The Underwriting Cost Floor- Why sub-$25m secured facilities stay orphaned through the capital cycle
The Underwriting Cost Floor Why sub-$25m secured facilities stay orphaned through the capital cycle Structuring a secured facility takes a broadly fixed amount of work. Diligence on the collateral pool and on the servicer behind it. Legal drafting for the SPV, the security package and the account control agreements. Negotiation of the covenants, the trigger…