Helping Good Investors Make Better Decisions
Let’s hope the analysts predicting a gloomy future in the CMBS markets at Fitch Rankings got up on the wrong side of the bed before they wrote their most recent report covering CMBS default projections.
In a story reported today in the Financial Times (here’s the link) the Fitch Ratings experts are projecting default rates on […]
Synopsis of Commercial Funding News from Seeking Alpha Today……
Seeking Alpha has a couple of noteworthy posts today from Editor Judy Weil. One looks at commercial funding issues from around the country today, the other at the return of CDOs (collateralized debt obligations) as Re-Remics. Some are touting the Re-Remics as the monster rising from the […]
We’ve run across the issues several times in the past two months, and Lingling Wei has written a decent summary of the return of the commercial recourse loan in today’s WSJ.
The frenzied days of the CMBS dominated lending markets made the harsher potentials of recourse loans fade from memory, as the bulk of the […]
Commercial Property News reported in a news item on their website yesterday the conclusion of a study by Jun Han which was commissioned by the Commercial Mortgage Securities Association.
Here’s the key quote from the press article –
“CMBS has been mispriced, given the fundamentals, given the fair value of CMBS under significant stress,” he said.
The undervaluing […]
Over the weekend I had the opportunity to interact with a friend in Dallas who deals with the origination and underwriting of multifamily project funding. He had called to ask about the upcoming fly fishing season here in southern Montana and Yellowstone (it should be a great year). Being a gentleman he was also willing […]
One of the words you’ll keep hearing in the realm of multifamily financing these days appears to be “constrained” – capital is indeed available, but there are constraints on access and underwriting that weren’t even on the radar 18 months ago. Being able to find solid projects in very good markets will be essential, as […]
Discussions we’ve had lately with several multifamily financing / investment banker types regarding the challenges of financing multifamily properties in today’s credit market milieu lead to the mention in each case of combined acquisition / rehab financing.
April’s issue of Multihousing News has a brief blurb on it also. No doubt creativity is in order when […]
Carrick Mollenkamp wrote an interesting piece in yesterday’s WSJ about rising doubts regarding the reliability of the LIBOR – the London Inter-bank Offered Rate. We agree that the LIBOR has played a huge role in the global financial system, though we’ve been hearing increasing concerns about it’s reliability for several months from contacts in finance.
The crux […]
After the CMBS market year in 2007 ($240 billion), who’d have ever guessed that January 2008 would pass with no new CMBS issuances over the month long interval. The CMBS silence was deafening. CPN is reporting that late 2007 issuances have still not fully cleared the pipeline due to investors’ fears that recent vintage loans […]
There’s been an increasing volume of discussion in the financial media regarding CMBS, their role in the credit woes we’re seeing now, and the recovery of the CMBS market. Securities have in the recent past been priced at levels that appear to imply that default rates could reach 80% to 100% (which would appear to be […]
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