President Obama announced that he is elevating the head of the Small Business Administration (SBA) to a Cabinet-level position, as he urged Congress to also grant him permission to consolidate that and other federal agencies in an attempt to make government more efficient. The decision to bring SBA … [Read more...] about 1.31.12: SBA Administrator Karen Mills Elevated to Cabinet-Level Position
1.25.12: Fed Expected to Hold Rates Low Until 2014
On Wednesday, the Federal Reserve, citing ongoing concerns for a global economic slowdown and a stubbornly weak U.S. labor market, said it expects to keep record-low interest rates in place at least until late 2014. Fed Chairman Bernanke said the Central Bank stands ready to take additional action … [Read more...] about 1.25.12: Fed Expected to Hold Rates Low Until 2014
1.23.12: $11 Billion in CMBS Pipeline Through April
The CMBS deal calendar for early 2012 is taking shape. All told, 14 transactions totaling $10.8 billion are scheduled to hit the market by April, according to a preliminary tally by Commercial Mortgage Alert. The activity comprises nine multi-borrower deals totaling $9.3 billion, three … [Read more...] about 1.23.12: $11 Billion in CMBS Pipeline Through April
1.18.12: SBA 504 Refinance Program to End in 2012
Ron Goldstein, director of Lender Relations for the N.Y. district office of the SBA, recently reminded New York SBA lenders that time is running out on the 504 Certified Development Company Loan Program for debt refinancing authorized by the Small Business Jobs Act of 2010. The program is set to … [Read more...] about 1.18.12: SBA 504 Refinance Program to End in 2012
1.6.12: Record Month for SBA 504 First Mortgage Lien Pool (FMLP) Program
According to Secondary Market Access (SMA), a leading SBA 504 First Mortgage Line Pool (FMLP) settlement firm, December 2011 saw record activity for FMLP settlement with a total of 24 loans settled into 10 separate pools. SMA’s Bob Judge said FMLP volume is growing significantly as lenders realize … [Read more...] about 1.6.12: Record Month for SBA 504 First Mortgage Lien Pool (FMLP) Program
1.3.12: CMBS Delinquency Rates Continue to Drop — for Now
Delinquencies of 30-days-plus in commercial real estate loans in CMBS fell 26 basis points (bp) to 9.51%, according to Trepp, New York, yesterday. Only August 2011's 36-bp drop was larger. But Trepp warned that higher delinquency rates could be on the horizon. Trepp expects the delinquency rate to … [Read more...] about 1.3.12: CMBS Delinquency Rates Continue to Drop — for Now
12.30.11: Top CMBS Issuers of 2011
Deutsche Bank and J.P. Morgan will be the top issuers of CMBS when the final “league tables” are tallied for 2011. Deutsche and J.P. Morgan were in a dead heat for the top position as the year closed. Headed into year-end 2011, Deutsche has $6.8 billion of global CMBS credit, followed by J.P. Morgan … [Read more...] about 12.30.11: Top CMBS Issuers of 2011
12.28.11: Sears and Kmart Closings May Affect CMBS Loans
News from Sears Holdings Corp. threatened to jolt CMBS investors on Tuesday morning: Sears announced that it would be closing up to 120 stores -- a mix of both K-Mart stores and Sears stores. The news sent Sears stock plunging 18%. According to a report by Bloomberg on Tuesday morning, this was the … [Read more...] about 12.28.11: Sears and Kmart Closings May Affect CMBS Loans
12.21.11: Mezzanine Loans Available for CMBS Originations
Mezzanine financing remains readily available to help bridge declining property values in situations where the refinancing of existing debt with a new first mortgage alone cannot pay off maturing debt. A typical 65% loan-to-value first mortgage can be increased to 75% using a mezzanine structure. … [Read more...] about 12.21.11: Mezzanine Loans Available for CMBS Originations
12.16.11: Commercial Lending Outlook for 2012
“The amount of CMBS conduit loans should increase for ValueXpress and the industry for 2012, but not by leaps and bounds,” estimates Michael D. Sneden, Executive Vice President at ValueXpress. “I think the market as a whole, which generated about $30 billion in CMBS loans in 2011, will grow to about … [Read more...] about 12.16.11: Commercial Lending Outlook for 2012