The delinquency rate for securitized commercial mortgages has dropped for three months in a row, reaching its lowest level of the year in October, according to Fitch, but increased 21 basis points (bp) to 9.77%, according to Trepp. The percentage of CMBS loans that are at least 60 days past due hit … [Read more...] about 11.1.11: Trepp and Fitch Report October CMBS Delinquency
10.21.11: CMBS Conduit Partner Needs $100M in Loans by Year-End
Recently I took a call from one of our most active CMBS conduit relationships. “Mike, I need $100 million in CMBS conduit loans by year-end, can you help me out?” On one hand, I was surprised; on the other, not so much. It’s just another example of how quickly the CMBS conduit lending market can … [Read more...] about 10.21.11: CMBS Conduit Partner Needs $100M in Loans by Year-End
10.18.11: Spread Widening Provides Investment Opportunity in 2005 Class AJ CMBS
ValueXpress, which provides CMBS investment advisory services to community banks, has recommended a select set of 2005 AJ CMBS for its bank clients to purchase, and many have made purchases in the past week at yields in excess of 6% for CMBS with an average life of about four years. This compares … [Read more...] about 10.18.11: Spread Widening Provides Investment Opportunity in 2005 Class AJ CMBS
10.13.11: SBA Releases New 504 Refinancing Guidelines on Cash-Out
The U.S. Small Business Administration (SBA) has relaxed regulations on loan qualifications, and as a result, the 504 loan program has begun accepting applications from a greater number of small businesses to refinance existing real estate debt. The SBA received extensive feedback from the 504 … [Read more...] about 10.13.11: SBA Releases New 504 Refinancing Guidelines on Cash-Out
10.7.11: Uptick Seen in CMBS Conduit Multifamily Originations
Earlier this month Reis reported that U.S. apartment vacancies fell to a five-year low in the third quarter of 2011 to 5.6%, enabling landlords to increase rents even though the overall economic picture is less than rosy. The 5.6% vacancy rate is the lowest since the third quarter of 2006 and … [Read more...] about 10.7.11: Uptick Seen in CMBS Conduit Multifamily Originations
10.3.11: Trepp and Fitch Report CMBS Delinquency for September
The performance of securitized commercial mortgages improved slightly last month, according to Fitch, while Trepp reports little change in delinquency for September. The 60-day delinquency rate for commercial mortgage backed securities (CMBS) loans finished September at 8.6%, according to Fitch, … [Read more...] about 10.3.11: Trepp and Fitch Report CMBS Delinquency for September
9.26.11: SBA Issues New Standard Operating Procedures for 7(a) and 504 Loans
The Office of Financial Assistance announced an update to the Standard Operating Procedure (SOP) 50 10 5. This update, known as SOP 50 10 5(D), will be effective on October 1, 2011. This version of the SOP will apply to all applications received by SBA on or after October 1, 2011. Change Highlights: … [Read more...] about 9.26.11: SBA Issues New Standard Operating Procedures for 7(a) and 504 Loans
9.23.11: Buyers Grab Super-Senior CMBS from Recent Offerings
CMBS investors lined up for super-senior CMBS from recent transactions, hopefully signaling the end to spread widening that began in May. On Wednesday, September 14, Morgan Stanley and Bank of America priced the bulk of a $1.5-billion multi-borrower offering at tighter-than-expected spreads. Among … [Read more...] about 9.23.11: Buyers Grab Super-Senior CMBS from Recent Offerings
9.19.11: FDIC Reclassification Troubling for Hoteliers
Recently, Jay Bhakta, who runs the Mississippi office for ValueXpress, and Michael Sneden, Executive Vice President of ValueXpress, traveled to Houston, TX to assist a borrower in the closing of his CMBS conduit loan secured by a hotel as well as assist another hotel borrower refinance a … [Read more...] about 9.19.11: FDIC Reclassification Troubling for Hoteliers
9.13.11: Rates on Fannie Mae Loans Continue to Decline
With 10-year Treasury rates below 2%, borrowers that qualify for Fannie Mae (and Freddie Mac) multifamily loans are seeing loan quotes at levels not seen since the formation of the Fannie Mae multifamily program in the 1950s. ValueXpress is active in both the Fannie Mae Delegated Underwriting and … [Read more...] about 9.13.11: Rates on Fannie Mae Loans Continue to Decline