CBRE LENDERS SURVEY LOOKING AT 2015 LENDING TRENDS IN CANADA FINANCING DEBT COMMERCIAL REAL ESTATE BOND TERM DEBT YIELDS MORTGAGE ACQUISITION

Size: px
Start display at page:

Download "CBRE LENDERS SURVEY LOOKING AT 2015 LENDING TRENDS IN CANADA FINANCING DEBT COMMERCIAL REAL ESTATE BOND TERM DEBT YIELDS MORTGAGE ACQUISITION"

Transcription

1 CBRE LENDERS SURVEY LOOKING AT 2015 LENDING TRENDS IN CANADA COMMERCIAL REAL ESTATE DEBT FINANCING TERM DEBT YIELDS MORTGAGE ACQUISITION REFINANCING BOND INTEREST RATE

2 ABOUT CBRE CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at In Canada, CBRE Limited employs approximately 2,025 people in 23 locations from coast to coast. Please visit our website at CBRE CAPITAL MARKETS CBRE Capital Markets comprises two seamlessly integrated, complementary services: the disposition and acquisition of institutional and investment properties for owners and investors, and the placement of Debt & Structured Finance. Capital Markets can respond to the full spectrum of real estate investment requirements by offering services designed specifically to meet the client s expectation and needs. Our teams were created to service each client in every sector across all markets. DEBT & STRUCTURED FINANCE With 26.9 billion of closed loan originations in North America since 2013, our team of skilled professionals is uniquely positioned to provide financing solutions by leveraging their invaluable collective experience and relationships with key institutional and private capital sources. The Canadian Debt & Structured Finance operation is an integral part of our extensive North American platform. In addition to working seamlessly with the Capital Markets professionals, Debt & Structured Finance acts as a trusted advisor providing innovative financing solutions to real estate investors. 2 CBRE Capital Markets, Debt & Structured Finance CBRE Limited 2014

3 INTRODUCTION CBRE s Annual Lenders Survey was carried out between October 15th and October 31st, 2014, from a wide range of Lenders active in Canada. The survey posed many important questions that Canadian Lenders are facing, and will continue to do so in an ever-changing economic landscape. This report will provide insight to the key drivers that are crucial to Canadian Lenders in the loan approval process. Forward guidance for providing debt capital to the Commercial Real Estate (CRE) sector in the future can also be gleaned from this report. CBRE Capital Markets, Debt & Structured Finance has always strived to promote the increased efficiency and growth of the Commercial Real Estate industry in Canada, by engaging with stakeholders in the debt capital markets. In this spirit, it is our pleasure to publish our first Annual Lenders Survey and we hope that you will benefit from the information contained in this report. All the information collected has been kept confidential and only aggregate numbers and averages were included in our analysis; no single respondents answers were revealed. EXECUTIVE SUMMARY Canada s lending market can be characterized by a high degree of supply, with most lenders holding underwriting standards more or less the same, while being competitive on pricing. This largely bullish scenario appears unlikely to change in 2015, with most lenders indicating their respective loan books would increase. Lenders appear to have a healthy appetite for all the main property types and are willing to lend in most regions of the country. Perhaps surprisingly, respondents stated a willingness to lend on land and construction, a sector that inherently carries more risk but speaks to the high degree of confidence most lenders have in the Canadian CRE marketplace. CBRE Capital Markets, Debt & Structured Finance CBRE Limited

4 PARTICIPANT PROFILE /i How would you classify yourself as a lender? With a total of 41 respondents to the lender survey, they classified themselves as follows: 22 Other 20 Bank 2 Government Agency 2 CMBS 10 Syndicated Lender 2 Pension Fund 10 Credit Union/Trust Company 32 Life Insurance Company /ii What size segment of the market do you mostly service (single loan size amount)? Lenders indicated they would lend to both larger projects of 25.0 million and greater (44), and smaller projects between 5.0 million to 15.0 million (29). /iii Average loan volume/ allocation in a typical year (new loans and renewals). With 50 of respondents having annual average loan volumes of million to above 1.0 billion, lenders are very active in the debt capital markets in Canada. 4 CBRE Capital Markets, Debt & Structured Finance CBRE Limited 2014

5 DEMAND /01 Apart from normal seasonal variation, how has demand for CRE loans changed over the past six months? /02 Are you active in construction and land development loans? No Yes Somewhat Weaker No Change Somewhat Stronger Considerably Stronger Considerably Weaker /03 How has demand for construction and land development loans changed over the past six months? 43 No Change 36 Somewhat Stronger 15 Somewhat Weaker 6 Considerably Stronger 0 Considerably Weaker Demand Highlights Largest response indicated demand was somewhat weaker (34), with a further 8 stating demand was considerably weaker; however, 21 saw demand being somewhat stronger, and 8 stating it to be considerably stronger. In addition to offering loans for stand-alone investments, a fair number of respondents are providing financing for construction and land development (55). Most respondents indicated demand for land and construction loans were little changed; however, the balance felt interest in land and construction loans were somewhat stronger (36), with a further 6 indicating considerably stronger. CBRE Capital Markets, Debt & Structured Finance CBRE Limited

6 SUPPLY /04 Based on your knowledge of your company s current loan book, which of the following best describes your financial institution s appetite towards real estate lending in future? Increase Allocation Maintain Allocation Decrease Allocation /05 How much new capital are you planning on lending in real estate in 2015 (including refinanced capital)? /06 Please rate your appetite to lend outside of Canada s six major metropolitan areas (Vancouver, Edmonton, Calgary, Toronto, Ottawa, and Montreal) Million - 1 Billion Between Million Greater than 1 Billion Between Million 9 Under 100 Million 3 None Moderate Deal Specific Strong Weak Very Strong Very Weak No Interest 6 CBRE Capital Markets, Debt & Structured Finance CBRE Limited 2014

