So, about the "DW"... - What used to be a corporate loan as described in the 4C is not packaged out of a trust, so there has been progressed, but... - The limit is $17mio and could potentially go to $50mio (note the "potentially"), and - Interest is now 11%, up from 9.75% (which to be fair is still a good deal). It also looks like they spent another $500k to establish this new structure, over and above the $1.1mio in costs and fees.
Not sure if this repackaging/restructuring is what held off the growth of the lending book. But what is for sure is that for just $14mio drawn, these costs are crazy expensive. They got to believe they are going to grow this to make it worthwhile, so I can't quite understand the radio silence on lending.
SPX Price at posting:
1.3¢ Sentiment: Sell Disclosure: Held
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