A surge of fourth-quarter deals is expected to lift full-year U.S. commercial mortgage-backed securities issuance to at least $46 billion, far above earlier estimates. Some $14.9 billion of transactions are expected to price in the fourth quarter, according to a review by Commercial Mortgage Alert. … [Read more...] about 10.3.12: CMBS Volume Could Hit $46 Billion for the Year
Archives for 2012
9.28.12: A Quick Look at New Issue CMBS Loan Underwriting
According to research by CS First Boston, one concern about the increasing rate of CMBS issuance is that the quality of underwriting has deteriorated quickly, as originators stretch in terms of credit quality, in order to increase the volume of loans coming to the market. With this in mind, CS First … [Read more...] about 9.28.12: A Quick Look at New Issue CMBS Loan Underwriting
9.21.12: Fed Move Spurs Pickup in CMBS Rally
CMBS spreads fell to post-crash lows after the long-term, super-senior bonds from a $1.3-billion multi-borrower offering by Wells Fargo, Ladder Capital and RBS priced at 85 basis points (bp) over swaps on Wednesday, September 19, 2012, according to Commercial Mortgage Alert. This was down from the … [Read more...] about 9.21.12: Fed Move Spurs Pickup in CMBS Rally
9.19.12: Tightening CMBS Spreads a Bonanza for Borrowers – Part II
In July I wrote that CMBS spread tightening has resulted in a very favorable rate environment for CMBS conduit borrowers compared with just a few months earlier. Well, based on the recent CMBS issues, borrowing rates are poised to drop further in upcoming weeks as the results of recent CMBS issues … [Read more...] about 9.19.12: Tightening CMBS Spreads a Bonanza for Borrowers – Part II
9.12.12: Small Business Capital and the Mark Feathers Saga…Cont’d
It appears that I was off base when I suggested the Securities Exchange Commission (SEC) might not understand the business model for Small Business Capital. In July, I wrote, “If you understand the structure of SBA loans, the two SBC funds conceptually make sense. The SEC alleges the returns on the … [Read more...] about 9.12.12: Small Business Capital and the Mark Feathers Saga…Cont’d
9.7.12: ValueXpress Welcomes Ken Stevenson
Ken Stevenson, a 20-year veteran in commercial real estate lending, has joined ValueXpress, effective September 1. Stevenson will be primarily responsible for commercial loan originations in the western United States. “Ken brings an outstanding breadth of experience to the ValueXpress team,” … [Read more...] about 9.7.12: ValueXpress Welcomes Ken Stevenson
9.2.12: Delinquency Rate Falls 21 BP in August – Largest Decline Since November 2011
The long-anticipated leveling off of the U.S. CMBS delinquency rate became a reality in August. Over the last few months, we predicted that the Trepp CMBS Delinquency Rate would hit a high in early to mid-summer then decelerate in the second half of the year. That prognostication came to fruition in … [Read more...] about 9.2.12: Delinquency Rate Falls 21 BP in August – Largest Decline Since November 2011
8.29.12: Brokers: How to Get an MBA in CLO
Since May, ValueXpress has been participating in the education and training of professionals in commercial loan origination (CLO) as part of Commercial Capital Training Group’s (CCTG) education program. The ValueXpress CMBS presentation, which includes a review of the company’s specialty niche of … [Read more...] about 8.29.12: Brokers: How to Get an MBA in CLO
8.24.12: Calm Before the CMBS Issuance Storm
After only one issue at the beginning of August, the CMBS market is preparing for a flurry of deals in September and October. CMBS conduit shops are expected to team up, mainly with their usual partners; in September, the market can expect deals from JPMorgan/CIBC, UBS/Barclays, RBS/Wells Fargo, … [Read more...] about 8.24.12: Calm Before the CMBS Issuance Storm
8.20.12: Energy Boom Boosting Texas Hotel Performance
Jay Bhakta, a senior loan originator at the ValueXpress Jackson, MS office, has lived in Jackson, MS for over 20 years. During that time he has become a well-known financier to the Asian-American community, having financed numerous hotels, gas stations and fast food/convenience stores in the past … [Read more...] about 8.20.12: Energy Boom Boosting Texas Hotel Performance