7 SUPPLY /07 Is your organization open to new borrower relationships? No Yes 6 94 /08 Do you offer Interest Only (I/O) as part of your loan structure offering? No Yes 22 Supply Highlights A positive response of 56 indicated that they would be looking to increase their allocation to CRE loans. Collectively, Lenders are set to increase their allocation to debt financing. Much of the lending occurs in Canada s largest metropolitan areas; interestingly, most lenders have either moderate (43) or good interest (20) in Canada s smaller metropolitan locations. Perhaps surprising to some market participants, interest only loans are available from over three quarters of respondents. 78 CBRE Capital Markets, Debt & Structured Finance CBRE Limited

8 UNDERWRITING /09 Which of the following real estate classes do you favor most for existing assets. (Please rank them from 1 to 6; 1 being the asset class you favor the most) *Indexed Residential Industrial Retail Office Seniors Housing Hotel *Based on index where each rank was provided a multiple for respective importance: rank 1 = 5x, rank 2 = 4x, rank 3 = 3x, rank 4 = 2x, rank 5 = 1x, rank 6 = 0x /10 Over the past six months, how has your organization s credit standards for approving applications for CRE loans changed? Unchanged 72 Tightened Slightly 18 Eased Slightly (less restrictive) 8 Tightened Measurably (more restrictive) 2 Eased Measurably 0 8 CBRE Capital Markets, Debt & Structured Finance CBRE Limited 2014

9 UNDERWRITING /11 Do you require recourse? No Yes Partial n/a /12 Over the past six months, how has your organization changed the following terms and conditions on loans to borrowers? Unchanged Eased Slightly Tightened Slightly Tightened Measurably Eased Measurably Underwriting Highlights Lenders have a strong interest in Residential, followed closely by Industrial, Retail and Office. Respondents appear to be comfortable with existing standards, with 72 stating that their credit requirements had not changed. While non-recourse loans are starting to be more common, the majority of Lenders still require recourse. Respondents stated that term conditions remained unchanged (32) or eased slightly (29) over the past six months. CBRE Capital Markets, Debt & Structured Finance CBRE Limited

10 PRICING /13 What is the required minimum spread over 10-yr Government of Canada (GoC) bond (for stabilized, wellperforming asset in tier-1 market with strong sponsor)? Lower than 150 bps bps bps bps More than 300 bps /14 What is the required minimum spread over 5-yr Government of Canada (GoC) bond (for stabilized, wellperforming asset in tier-1 market with strong sponsor)? Lower than 150 bps bps bps bps More than 300 bps 10 CBRE Capital Markets, Debt & Structured Finance CBRE Limited 2014

11 PRICING /15 What is the maximum Loan-to-Value (LTV) you would consider (for stabilized, well-performing asset in tier- 1 market with strong sponsor)? Less than or equal to More than 95 Pricing Highlights Most respondents need to achieve a spread of basis points (bps) over 10-yr GoC bonds (57), with some respondent requiring more (29). Spread requirements for the 5-yr GoC are similar to the 10-yr GoC with the majority in the bps (70) and a few requiring bps (22). The LTV for loans would have to be between the band for lenders (61), while it should be noted that 22 of respondents are willing to accept a band. Highlighting the conservative nature of the Canadian lending market, most (61) lenders are only willing to lend up to a maximum of 75; however, a smaller group (22) are prepared to go as high as 85. CBRE s first Annual Lenders Survey should provide a good barometer for the outlook of debt financing within the Canadian CRE sector. In light of a prolonged low interest rate environment, Canadian Lenders indicated a healthy appetite to increase their loan allocations in 2015, with a view to rely not only on existing relationships but to foster new ones that should result in increased loan volumes. Although Lenders saw slightly softer demand in recent months for CRE loans, most are maintaining a positive stance by indicating they would provide new and refinanced capital in the upcoming year that would create ample liquidity in the marketplace. A surprising result was Lenders narrowly favored Residential over Industrial as an asset class by a very narrow margin, which is a strong indicator that the Industrial asset class is not only growing in prominence but also seen as an important part of their loan portfolio. This lends to the fact Industrial assets tend to close fairly quickly and seem to be in constant demand by users; although, environmental issues can sometimes delay this highly coveted asset class. Lenders have generally not tightened their credit requirements and are not expected to do so in the coming months. This supports the outlook that Lenders believe the Canadian CRE market to be mostly stable and healthy. The LTV requirement stayed consistent with the conservative nature of most Canadian Lenders with debt levels at, or below 75, but some lenders stated a willingness to issue loans with an LTV ratio of 85. Based on the results of this survey, the outlook of debt financing for the Canadian marketplace is highly positive. We take this opportunity to thank all the participants for their valuable input. CBRE Capital Markets, Debt & Structured Finance CBRE Limited

12 CBRE CAPITAL MARKETS DEBT & STRUCTURED FINANCE LEADERSHIP Peter D. Senst* President Canadian Capital Markets T Alexandre Sieber Senior Vice President & Senior Managing Director T RESEARCH Ross Moore Director of Research, Canada T PROFESSIONALS Andrew Odd 1 Senior Vice President T License # M Ed Fitzpatrick 4 Vice President T License # Lekan Temidire Research Analyst T Carl Lavoie 2 Vice President T License # M Riley Young 3 Associate Vice President T License # Joanne White Specialist, Client Services T Nektar Diamantopoulos 3 Vice President T License # B0948 Manish Jain 1 Associate T License # M *Sales Representative CBRE Limited, Real Estate Brokerage 1 Mortgage Agent CBRE Limited, Ontario, Mortgage Brokerage License: Mortgage Broker CBRE Limited, Ontario, Mortgage Brokerage License: Courtier Immobilière CBRE Limitée, Quebec, Agence Immobilière : G Mortgage Agent CBRE Limited, British Columbia, Brokerage License: X029127MMB Please visit our website: This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation ( CBRE ). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the Information ) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved.

