Glossary · Capital structure
Recourse / non-recourse
Whether a lender can pursue the borrower's other assets if the loan defaults (recourse) or only the financed asset (non-recourse).
Why it matters
Non-recourse limits sponsor exposure; recourse usually buys cheaper, deeper debt.
Related
- Senior debt
The most secured layer of the capital stack — first claim on cash flow and collateral, lowest cost, typically 50–65% of cost.
- Project finance
Non-recourse debt secured on a project's own cash flows. Common in infrastructure and energy.
- Covenant
A contractual condition in a loan — e.g. LTV ceiling, DSCR floor — that keeps a borrower in compliance.
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