CMBS Article from NREI

Brent-Kenefick_jpgHere is a portion of an article from National Real Estate Investor Magazine discussing the role of CMBS or “Conduit” loan in the Apartment lending space.  We are seeing more and more transactions where the buyer of larger apartment complexes consider the advantages of CMBS financing over traditional financing thru banks and Fannie and Freddie.  CMBS is getting a little more aggressive but still underwriting is sound.  They are not allowing projected rents to be used to size the loan like they did prior to the market crash in 2008.
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Frannie, Freddie to Ease Credit Requirements

Steve Zipperman Frannie, Freddie to Ease Credit Requirements
Published October 20, 2014
FOXBusiness
Fannie Mae and Freddie Mac are working with housing regulators and mortgage lenders to ease credit for many consumers who have been shut out of the home buying market due to tighter credit requirements initiated in the wake of the 2008 financial crisis.
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Loans: apartment buildings, office, retail, and industrial buildings

“Fidelity Commercial Funding: We fund commercial real estate loans including apartment buildings, office, retail, and industrial buildings (owner-occupied and investor), gas stations and car washes, certain mobile home parks nation-wide. Apartment loans are agency and non-agency, up to 80% LTV ($750,000 and above). Office, retail, and industrial property loans are owner-occupied (conventional and SBA), and investor property loans and conventional commercial property loans can go up to 75% LTV. We also fund hard money and interim (bridge) loans. LOI within 48 hours. Service includes Inland Empire.

Loans – Multifamily, Office, Car Washes & Reverse Mortgages

“Wholesale Capital Corporation: Conventional direct lender on 1-4 unit residential properties in California, including owner-occupied and investor properties. Loans close in 30 days. Fewer requirements and rules than banks. We commonly close loans that banks decline, loan more loan dollars on the same property, and close more easily than banks. Rates comparable with banks. All loan origination, processing, appraisal management, underwriting, docs, and funding is in house and in one office. Regular updates to agents. Effective in hitting short sale deadline dates.“

Loans – Nationwide & California

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Nationwide – Loans
1. Walker & Dunlap, underwrites and services FreddieMac & FannieMae loans. We help your clients decide which Go-to Agency or Bank is best. In addition we have FHA for Apartments, Assisted Living & Construction Projects. Min $1,000,000
2. New CTL (Credit Tenant Lease) Loans, ie. Walgreens, CVS, etc. – 25 yr, fixed rates to 100% LTV @ 1.01 DCR, Non-recourse. Min $2 MM
California – Loans
3. FHA Apt. loans & Assisted Living Nursing Homes 35 yr. Fixed 4% Range. Bridge to Perm Apt. Construction. Min $2 MM
LA, OC, SD – Loans

1. SBA vs Conventional Analysis for Owner users. 10% Down may be possible with SBA.
2. Private money Lot Loans, under 10% rate.