2014 Survey of Credit Underwriting Practices

2014 Survey of Credit Underwriting Practices 2014 Survey of Credit Underwriting Practices Office of the Comptroller of the Currency Washington, D.C. December 2014 Contents Introduction... 1 Part I: Overall Results... 3 Primary Findings... 3 Commentary

More information

2015 Survey of Credit Underwriting Practices

2015 Survey of Credit Underwriting Practices 2015 Survey of Credit Underwriting Practices Office of the Comptroller of the Currency Washington, D.C. December 2015 Contents Introduction... 1 Part I: Overall Results... 3 Primary Findings... 3 Commentary

More information

2013 Survey of Credit Underwriting Practices

2013 Survey of Credit Underwriting Practices 2013 Survey of Credit Underwriting Practices Office of the Comptroller of the Currency Washington, D.C. January 2014 Contents Introduction... 1 Part I: Overall Results... 3 Primary Findings... 3 Commentary

More information

Investor Update Fourth Quarter 2015

Investor Update Fourth Quarter 2015 Investor Update Fourth Quarter 2015 Caution re: Forward-looking Statements This presentation provides management with the opportunity to discuss the financial performance and condition of Home Capital

More information

Special Report Data Centers: Financing Strategies for Data Centers

Special Report Data Centers: Financing Strategies for Data Centers Special Report Data Centers: Financing Strategies for Data Centers AUGUST 2010 FINANCING STRATEGIES OVERVIEW Data Center projects present unique financing challenges. The highlyspecialized infrastructure

More information

Table 2. (Status of policy as of October 2015)

Table 2. (Status of policy as of October 2015) Table 2 1 (Status of policy as of October 2015) Questions 1-6 ask about commercial and industrial (C&I) loans at your bank. Questions 1-3 deal with changes in your bank's lending policies over the past

More information

Table 2. 2.56 spreads=eased) Premiums charged on riskier loans 2.35 Loan covenants 2.72 Collateralization requirements 2.89 Other 2.

Table 2. 2.56 spreads=eased) Premiums charged on riskier loans 2.35 Loan covenants 2.72 Collateralization requirements 2.89 Other 2. Table 2 SENIOR LOAN OFFICER OPINION SURVEY ON BANK LENDING PRACTICES AT SELECTED BRANCHES AND AGENCIES OF FOREIGN BANKS IN THE UNITED STATES 1 (Status of policy as of April 2003) Questions 1-5 ask about

More information

SARATOGA SPRINGS CAPITAL LLC

SARATOGA SPRINGS CAPITAL LLC Highlights: Less than 1% of the NY Capital Region vs. greater than 32% of NYC utilize CMBS. Why?...1 CMBS is at least 10% cheaper overall, despite initial higher closing costs...2 Interest rates and cap

More information

Canadian Consumer Credit Trends. Q3 2014 Prepared by: Equifax Analytical Services

Canadian Consumer Credit Trends. Q3 2014 Prepared by: Equifax Analytical Services Canadian Consumer Credit Trends Q3 2014 Prepared by: Equifax Analytical Services About Equifax Inc. Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses

More information

LAXFIELD UK CRE DEBT BAROMETER

LAXFIELD UK CRE DEBT BAROMETER LAXFIELD UK CRE DEBT BAROMETER Issue 5:Q2-, published November 2015 Laxfield Capital presents the 5th issue of the Laxfield UK CRE Debt Barometer, an overview of current financing requirements in the UK

More information

The Bank of Canada s Senior Loan Officer Survey

The Bank of Canada s Senior Loan Officer Survey The Bank of Canada s Senior Loan Officer Survey Umar Faruqui, Paul Gilbert, and Wendy Kei, Department of Monetary and Financial Analysis Since 1999, the Bank of Canada has been conducting a quarterly survey

More information

2012 Survey of Credit Underwriting Practices

2012 Survey of Credit Underwriting Practices 2012 Survey of Credit Underwriting Practices Office of the Comptroller of the Currency Washington, D.C. June 2012 Contents Introduction... 1 Part I: Overall Results... 3 Primary Findings... 3 Commentary

More information

Genworth MI Canada Inc. BRIAN HURLEY, Chairman and CEO

Genworth MI Canada Inc. BRIAN HURLEY, Chairman and CEO Genworth MI Canada Inc. BRIAN HURLEY, Chairman and CEO Genworth MI Canada Inc. 1 Scotia Capital Financial Summit September 2012 Forward-Looking and Non-IFRSs Statements This presentation includes certain

More information

IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER

IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER Review of TD s businesses REVIEW OF TD S BUSINESSES PROFILES OF TD S BUSINESSES TODAY IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER BASES RETAIL AND WHOLESALE TO SHOW

