8.7
Strong Invest
Bridgewater Bridge Loan
Evaluated by Toviya Slager · August 20, 2026
Analytical 8.66/10
Gut feel 8.56/10
📊 Deal metrics
Loan / Facility Amount
$9,000,000
Collateral Value (Appraised)
$16,000,000
Loan-to-Value (LTV)
56%
Loan-to-Cost (LTC)
65%
Debt Ahead of Us (Attachment)
$0
Debt Service Coverage Ratio
1.1x
Debt Yield
9.2%
Borrower Total Debt / EBITDA
3.8x
Contract Interest Rate
11.5%
Origination Fee / OID
1.5%
Exit / Prepayment Fee
0.5%
Equity Kicker / Warrant Coverage
0%
All-In Yield
12.8%
Projected IRR
12.9%
Projected MOIC
1.19x
Loan Term (Years)
1.5 yr
Interest-Only Period (Months)
18
Section breakdown
7
Borrower / operating company track record
Third-party report pending.
7
Credit and repayment history
9
Sponsor / guarantor financial strength
7
Integrity, transparency, and quality of disclosure
Third-party report pending.
10
Skin in the game — real equity beneath our position
9
Management depth and operating capability
7
Reference checks with prior lenders, partners, and counsel
Management's number, not yet verified.
9
Durability of the borrower's underlying business
9
Quality and marketability of the collateral
9
Loan-to-value / advance rate cushion
Confirmed on the call with the sponsor.
9
Independence and credibility of the valuation
9
Lien position and priority
8
Perfection and enforceability of the security interest
Depends on the anchor tenant renewing.
9
Guarantees — personal, corporate, completion, bad-boy carve-outs
7
Ongoing collateral monitoring and reporting
10
Insurance and physical protection of the collateral
Consistent with the T-12.
8
Collateral concentration and diversification
10
Debt service coverage (DSCR / interest coverage)
7
Source of repayment at maturity (the take-out)
Consistent with the T-12.
8
Stability and predictability of the cash flow
10
Quality and verifiability of historical financials
9
Credibility of the borrower's projections
Consistent with the T-12.
8
Total leverage and everything else in the capital stack
9
Liquidity and working capital headroom
10
Sensitivity of coverage to stress
Confirmed on the call with the sponsor.
9
Financial covenants and how they are tested
9
Cash control — lockbox, sweeps, reserves, escrows
10
Default triggers and remedies
Supported by the data room; see folder 3.
8
Reporting requirements and information rights
10
Amortization / interest-only profile and term fit
9
Use of proceeds — is our money funding the right thing
Weak spot; flagged for diligence.
8
Equity kicker / warrant / preferred participation terms
8
Prepayment and call protection
9
Recovery in a realistic default scenario
Better than the deck suggests.
7
Workout and enforcement path — and its timeline
9
Refinance and take-out risk at maturity
9
Stress test — how far can value fall before we lose principal
Third-party report pending.
10
Our ability and willingness to own the collateral
7
Extension options and structural flexibility
9
Legal environment for enforcement in this jurisdiction
Our own estimate; sponsor disagrees.
10
Yield versus the risk actually taken
9
All-in return including fees, OID, and any equity kicker
8
Relative value vs. comparable credit opportunities
Third-party report pending.
10
Rate structure — fixed vs. floating, floors and caps
9
Fee load and expense reimbursement
7
Duration and liquidity fit for us
Better than the deck suggests.
7
Loan documentation quality
10
Intercreditor / subordination terms
9
Borrower entity structure and bankruptcy remoteness
Third-party report pending.
8
Tax treatment of the interest and any equity participation
10
Lending licensing, usury, and regulatory compliance
10
Interest-rate and refinancing-market risk
Consistent with the T-12.
9
Industry / asset-market risk affecting the borrower
8
Fraud and misappropriation risk
8
Concentration — total exposure to this borrower/sponsor across our book
Confirmed on the call with the sponsor.
10
Regulatory and legal-change risk
9
Servicing and administration risk
7
Environmental and ESG exposure through the collateral
Consistent with the T-12.
8
Overall excitement about this deal
9
Trust in the people across the table
7
Would this be your only investment this year?
Consistent with the T-12.
9
Portfolio fit and strategic alignment
10
LP/partner explainability
8
Too-good-to-be-true meter
Benchmarked against two comparable deals we closed.
10
Timing and urgency — is the window right?
8
Differentiation vs. other opportunities
8
Sleep-at-night factor
Better than the deck suggests.
9
Regret minimization — would you regret passing?
8
Information quality — do you know enough?
Full analysis
DEAL EVALUATION ANALYSIS: Bridgewater Bridge Loan Type: Credit | Overall Score: 8.65/10 | Recommendation: Strong Invest ====================================================================== KEY METRICS: Cr Loan Amount: 9,000,000 Cr Collateral Value: 16,000,000 Cr Ltv: 56 Cr Ltc: 65 Cr Attachment: 0 Cr Dscr: 1.1 Cr Debt Yield: 9.2 Cr Borrower Leverage: 3.8 Cr Coupon: 11.5 Cr Origination Fee: 1.5 Cr Exit Fee: 0.5 Cr Equity Kicker: 0 Cr All In Yield: 12.8 Cr Projected Irr: 12.9 Cr Moic: 1.19 Cr Term: 1.5 Cr Io Months: 18 KEY STRENGTHS: + Pricing & Risk-Adjusted Return: 9.02/10 + Structure, Covenants & Controls: 8.96/10 + Repayment Capacity & Cash Flow: 8.82/10 + Risk Assessment: 8.78/10 + Collateral & Security: 8.74/10 + Legal, Documentation & Tax: 8.64/10 + Downside, Recovery & Exit: 8.58/10 + Borrower & Sponsor Quality: 8.0/10 GUT FEELING SCORE: 8.56/10 ====================================================================== SUMMARY: This deal scores exceptionally well across all dimensions. Strong conviction to invest, pending final due diligence and term negotiation.