LP Equity
Construction lender here. In talking with Brokers, it seems like LP equity partnerships are becoming increasingly hard to originate. This works in my favor to some extent as the top part of my capital is in the LP/Pref territory (stretch-senior), but if I want to do a deal at lower leverage and they need to bring in new LP equity, the deal becomes that much harder to capitalize. Seems like developers who have programmatic relationships with LP equity providers are fine, but developers who need to bring in a fresh LP equity partner are SOL. Curious to hear what others are experiencing out there. Seems like a good time to set up an LP equity platform...