More information

HOTEL FINANCING PARAMETERS IN CANADA

HOTEL FINANCING PARAMETERS IN CANADA CANADIAN MONTHLY LODGING OUTLOOK NOVEMBER 2012 HOTEL FINANCING PARAMETERS IN CANADA www.hvs.com HVS IN CANADA 6 Victoria Street, Toronto, ON M5E 1L4, CANADA Suite 400 145 West 17 th Street, North Vancouver,

More information

Canada Investment MarketView Q2 2013

Canada Investment MarketView Q2 2013 Canada Investment MarketView Q2 213 CBRE Global Research and Consulting CORE CPI 122.9 1 YEAR GOVERNMENT BOND 2.44% NATIONAL CAP RATE 5.96% INVESTMENT VOLUME $14.7 Billion YTD Arrow indicates change from

More information

Quarterly Credit Conditions Survey Report

Quarterly Credit Conditions Survey Report Quarterly Credit Conditions Survey Report Contents List of Charts 2 List of Tables 3 Background 4 Overview 5 Credit Market Conditions 8 Personal Lending 10 Micro Business Lending 13 Small Business Lending

More information

JLL Debt Advisory Iberia

JLL Debt Advisory Iberia the Real Estate Investment profitability with the Financing? Debt Market A Diverse Originating Lender Audience Existing Market Players New Entrants Lenders with a foothold in certain markets with scarce

More information

(Table 2.2). General account assets amounted to $3.5 trillion in 2010, up 4 percent from 2009.

(Table 2.2). General account assets amounted to $3.5 trillion in 2010, up 4 percent from 2009. 2ASSETS Assets held by life insurers back the companies life, annuity, and health liabilities. Accumulating these assets via the collection of premiums from policyholders and earnings on investments provides

More information

Quarterly Credit Conditions Survey Report

Quarterly Credit Conditions Survey Report Quarterly Credit Conditions Survey Report Contents March 2014 Quarter Prepared by the Monetary Analysis & Programming Department Research & Economic Programming Division List of Tables and Charts 2 Background

More information

FIRST NATIONAL MORTGAGE INVESTMENT FUND UPDATE FOR INVESTORS

FIRST NATIONAL MORTGAGE INVESTMENT FUND UPDATE FOR INVESTORS TSX: FNM.UN September 3, 2013 FIRST NATIONAL MORTGAGE INVESTMENT FUND UPDATE FOR INVESTORS Investment Characteristics The First National Mortgage Investment Fund (the Fund ) is fully invested in a diversified

More information

European real estate debt The case for senior commercial mortgage investment September 2015

European real estate debt The case for senior commercial mortgage investment September 2015 Spread (bps) European real estate debt The case for senior commercial mortgage investment September 2015 For fixed income investors, the case for senior commercial mortgage lending remains strong, with

More information

CRE Finance Council: 2016 Market Outlook Survey

CRE Finance Council: 2016 Market Outlook Survey CRE Finance Council: 2016 Market Outlook Survey Introduction The Commercial Real Estate Finance Council (CREFC) is pleased to present the. Sponsored and conducted by CREFC, this survey is designed to gauge

More information

Credit Sentiment Survey

Credit Sentiment Survey Credit Sentiment Survey Survey Results 2015 Q4 The Credit Sentiment Survey ( The Survey ) is a quarterly publication which collects information from Senior Credit Officers from all banks and financial

More information

FICOTM. Consumer Credit Risk North America Trends and Expectations FOURTH QUARTER 2013

FICOTM. Consumer Credit Risk North America Trends and Expectations FOURTH QUARTER 2013 Consumer Credit Risk North America Trends and Expectations FOURTH QUARTER 2013 A Survey by the Professional Risk Managers International Association January 2014 w w w. P R M I A. o r g PRMIA thanks our

More information

Interest Only Expiry. July 2013

Interest Only Expiry. July 2013 Interest Only Expiry July 213 Regulation on Interest Only Regulation requires residential borrowers to amortise within 3 years even if the loan to value ratio is below the regulatory maximum of 8 percent

More information

Positive 4 th quarter solidifies profitable 2010 for Old National

Positive 4 th quarter solidifies profitable 2010 for Old National FOR IMMEDIATE RELEASE January 31, 2011 Contacts: Media: Kathy A. Schoettlin (812) 465-7269 Executive Vice President Communications Financial Community: Lynell J. Walton (812) 464-1366 Senior Vice President

More information

Brookfield financial Review q2 2010

Brookfield financial Review q2 2010 Brookfield financial Review q2 2010 Overview Operating cash flow and gains totalled $327 million in the second quarter or $0.53 per share compared to $294 million in the prior year. This brings operating

More information

General Overview of Lending Capabilities

General Overview of Lending Capabilities Anthony R. D Ascoli, CIMA, CRPC UBS Financial Services Inc. Senior Vice President Investments D'Ascoli Financial Group Portfolio Manager 750 Washington Blvd, 11 th Fl anthony.dascoli@ubs.com Stamford,

More information

GROWING. FINANCIAL PARTNERSHIPS Discover the Difference with DLC Expert Financial Loan Programs Provided through EQUIS CAPITAL FINANCE COMMERCIAL

GROWING. FINANCIAL PARTNERSHIPS Discover the Difference with DLC Expert Financial Loan Programs Provided through EQUIS CAPITAL FINANCE COMMERCIAL GROWING FINANCIAL PARTNERSHIPS Discover the Difference with DLC Expert Financial Loan Programs Provided through EQUIS CAPITAL FINANCE COMMERCIAL Acquisition Term Bridge Permanent Short Term Mezzanine Acquisition

