Commercial Mortgage Alert reported this week that although nine CMBS conduit lenders are actively seeking CMBS conduit loans for the first multi-borrower CMBS transaction since the CMBS market stalled in 2008, progress on accumulating loans for securitization has been slow. Informal discussions with … [Read more...] about 2.10.10: Commercial Mortgage Alert Reports Slow Progress in Closing CMBS Conduit Loans
2.5.10: Fourth-Quarter 2009 Lending Market Review
Fourth-quarter 2009 saw an improved lending environment. Each of the following had a positive effect in the market that should lead to more commercial lending in 2010: CMBS securities prices continued to climb on existing senior investment-grade CMBS, reducing investor yields. Prices for older … [Read more...] about 2.5.10: Fourth-Quarter 2009 Lending Market Review
2.1.10: FHA Changes to Multifamily Underwriting Draw Industry Concern
FHA multifamily lenders expressed concern after listening to HUD's proposed guidelines to tighten its underwriting. At the Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo, Carol Galante, deputy assistant secretary for multifamily housing at … [Read more...] about 2.1.10: FHA Changes to Multifamily Underwriting Draw Industry Concern
1.27.10: SBA 7(a) Program Helping Hoteliers Refinance Limited-Service Hotel Loans
The SBA 7(a) program is helping limited-service hotel owners refinance their maturing CMBS conduit loans. “I have seen an unbelievable surge in hotel loan requests from new and existing CMBS conduit loan clients,” comments a surprised Jay Bhakta, a ValueXpress loan originator. “Their CMBS loans are … [Read more...] about 1.27.10: SBA 7(a) Program Helping Hoteliers Refinance Limited-Service Hotel Loans
1.22.10: Discounted CMBS Pay-Offs Increasingly Part of Servicer Recovery Strategy
Special servicers of CMBS conduit loans are increasingly considering discounted pay-offs as a solution to problem CMBS conduit loans. “CMBS loan disposition and modification decisions for CMBS conduit loans have historically been in the hands of special servicers,” explained Michael Sneden, … [Read more...] about 1.22.10: Discounted CMBS Pay-Offs Increasingly Part of Servicer Recovery Strategy
1.18.10: CMBS Conduit Loan Minimum Loan Size Reduced (Again)
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 1.18.10: CMBS Conduit Loan Minimum Loan Size Reduced (Again)
1.8.10: FHA 223(f) Loan Program a Savior for Apartment Owners
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 1.8.10: FHA 223(f) Loan Program a Savior for Apartment Owners
1.5.10: SBA 7(a) Loan Guarantee Prices Holding Steady at 109-110
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 1.5.10: SBA 7(a) Loan Guarantee Prices Holding Steady at 109-110
12.26.09: Will 2010 Bring a Recovery in Lending?
“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 12.26.09: Will 2010 Bring a Recovery in Lending?
12.24.09: CMBS Prices Grind Tighter: 2010 Outlook
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 12.24.09: CMBS Prices Grind Tighter: 2010 Outlook