“treasury rate plus spread. And historically spreads were…” — The Knowledge Project at 38:16
“treasury rate plus spread. And historically spreads were 200 basis points and interest rates were 300 basis points and therefore you borrowed at five. And when COVID hit, the treasury rate went to zero. And what most of the lenders said to us is, I'm not going to lend to it at 200 over and give you three. I'm…”
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