More information

Bank lending Survey Results for Portugal January 2016

Bank lending Survey Results for Portugal January 2016 Bank lending Survey Results for Portugal January 2016 I. Overall assessment According to the results of the January 2016 survey to the five Portuguese banking groups, the credit standards applied to the

More information

Credit Sentiment Survey

Credit Sentiment Survey Credit Sentiment Survey Survey Results 2016 Q1 The Credit Sentiment Survey ( The Survey ) is a quarterly publication which collects information from Senior Credit Officers from all banks and financial

More information

INVESTMENT PROPERTIES SELF STORAGE CAPABILITIES OVERVIEW

INVESTMENT PROPERTIES SELF STORAGE CAPABILITIES OVERVIEW INVESTMENT PROPERTIES SELF STORAGE CAPABILITIES OVERVIEW OUR PROFESSIONALS PROVEN TRACK RECORD With more than $513 million in consideration and 8.8 million square feet sold since 2009, this self storage

More information

Investor Update Second Quarter 2015

Investor Update Second Quarter 2015 Investor Update Second Quarter 2015 Caution re: Forward-looking Statements This presentation provides management with the opportunity to discuss the financial performance and condition of Home Capital

More information

CMHC Mortgage Loan Insurance Overview

CMHC Mortgage Loan Insurance Overview CMHC Mortgage Loan Insurance view Mortgage loan insurance is typically required when homebuyers make a down payment of less than 2% of the purchase price. Mortgage loan insurance helps protect lenders

More information

CBRE GROUP INC. Headquartered in Los Angeles, CBRE Group, Inc. is the world s largest commercial real estate services firm. We are a Fortune 500 and

CBRE GROUP INC. Headquartered in Los Angeles, CBRE Group, Inc. is the world s largest commercial real estate services firm. We are a Fortune 500 and Singapore SERVICES 2012 CBRE, Inc. Information herein is based on third party sources we believe reliable and we do not assure its accuracy or completeness. Offerings are subject to price changes, rental,

More information

Why Mortgages: An Investment Comparison

Why Mortgages: An Investment Comparison Why Mortgages: An Investment Comparison Why Mortgages: An Investment Comparison Page 2 of 11 An historical analysis of leading Canadian commercial mortgage funds versus various fixed income indices concludes

More information

Rating Action: Moody's assigns first time ratings to Texas Capital Bancshares (issuer at Baa3)

Rating Action: Moody's assigns first time ratings to Texas Capital Bancshares (issuer at Baa3) Rating Action: Moody's assigns first time ratings to Texas Capital Bancshares (issuer at Baa3) Global Credit Research - 13 Sep 2012 New York, September 13, 2012 -- Moody's Investors Service assigned first

More information

INVESTING IN THE CURRENT MARKET ENVIRONMENT CARL S. BANG PRESIDENT SUN LIFE INVESTMENT MANAGEMENT INC.

INVESTING IN THE CURRENT MARKET ENVIRONMENT CARL S. BANG PRESIDENT SUN LIFE INVESTMENT MANAGEMENT INC. INVESTING IN THE CURRENT MARKET ENVIRONMENT CARL S. BANG PRESIDENT SUN LIFE INVESTMENT MANAGEMENT INC. SUN LIFE INVESTMENT MANAGEMENT I N V E S T M E N T M A N A G E M E N T SUN LIFE INVESTMENT MANAGEMENT

More information

Senior Loan Officer Opinion Survey on Credit Market Conditions

Senior Loan Officer Opinion Survey on Credit Market Conditions Senior Loan Officer Opinion Survey on Credit Market Conditions Part 1 - Corporates Questions 1 through 7 ask about the lending policies applied to for corporate customers at your bank and corporate loan

More information

FITCH AFFIRMS NORWEGIAN SAVINGS BANKS

FITCH AFFIRMS NORWEGIAN SAVINGS BANKS FITCH AFFIRMS NORWEGIAN SAVINGS BANKS Fitch Ratings-London-04 November 2015: Fitch Ratings has affirmed SpareBank 1 Nord-Norge's (SNN) Long-term Issuer Default Rating (IDR) at 'A', SpareBank 1 SMN's (SMN),

More information

SBA 504 Non Bank Business Model. Presented by Sok Cordell

SBA 504 Non Bank Business Model. Presented by Sok Cordell SBA 504 Non Bank Business Model Presented by Sok Cordell CH Capital Partners LLC (SBA Non Bank Lending Program) The information contained in this presentation has been obtained from sources believed to

More information

Sankaty Advisors, LLC

Sankaty Advisors, LLC Middle Market Overview March 2013 Overview of Middle Market We view the middle market as having three distinct segments, defined by a company's ownership type, prospects, and access to capital. Companies

More information

ATEL Growth Capital Fund 8, LLC. Financing Tomorrow s Technologies... Today

ATEL Growth Capital Fund 8, LLC. Financing Tomorrow s Technologies... Today ATEL Growth Capital Fund 8, LLC Financing Tomorrow s Technologies... Today RISK FACTORS Investors are encouraged to carefully read the Prospectus for ATEL Growth Capital Fund 8, LLC which has been provided

More information

Colleen Johnston Group Head Finance & CFO TD Bank Financial Group. Citi Financial Services Conference

Colleen Johnston Group Head Finance & CFO TD Bank Financial Group. Citi Financial Services Conference Colleen Johnston Group Head Finance & CFO TD Bank Financial Group Citi Financial Services Conference January 28, 2009 Caution regarding forward-looking statements From time to time, the Bank makes written

