Academy · Track 3
The Debt Playbook
How to structure, size and close real-asset debt.
Everything a sponsor needs to understand about real-asset debt — the types of facilities available, how lenders underwrite, when to choose bridge over permanent, how to build a lender shortlist that actually fits, and how to read and negotiate a term sheet.
- 3.1Types of real-asset debtSenior permanent, construction, bridge and mezzanine debt — what each type costs, when it is used, and how to match the facility to the asse
- 3.2The metrics lenders underwriteLTV, LTC, DSCR, debt yield and covenants — the five numbers every lender runs before they price your deal.
- 3.3Bridge vs permanentBridge when speed matters and there is a clear exit; permanent when the asset is stabilised and you want to lock long-term cost. The wrong c
- 3.4Building a lender shortlistApproach lenders whose current appetite fits your structure, not just relationships. Appetite rotates quarterly. GPX scores 2,592 lenders on
- 3.5The term sheet and negotiationRead beyond the rate: tenor, amortisation, covenants, recourse, fees, prepayment and conditions precedent. Negotiate the terms that constrai