Glossary · Capital structure
Senior debt
The most secured layer of the capital stack — first claim on cash flow and collateral, lowest cost, typically 50–65% of cost.
Why it matters
It anchors the deal: the cheapest money, but the strictest terms.
Related
- Capital stack
The layered financing in a deal, from senior debt (lowest risk and return) up through mezzanine, preferred equity and common equity (highest).
- LTV (Loan-to-Value)
Loan amount divided by asset value. The headline leverage measure for stabilised debt.
- DSCR (Debt Service Coverage Ratio)
Net Operating Income divided by annual debt service. Can the asset pay its loan from its own cash flow? Lenders typically want 1.25–1.40x or higher.
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