More information

Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects

Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects Press release For business desks 7 November 2013 Commerzbank: operating profit of EUR 103 m in third quarter Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects Annual

More information

Gjensidige Bank. Investor Presentation Q May 2015

Gjensidige Bank. Investor Presentation Q May 2015 Gjensidige Bank Investor Presentation Q1 2015 6. May 2015 Content Gjensidige and Gjensidige Bank in brief Financial performance Funding overview Appendix Gjensidige Bank in Brief KEY FINANCIALS 1 st QUARTER

More information

A LEADER IN MULTIFAMILY AND HEALTHCARE LENDING

A LEADER IN MULTIFAMILY AND HEALTHCARE LENDING A LEADER IN MULTIFAMILY AND HEALTHCARE LENDING Greystone will work hard to help you accomplish your financial needs. We will use our creativity, drive and passion to deliver unparalleled business solutions

More information

FOR IMMEDIATE RELEASE MAY 5, 2016 ARTIS RELEASES FIRST QUARTER RESULTS: FFO PAYOUT RATIO IMPROVES TO 71.1%

FOR IMMEDIATE RELEASE MAY 5, 2016 ARTIS RELEASES FIRST QUARTER RESULTS: FFO PAYOUT RATIO IMPROVES TO 71.1% FOR IMMEDIATE RELEASE MAY 5, 2016 ARTIS RELEASES FIRST QUARTER RESULTS: FFO PAYOUT RATIO IMPROVES TO 71.1% Today Artis Real Estate Investment Trust ( Artis or the "REIT") issued its financial results and

More information

Atrium Mortgage Investment Corporation (TSX: AI) Record Year / Shares at Attractive Entry Levels. Sector/Industry: Mortgage Investment Corporation

Atrium Mortgage Investment Corporation (TSX: AI) Record Year / Shares at Attractive Entry Levels. Sector/Industry: Mortgage Investment Corporation Siddharth Rajeev, B.Tech, MBA, CFA Analyst February 17, 2016 Atrium Mortgage Investment Corporation (TSX: AI) Record Year / Shares at Attractive Entry Levels Sector/Industry: Mortgage Investment Corporation

More information

Recourse vs. Nonrecourse: Commercial Real Estate Financing Which One is Right for You?

Recourse vs. Nonrecourse: Commercial Real Estate Financing Which One is Right for You? Recourse vs. Nonrecourse: Commercial Real Estate Financing Which One is Right for You? Prepared by Bill White Director of Commercial Real Estate Lending In this white paper 1 Commercial real estate lenders

More information

Canadian Consumer Credit Trends. Q3 2013 Prepared by: Equifax Analytical Services

Canadian Consumer Credit Trends. Q3 2013 Prepared by: Equifax Analytical Services Canadian Consumer Credit Trends Q3 2013 Prepared by: Equifax Analytical Services About Equifax Inc. Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses

More information

FACTORS AFFECTING THE LOAN SUPPLY OF BANKS

FACTORS AFFECTING THE LOAN SUPPLY OF BANKS FACTORS AFFECTING THE LOAN SUPPLY OF BANKS Funding resources The liabilities of banks operating in Estonia mainly consist of non-financial sector deposits, which totalled almost 11 billion euros as at

More information

The Trusted Name, WeCanLend.com

The Trusted Name, WeCanLend.com Table of Contents THE OPPORTUNITY... 1 NEW REGULATIONS AND OPPORTUNE MARKET CONDITIONS... 1 WHAT YOU CAN EXPECT... 1 OUR EXECUTIVE TEAM... 2 KEY FEATURES OFFERING LOWER RISK & HIGHER RETURNS... 3 LENDING

More information

CB Richard Ellis Group, Inc. Investor Presentation

CB Richard Ellis Group, Inc. Investor Presentation CB Richard Ellis Group, Inc. Investor Presentation February 2009 Forward Looking Statements This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation

More information

Quarterly Credit Conditions Survey Report

Quarterly Credit Conditions Survey Report Quarterly Credit Conditions Report Contents List of Figures & Tables... 2 Background... 3 Overview... 4 Personal Lending... 7 Micro Business Lending... 10 Small Business Lending... 12 Medium-Sized Business

More information

RMA Commercial & Business Banking

RMA Commercial & Business Banking RMA Commercial & Business Banking The Commercial Real Estate Lending Decision Process The Commercial Real Estate Lending Decision Process, authored by The Risk Management Association and brought to you

More information

DISCLAIMER: Copyright: 2013

DISCLAIMER: Copyright: 2013 DISCLAIMER: This publication is intended for EDUCATIONAL purposes only. The information contained herein is subject to change with no notice, and while a great deal of care has been taken to provide accurate

More information

Real Estate Debt Market Overview

Real Estate Debt Market Overview Real Estate Debt Market Overview 1 Quarterly Transaction Volumes: 1Q2008 1Q2010* $50 $44 2008 Annual Total: $136 bn 2009 Annual Total: $49 bn $40 $30 $8 $14 $39 $6 $34 $4 0 $10 $0 $8 $14 $17 $14 $6 $5

More information

Quarterly Credit Conditions Survey Report Contents

Quarterly Credit Conditions Survey Report Contents Quarterly Credit Conditions Report Contents List of Figures & Tables... 2 Background... 3 Overview... 4 Personal Lending... 7 Micro Business Lending... 9 Small Business Lending... 12 Medium-Sized Business

