On September 24, SBA released SOP 50 10 5(F) to the SBA lending community. This SOP (Standard Operating Procedure), effective on January 1, 2014, contains several significant changes to SBA’s requirements in connection with its loan programs. Many of the revisions reflect a continuation of SBA’s … [Read more...] about 9.24.13: SBA Releases SOP 50 10 5(F) Lending Guidelines
Archives for September 2013
Spreads on new CMBS issues narrowed only slightly as financial markets rallied in response to the Federal Reserve’s surprise announcement that it would keep its massive bond-buying program running full-tilt. However, CMBS conduit loan borrowers still caught a break as the 10-year Swap Index used to … [Read more...] about 9.20.13: CMBS Spreads Tighten Slightly as Swap Rate Falls
Two pervasive messages of the Lodging Conference held at the Arizona Biltmore on Tuesday were more qualitative than quantitative, despite the general mindset of commercial real estate investors to focus on numbers. The key takeaways? The hotel sector’s good times may soon be over -- though that … [Read more...] about 9.17.13: For Hotels, Is the Party Over?
The demise of many big-box and department-store retailers has led to a decline in large enclosed malls that won’t reverse itself any time soon -- if ever – according to panelists of the International Council of Shopping Center’s (ICSC) Western Division Conference in San Diego, CA yesterday. Speakers … [Read more...] about 9.10.13: Decline of Enclosed Mall Appears Permanent
Although 10-year Swaps and Treasury rates fell Friday after a softer-than-expected U.S. jobs report quelled market expectations that the Federal Reserve will imminently roll back its monetary stimulus, the Swap Index used to set CMBS loan rates broke the 3% mark on August 19; it has traded in a … [Read more...] about 9.6.13: 10-Year Swap Rate (Swap) Index Breaks 3%; Treasury Not Far Behind
ValueXpress recently originated two CMBS loans on unstabilized properties in which the sponsors would not have received adequate loan proceeds based on the property’s limited historical operating statements. Working with a long-time CMBS lending partner with an aggressive entrepreneurial focus (yes, … [Read more...] about 9.3.13: Time to Get Creative with Earnouts