Manufactured Housing Community loans are extremely popular in CMBS. Manufactured Housing Communities (MHCs) are developments in which the landlord leases land “lots” to tenants who then buy or build a manufactured home on the lot. The tenant pays monthly rent to the landlord for the lot. Sometimes … [Read more...]
5.27.19: Are Cannabis Tenants Allowed in CMBS Loans?
In the United States, the use and possession of cannabis is illegal under federal law. At the state level, however, policies regarding medical and recreational use of cannabis vary greatly, and in many states, policies conflict significantly with federal law. The medical use of cannabis is legal … [Read more...]
5.7.19: ValueXpress Refinancing SBA 7(a) Hotel Loans with CMBS Loans
The SBA 7(a) loan guarantee program allows commercial banks to make loans on owner-occupied commercial real estate that would otherwise be considered too risky. Hotels are considered particularly risky by many commercial banks. Most limited service hotels are owner-operated and qualify for SBA … [Read more...]
3.26.19: Interest Rates Fall Substantially for CMBS Conduit Loans
Interest rates on CMBS conduit loans have decreased significantly in the last 30 days. Low leverage CMBS conduit loans (50%-60% LTV) are being quoted in the 4.25%-4.50% range, while full leverage (70%-75% LTV) loans are available at rates under 5.0%. Rates this low have not been available for a … [Read more...]
12.4.18: ValueXpress Is Your “Go-To” Source for Small Balance CMBS Conduit Loans
Most CMBS conduit loan programs start at $5 million. A few will consider $3 million. But ValueXpress can provide CMBS conduit loans as low as $1.5 million. A few examples of recently closed small balance CMBS conduit loans can be found here and here. How is ValueXpress able to provide small balance … [Read more...]
4.27.18: CMBS Remains Best Solution for Retail Loans
Struggling retailers have lenders reassessing the risk of retail loans. Over the past two years, poor retail sales have resulted in a slew of store closures and bankruptcies. It seems that not a month goes by without more bad news, most recently the closing of the Bon-Ton department store chain, … [Read more...]
4.24.18: Kroll to Track CMBS “Loans of Concern”
Kroll Bond Rating Agency (KBRA) has created a monthly index to track CMBS loans that it believes are at risk of default. The index tracks not only loans that are already delinquent or in default, but more important, loans that face a high risk of default in the future. These loans, known as … [Read more...]
3.16.18: Competition Is Fierce for CMBS Conduit Loans
CMBS conduit lenders are aggressively cutting loan spreads and loosening loan structure to win business amid a shortage of good-quality CMBS conduit loans. For the better part of a year, most CMBS conduit lenders are bidding low-leverage large loans at breakeven spreads in order be able to … [Read more...]
3.2.18: Lenders Look to Increase Leverage on CMBS Loans
Loan-to-value (LTV) levels for CMBS conduit loans have dropped over the past two years due to a variety of factors, including the implementation of risk-retention rules and picky buyers of subordinate CMBS securities (known as b-buyers) that prefer lower leverage CMBS transactions that are perceived … [Read more...]
2.2.18: IMPORTANT UPDATE: Fixed-Cost Program Available for CMBS Conduit Loans
Unrestricted cash-out and no personal guarantees are compelling features of CMBS conduit loans. To make CMBS conduit loans even more attractive, a “fixed cost” option is now available for loans between $2 million and $10 million. Furthermore, loan structure has been eased, creating a more … [Read more...]
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