cochrane hill purchase, page-21

Nk, I would hope for 10% also, however given the sum required and tight conditions I don't think it would be a breeze getting 10% for 150mil and I would rather pay 20% on 100% debt funding than 10% interest and have to fund 50% with equity. Hence I throw around the 20% figure to reflect the additional cost of money for attaining such a large sum compared to the collateral ATV can offer the financier.

Some would say I'm being conservative, others would say I'm dreaming that a borrower with an mc of 20mil is looking for 150mil debt.. Time will tell.