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7.1.15: Current Loan Applications Require “A Conversation with the Borrower”

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The loan spread in many CMBS conduit loan term sheets executed by borrowers in the past few weeks is not at levels that can be closed profitably, leaving lenders and mortgage brokers in a quandary as to what to do. Loan spreads have moved out anywhere from 10-20 basis points (bp) as the pricing … [Read more...] about 7.1.15: Current Loan Applications Require “A Conversation with the Borrower”

6.26.15: The Power of Unrestricted Cash Out and Non-Recourse Keeps CMBS Conduit Lending Active

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While the recent rise in the Swap rate indexes used to set interest rates for CMBS conduit loans has slowed rate-sensitive borrowers from closing loans, the rise has not deterred borrowers who use the CMBS conduit loan as a tool to extract excess equity in their real estate assets. “Whenever I … [Read more...] about 6.26.15: The Power of Unrestricted Cash Out and Non-Recourse Keeps CMBS Conduit Lending Active

6.22.15: Michael Sneden Discusses Commercial Capital Training Group at NACLB Convention

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Michael D. Sneden, Executive Vice President at ValueXpress, was interviewed by Commercial Capital Training Group (CCTG) at the National Association of Commercial Loan Brokers annual convention at the Red Rock resort in Las Vegas, Nevada. Here’s what Mike has to say about CCTG and the convention: … [Read more...] about 6.22.15: Michael Sneden Discusses Commercial Capital Training Group at NACLB Convention

6.17.15: JPMorgan Preps Clients for Direction of Interest Rates

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Recently, JPMorgan sent a notice to its clients that did not mince words regarding its thoughts on the direction of interest rates: As the U.S. economy continues its expansion, we believe that U.S. interest rates will begin to rise. Many important indicators have shown notable strength of late, … [Read more...] about 6.17.15: JPMorgan Preps Clients for Direction of Interest Rates

6.12.15: 10-Year Swap Rate (Swap) Index Breaks 2.5%; Borrowers Distressed

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After trading in a range of 1.85%-2.25% since January 2015, the 10-year Swap Rate began a steady ascent in May that accelerated in June. The first week of June saw the 10-year Swap Rate rise from 2.23% on Monday to 2.48% on Friday, leaving borrowers shell-shocked. The market worsened the week of … [Read more...] about 6.12.15: 10-Year Swap Rate (Swap) Index Breaks 2.5%; Borrowers Distressed

6.11.15: Meanwhile, CMBS Prices Begin to Weaken, Borrower Spreads to Widen

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Two CMBS conduit deals were being marketed during the week of June 8, a $1.3-billion offering by Deutsche Bank, CCRE, Ladder Capital and KeyBank, and a $1.2-billion offering by Wells Fargo, Rialto Mortgage Finance, Silverpeak Real Estate Finance, Walker & Dunlop and NCB. Price guidance on the … [Read more...] about 6.11.15: Meanwhile, CMBS Prices Begin to Weaken, Borrower Spreads to Widen

5.29.15: New Risk Weight Rules Hurt Banks Investing in CMBS

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New risk weight rules, known as Basil III, are having a significant negative impact on banks’ required capital allocation for investment in CMBS securities rated below AAA. Previous to impending Basil III capital rules, CMBS securities rated from AAA to AA- had a 20% risk weighting. When Basil III … [Read more...] about 5.29.15: New Risk Weight Rules Hurt Banks Investing in CMBS

5.26.15: CMBS Delinquencies Continue to Decline

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The CMBS delinquency rate for U.S. commercial real estate loans in CMBS declined a significant 0.17% from April to 5.40% in May, according to Trepp. In the last 25 months, the delinquency rate has fallen 22 times and is now 87 basis points (bp) lower than the year-ago level. The May decrease is the … [Read more...] about 5.26.15: CMBS Delinquencies Continue to Decline

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