iBorrow LP | Yieldstreet Originator

ORIGINATOR PROFILE

iBorrow, LP

iBorrow is a West Coast-based direct lender that provides short term bridge financing to commercial property owners at fixed interest rates on a non-recourse basis. iBorrow lends on all property types nationwide. For commercial real estate developers, iBorrow offers institutionally backed bridge lending solutions with the confidence to close, speed to fund, and customized deal structure for loans ranging from $1.5 - $30 Million.

Lending Methodology

iBorrow’s diligence process consists of identifying transactions that meet its underwriting criteria:

Less than 65% loan-to-value (LTV)
First-lien only
Focus on commercial properties with limited exposure to unentitled land or ground-up construction
Limiting its lending activity to states with lender-friendly, non-judicial foreclosure laws

After identifying an investment opportunity, iBorrow engages third-party service providers to prepare due diligence reports which include environmental condition reports and certified appraisals. Further, iBorrow engages its transaction attorney to commence legal due diligence which includes reviewing the title of the collateral property to ensure a senior lien can be perfected. iBorrow’s decision to execute a loan agreement with any prospective borrower is subject to the sole decision of the its investment committee. Upon satisfactory completion of necessary reports and review of all documentation, completion of legal review, and loan committee approval, the loan is funded.

Portfolio Management

iBorrow’s accounting and servicing teams are responsible for monitoring, servicing and management of its loan portfolio. iBorrow utilizes both internal and external servicing software programs to process monthly interest payments and controls the disbursement of funds when applicable. The software programs are customizable and automate interest calculations, investor distributions, and reporting. Standard monitoring requirements include, but are not limited to, yearly appraisals, quarterly financials, construction timeline/budget, and yearly site visits.
In the event of default, loans will be valued by a certified appraiser on a quarterly basis for as long as the loan is outstanding. The borrower can prevent the sale of the property by repaying the loan and all accrued interest and penalties prior to the iBorrow’s target date of sale. The established sale process is quick and does not require judicial proceedings. The Originator is experienced in loan workouts and may explore options to remedy the loan without foreclosure. The Originator may also choose to sell the loan at or above par to other investors that specializes in acquiring non-performing loans.

Portfolio Metrics & Performance

iBorrow has originated approximately $450M of loans and currently maintains a robust pipeline of over $100M.
Since inception, iBorrow has experienced nine loan defaults, of which, five had a full recovery of principal, interest and accrued fees. Four active loan defaults are still in workout.

Management

Brian Good

CEO

Brian first founded Eagle Group, LLC in 2001, as a fully-integrated real estate company that handles all aspects of commercial real estate including finance, loan servicing, management and advisory services. In 2012, Brian branched off to create iBorrow (formerly Eagle Group Finance), a dedicated lender specializing in private loans for commercial properties in the Western U.S. Brian’s experience in commercial real estate is extensive, having spent July 2010 to December 2012 serving as Chief Operating Officer of Fidelity Mortgage Lenders, Inc., one of the oldest private lenders in California, where he sourced, provided due diligence and syndicated over $125 million of private commercial real estate loans on behalf of Fidelity’s investors. Prior to establishing Eagle Group in 2001, Brian was a real estate transactional attorney representing real estate investment trusts, publicly traded real estate companies, and high net worth individuals. His clients included Arden Realty, Inc., Kennedy-Wilson, Inc. and Jamison Properties. Brian also served as President and Founder of TenantDirect.com, the developer of the first web-based property management software system for the real estate industry. Brian is a graduate of the University of California, Santa Barbara (BA), Loyola Law School, Los Angeles (JD), and Northeastern University (MBA). A licensed California real estate broker and member of the State Bar of California (inactive status), he designed and taught multiple courses at UCLA Extension including “Building Your Real Estate Investment Portfolio,” “Loan Originations and Workouts” and “Advanced Aspects of Real Estate Law.” Brian donates his time to many boards and non-profit organizations.

Andrew Peltz

Co-Executive Chairman

Prior to iBorrow, Andy co-founded Peltz Capital Management, an alternative investment management firm based in New York, and worked at Triarc Companies, Inc., where he served as Vice President of Investment Services and as Associate of Corporate Development. Andy was responsible for the day-to-day oversight of Triarc’s $650 million-plus investment portfolio, as well as Triarc’s Corporate Development team, where he worked on the $1.5 billion sale of Snapple to Cadbury Schweppes. Prior to Triarc, Andy was Senior Investment Banker at Credit Agricole Lazard Financial Products Bank, which is a joint venture between Lazard Freres & Co. and Credit Agricole, specializing in structured finance transactions. Andy also served as a marketing associate for Lazard Asset Management, a division of Lazard Freres & Co., where he marketed their vast array of fixed income, equity and alternative investment products. Andy received his B.F.A from New York University. He currently serves as a member of the Board of Directors of RMR Industrials, Inc., a holding company for industrial mineral businesses in the U.S.

Harlan Peltz

Co-Executive Chairman

Prior to iBorrow, Harlan co-founded Peltz Capital Management, an alternative investment management firm based in New York. At Peltz Capital Management, Harlan focused on thematic and opportunistic investments across multiple asset classes, both private and public. Harlan closely followed the 2008 financial crisis and developed investment ideas designed to benefit from and hedge the financial crisis, including ideas which were foundational to the launching of iBorrow. Harlan saw an opportunity in the wake of the crisis to capitalize on the unmet needs of borrowers to access capital markets and of investors to find responsible ways to generate secure yield. The underserved needs of borrowers and investors in the post-crisis era helped to shape the formation, structure and direction of iBorrow. Harlan received his B.A. from Haverford College, and holds an MBA from the Leonard N. Stern School of Business at New York University.

Andrew Smith

Partner

Mr. Smith joined iBorrow as a partner in July 2018, having known the principals of iBorrow for several years. Mr. Smith has over 25 years of professional experience in real estate, finance and asset management. Prior to joining iBorrow, Mr. Smith was Chairman of the Board and Head of Originations for Genesis Capital from 2012 to 2018. Mr. Smith helped build Genesis into one of the nation’s largest private residential lending companies before the company was sold to Goldman Sachs in January 2018. During his time at Genesis, the company grew annual origination volume to more than $1.25B by lending in 22 states. Prior to his time at Genesis, Mr. Smith was a senior executive at Openarc Asset Management, Chester Investments, CIBC World Markets and Cantor Fitzgerald. Mr. Smith earned his undergraduate degree at Dartmouth College. The Management Team section should highlight the management biographies included in the Originator section of the Series Note Supplement / Investment Memorandum.

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