SBA CARES Assistance | April 2, 2020

Due to an unprecedented volume of businesses seeking relief from the fallout of COVID-19, Mission Capital is expecting long queues from most banking institutions qualified to lend the highly in-demand PPP SBA loans.

We know that you and your assets need relief quickly, are focused on asset management and corporate concerns, and are seeking assistance.  If you have a very strong banking relationship that is participating in the program it is always recommended to reach out to that institution first as they will give preference to existing customers in the queue.  We are standing by to assist those without strong pre-existing relationships or are concerned about waiting in a queue with lenders who may be unable to get them PPP loans as soon as possible.

The team at Mission Capital has been in constant contact with numerous SBA lenders – many of whom are our clients, as well as attorneys, and accountants to gain an understanding of how to size and optimize PPP proceeds and determine the effect the potential uses of proceeds has on loan forgiveness.  We are ready to assist you in navigating this tricky process as your Agent at no cost to you. As your Agent we will be compensated by the Lender based on the limited SBA approved schedule.

Starting on Friday, April 3, 2020, we can apply for these PPP loans on your behalf.  We encourage you to reach out to us as soon as possible and are happy to discuss any nuances with you over the phone at 212-925-7708.

In the meantime, please find relevant links below to expedite the loan application process.

  1. MCA Agency Agreement
  2. PPP Loan Application
  3. PPP DD Checklist
  4. PPP Loan Program Overview

Please send completed forms and documents to:  We can also provide a secure FileBox link for files containing sensitive information.  Feel free to reach out and/or send these items directly to your Mission Capital coverage executive as well.

You are important to us, and we are here to help you in this trying time.

Best Regards,
The Mission Capital Team

From Steve Buchwald, Managing Director, Debt & Equity
March 24th, 2020

Lending Update | March 24, 2020

Bridge Lending Update:

Appetite drastically varies by lender right now.  They can be classified into the following groups:


  • Debt Funds with Balance Sheets / Unlevered (No Repo):
    Status: Open for business, being more cautious on deal profile / leverage but still pricing generally at historical lows – all in rates are really the thing to look at as there is no parity in this sector.  In general, expect widening in rates due to where perm market seems to be pricing.


  • Debt Funds (Repo – Not Margin Called) / Mortgage REITs
    Status: On hold for 30-60 days (possibly longer).  Doing triage on existing loans or uncertain how to price deals.  Some Mortgage REITs say they are still lending, however.


  • Debt Funds Dependent on CLO
    Status: Completely shut down.


  • Debt Funds That Lay Off a Senior
    Status: These lenders vary in their appetite right now.  Some senior lenders are still active on certain product types, while others are on pause. Non-recourse senior construction lenders still seem to be actively lending.


  • High Yield Lenders (Family Office or Offshore Account)
    Status: Aggressively pursuing deal profiles they would usually be priced out of.


Perm Lending Update:

  • Insurance Companies
    Status: Pricing is all over the place due to the volatility in the corporate bond market and varies by lender as much as 75 bps on the same transaction.  The spread between BBB- and AAA credit is the widest ever.


  • CMBS Market
    Status: In turmoil with spreads widening more than anyone could have imagined a few weeks ago.  Deals that were app’d months ago have been re-traded to all-in rates in the ~4.50% range that would have priced in the ~3.00% range a couple of weeks ago.  This will have a ripple effect in spreads and pricing throughout the industry.


  • Agency Debt
    Status: Still active but experiencing record inflows and processing delays.




Approximately 1/3 of the lenders are not lending right now, 1/3 are being highly cautious and more conservative, and 1/3 are pursuing deals at higher rate profiles.  Expect new deals to execute at rates similar to those from 1.5-2 years ago at more conservative leverage levels.

Lenders are now preferring deals with less complication and story to those that are more difficult to understand and underwrite.A big outstanding question that remains is how deals will be closed right now given the difficulty doing site tours, inspections, etc.

Sectors hit hardest by recent events are (in order): hospitality, retail, senior and student housing, office, industrial, multifamily.  Lending appetite will likely go in the opposite direction with hospitality and certain types of retail being the most challenging to finance in the short term. Oil markets are also highly impacted.