comfortable with partial recourse at 25% (he initially stated 50% recourse, but once we pushed back, he said he could likely push through 25%), which would burn off after a 1.30x DSCR. If they have a good relationship with the lead bank, they can be more aggressive. -- duke

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