CMBS prices picked up about 45 basis points (bp) in July based on the change in spread for the benchmark CMBS bond, GSMS 2007-GG10 A4. At the beginning of July, the benchmark bond was trading at about 390 bp over swaps, while finishing the month at 345 bp over swaps. In fact, some of the better … [Read more...] about 7.30.10: CMBS Prices Continue a Slow, Steady Climb
Archives for July 2010
CMBS prices have slowly tightened in the latter part of December 2009 as buyers continue to purchase senior investment grade CMBS that are eligible for financing under the government’s Term Asset-Backed Securities Loan Facility (TALF), which allows CMBS investors to leverage their CMBS returns. In … [Read more...] about CMBS Prices Grind Tighter: 2010 Outlook
“This year will likely be a turning point in the lending industry as the economic recovery takes hold,” believes Gary Unkel, a loan originator for ValueXpress. “The early part of 2010 will be led by government-sponsored lending programs, such as Fannie Mae and HUD for multifamily and the SBA 7(a) … [Read more...] about Will 2010 Bring a Recovery in Lending?
According to a survey of its broker-dealers, ValueXpress reports SBA 7(a) guarantee prices holding steady at 109-110 for 25-year SBA 7(a) loans secured by real estate and priced at the Wall Street Prime Rate plus 2.75%, adjusted quarterly. The sale price provides a 1% servicing fee to the seller. … [Read more...] about SBA 7(a) Loan Guarantee Prices Holding Steady at 109-110
“ValueXpress is providing a significant amount of CMBS loan quotes to borrowers,” according to Gary Unkel, a loan originator for ValueXpress. “LTVs are now routinely 70%, up from 65% just 30 days ago.” ValueXpress is providing quotes on food- and drug-anchored shopping centers, big box shopping … [Read more...] about 7.26.10: CMBS Conduit Loan Quotes Are Flowing
The FHA 223(f) multifamily loan program is proving to be a savior for apartment owners facing loan maturities in 2010. The program is particularly suited for apartment properties that are slightly overleveraged based on today’s standards. “The 223(f) apartment loan program delivers 20% more loan … [Read more...] about FHA 223(f) Loan Program a Savior for Apartment Owners
ValueXpress is not sure if or when the bill that includes an increase in loan limits for the SBA 7(a) program and 504 program will be passed. The bill, “The Small Business Job Creation and Access to Capital Act of 2009,” has four major components: 1. An increase in the SBA 7(a) loan limit from … [Read more...] about Will SBA 7(a) Loan Limits Really Increase?
ValueXpress is pleased to announce that the minimum loan size for its CMBS conduit program has been further reduced to $2 million nationwide. The program provides for 5-year fixed-rate, non-recourse loans secured by anchored shopping centers, urban/suburban office buildings and multi-tenant … [Read more...] about CMBS Conduit Loan Minimum Loan Size Reduced (Again)
The U.S. Senate voted last Thursday to include a proposed $30-billion lending program in a package of aid for small businesses; two Republicans joined Democrats to support the amendment. The vote was 60 to 39, with Senators George LeMieux (R, FL) and George V. Voinovich (R, OH) delivering crucial … [Read more...] about 7.23.10: U.S. Senate Votes $30 Billion in Small-Business Aid
Even as woes mount in the commercial real estate market, a once-vital source of funding for commercial property owners is showing signs of life. In the coming weeks, banks, including J.P. Morgan, Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc., are expected to launch two offerings of … [Read more...] about 7.21.10: CMBS Market Rises from Ashes of Collapse*