“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 centers, CBD and major metro multi-tenant office buildings, Class A apartment projects/manufactured housing communities, multi-tenant industrial properties and even hotels. A recent quote on a big box shopping center provided a rate of 5.6% for a loan in excess of $20 million that carried a 10-year term and a 30-year amortization. Minimum DSCR was 1.40x and LTV was 70%. The minimum debt yield was 10.30%. “CMBS conduit loan terms are finally getting to attractive levels for quality properties,” said Michael D. Sneden, Executive Vice President at ValueXpress. “What is encouraging is debt yields that were 12%-13% as little as 60 days ago are compressing, and pretty quickly,” commented Sneden. “I think the success of the recent JPMorgan offering and the presale of the subordinate CMBS securities for the upcoming Goldman Sachs/Citigroup deal (see story below) has created optimism among CMBS conduit shops and that optimism has allowed them to become more aggressive in quoting deals.”