More information

PRIVATE FIXED INCOME ASSETS: CAPTURING THE LIQUIDITY PREMIUM

PRIVATE FIXED INCOME ASSETS: CAPTURING THE LIQUIDITY PREMIUM PRIVATE FIXED INCOME ASSETS: CAPTURING THE LIQUIDITY PREMIUM EUGENE LUNDRIGAN CHIEF OPERATING OFFICER SUN LIFE INVESTMENT MANAGEMENT INC. AGENDA 1 2 3 4 5 Challenging times for pension funds Search for

More information

Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment

Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Prepared by Keith H. Reep, CCIM Real Estate Investment Consultant In this white paper 1 Advantages of investing

More information

Frequently Asked Questions Q3 2007

Frequently Asked Questions Q3 2007 Frequently Asked Questions Q3 2007 1. Can you comment on the performance of CIBC Retail Markets during the quarter? CIBC Retail Markets reported net income for the third quarter of $555 million, up 14%

More information

COMMERCIAL LOAN OVERVIEW

COMMERCIAL LOAN OVERVIEW COMMERCIAL LOAN OVERVIEW A BORROWER S GUIDE COMMERCIAL LOAN OVERVIEW GUIDE Commercial Mortgage Underwriting Guidelines and Process Commercial financing for commercial properties is underwritten on a case

More information

Recent Developments in Small Business Finance

Recent Developments in Small Business Finance April 1 Recent Developments in Small Business Finance Introduction In 1, a Small Business Panel was formed by the Reserve Bank to advise it on the availability of finance to small business. At about the

More information

Portland Private Income Fund

Portland Private Income Fund Portland Private Income Fund The Portland Investment Counsel Difference Long history of wealth creation: Portland Holdings Inc. is rooted in AIC Limited, acquired by Michael Lee-Chin in 1987. For over

More information

Discussion of Credit Book of Business. 1) How would you characterize the quality of your current single-family mortgage credit book of business?

Discussion of Credit Book of Business. 1) How would you characterize the quality of your current single-family mortgage credit book of business? Discussion of Credit Book of Business 1) How would you characterize the quality of your current single-family mortgage credit book of business? We believe our conventional single-family mortgage credit

More information

FICOTM. Consumer Credit Risk North America Trends and Expectations FIRST QUARTER 2014

FICOTM. Consumer Credit Risk North America Trends and Expectations FIRST QUARTER 2014 Consumer Credit Risk North America Trends and Expectations FIRST QUARTER 2014 A Survey by the Professional Risk Managers International Association March 2014 w w w. P R M I A. o r g PRMIA thanks our survey

More information

B U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P. BMO 2013 Technology and Digital Media Conference

B U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P. BMO 2013 Technology and Digital Media Conference B U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P BMO 2013 Technology and Digital Media Conference Forward-Looking Statements This presentation contains certain statements that

More information

Real Estate & Mortgage Investment Specialists

Real Estate & Mortgage Investment Specialists Your Real Estate & Mortgage Investment Specialists Private Lending FAQ s 1. Why Should I Invest In A Mortgage? A mortgage is a loan in which real estate or property is used as collateral. When an individual

More information

High Yield Market and Bumble Bee Credit Analysis. Amil V. Schiaffino, CFA High Yield Strategist

High Yield Market and Bumble Bee Credit Analysis. Amil V. Schiaffino, CFA High Yield Strategist High Yield Market and Bumble Bee Credit Analysis Amil V. Schiaffino, CFA High Yield Strategist UPCOMING EVENTS SAVE THE DATE Wednesday, October 1, 2014*: Mike Trihy, CFA, Vice President of Portfolio Strategy

More information

Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS )

Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS ) Association for Financial Markets in Europe Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS ) 24 October 2012 The Association

More information

Canadian Consumer Credit Trends. Q3 2015 Prepared by: Equifax Analytical Services

Canadian Consumer Credit Trends. Q3 2015 Prepared by: Equifax Analytical Services Canadian Consumer Credit Trends Q3 2015 Prepared by: Equifax Analytical Services About Equifax Inc. Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses

More information

MCAN MORTGAGE CORPORATION MANAGEMENT S DISCUSSION AND ANALYSIS OF OPERATIONS

MCAN MORTGAGE CORPORATION MANAGEMENT S DISCUSSION AND ANALYSIS OF OPERATIONS MCAN MORTGAGE CORPORATION MANAGEMENT S DISCUSSION AND ANALYSIS OF OPERATIONS MARCH 31, 2016 MANAGEMENT S DISCUSSION AND ANALYSIS OF OPERATIONS This Management s Discussion and Analysis of Operations (

More information

ANNUAL AND FOURTH QUARTER CONSOLIDATED FINANCIAL REPORT

ANNUAL AND FOURTH QUARTER CONSOLIDATED FINANCIAL REPORT 2011 ANNUAL AND FOURTH QUARTER CONSOLIDATED FINANCIAL REPORT FINANCIAL HIGHLIGHTS (000s, except Per Share and Percentage Amounts) For the three months ended For the year ended For the period ended December

More information

HUD Launches New Federal Mortgage Insurance Program for Acquisition and Refinancing of Acute Care Hospitals

HUD Launches New Federal Mortgage Insurance Program for Acquisition and Refinancing of Acute Care Hospitals HUD Launches New Federal Mortgage Insurance Program for Acquisition and Refinancing of Acute Care Hospitals By Steven Hunt Senior Director - Hospital Finance, Love Funding and Cole Powell, CPA Principal

More information

Reliance Commercial Finance. Loan Against Property. September 2015

Reliance Commercial Finance. Loan Against Property. September 2015 Reliance Commercial Finance Loan Against Property September 2015 Disclaimer This presentation does not constitute a prospectus, an offering circular, an advertisement, a private placement offer letter

More information

ANNUAL AND FOURTH QUARTER CONSOLIDATED FINANCIAL REPORT

ANNUAL AND FOURTH QUARTER CONSOLIDATED FINANCIAL REPORT 2012 ANNUAL AND FOURTH QUARTER CONSOLIDATED FINANCIAL REPORT Financial Highlights (000s, except Per Share and Percentage Amounts) For the three months ended For the year ended December 31 September 30

More information

Senior Loan Officer Survey, January 2016

Senior Loan Officer Survey, January 2016 2 February 216 Banking Sector Analysis Senior Loan Officer Survey, January 216 Filip Blazheski Lending Environment Reflects Underlying Economic Trends Lending standards for C&I and CRE loans continued

More information

Get Your Multifamily Deal Done With FHA

Get Your Multifamily Deal Done With FHA January 7, 2009 Get Your Multifamily Deal Done With FHA Arbor Commercial Mortgage, LLC Overview In 2008, the housing finance system came to a near standstill as creditors began losing confidence in the

More information

State of the Industry

State of the Industry Attorney Advertising Prior results do not guarantee a similar outcome Models used are not clients but may be representative of clients 321 N. Clark Street, Suite 28, Chicago, IL 6654 312.832.45 State of

More information

49.4 % 7 % 4.3 % 94.8 % NEWSLETTER MAY 2015 ANNUAL RENT GROWTH FROM ACQUISITION. AFFO PAYOUT RATIO (as at Q1/15) DISTRIBUTION YIELD

49.4 % 7 % 4.3 % 94.8 % NEWSLETTER MAY 2015 ANNUAL RENT GROWTH FROM ACQUISITION. AFFO PAYOUT RATIO (as at Q1/15) DISTRIBUTION YIELD NEWSLETTER Starlight U.S. Multi-Family (No. 2) Core Fund (the Fund ) is listed on the TSX Venture Exchange. The Fund is sponsored and asset managed by Starlight Investments Ltd. (the Manager ). The Fund

More information

PULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES

PULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES PULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES Current Versus Prior Year Quarter Highlights Earnings growth - Diluted EPS $0.29 in 2013 versus $0.08 in 2012 - Annualized return on average

More information

CB Richard Ellis Group, Inc. Fourth Quarter and Fiscal Year 2008 Earnings Conference Call

CB Richard Ellis Group, Inc. Fourth Quarter and Fiscal Year 2008 Earnings Conference Call CB Richard Ellis Group, Inc. Fourth Quarter and Fiscal Year 2008 Earnings Conference Call February 11, 2009 Forward Looking Statements This presentation contains statements that are forward looking within

More information

TABLE 1. Q4 2015 BSP SENIOR BANK LOAN OFFICERS' SURVEY RESULTS FOR INDIVIDUAL QUESTIONS. I. Loans or credit lines to enterprises

TABLE 1. Q4 2015 BSP SENIOR BANK LOAN OFFICERS' SURVEY RESULTS FOR INDIVIDUAL QUESTIONS. I. Loans or credit lines to enterprises TABLE 1. Q4 2015 BSP SENIOR BANK LOAN OFFICERS' SURVEY RESULTS FOR INDIVIDUAL QUESTIONS I. Loans or credit lines to enterprises 1. In Q4 2015, how have your bank's credit standards, in general (in terms

More information

CHAPTER 2: THE CANADIAN SECURITIES INDUSTRY

CHAPTER 2: THE CANADIAN SECURITIES INDUSTRY CHAPTER 2: THE CANADIAN SECURITIES INDUSTRY Topic One: Industry Overview 1. Self-regulatory Organizations (SROs). A. The SROs set rules that govern the operations of investment dealers and market activity.

More information

Gjensidige Insurance Group Q4 2008 and preliminary 2008

Gjensidige Insurance Group Q4 2008 and preliminary 2008 Gjensidige Insurance Group Q4 2008 and preliminary 2008 Disclaimer The information contained herein has been prepared by and is the sole responsibility of Gjensidige Forsikring BA ( the Company ). Such

More information

Deleveraging continues as new sources of liquidity arrive

Deleveraging continues as new sources of liquidity arrive european real estate lending survey A Cushman & Wakefield Publication MARCH key highlights Deleveraging continues as new sources of liquidity arrive The European lending landscape continues to evolve in

More information

Corporate Presentation First Quarter 2013

Corporate Presentation First Quarter 2013 Corporate Presentation First Quarter 2013 Forward-looking Statements Advisory From time to time, Canadian Western Bank (the Bank) makes written and verbal forward-looking statements. Statements of this

More information

Insurance Corporate Insured Retirement Plan

Insurance Corporate Insured Retirement Plan Advisor Guide The BMO Insurance Corporate Insured Retirement Plan Because successful businesses need security and income Table of Contents Introduction to The BMO Insurance Corporate Insured Retirement

More information

Global high yield: We believe it s still offering value December 2013

Global high yield: We believe it s still offering value December 2013 Global high yield: We believe it s still offering value December 2013 02 of 08 Global high yield: we believe it s still offering value Patrick Maldari, CFA Senior Portfolio Manager North American Fixed

More information

Residential Mortgage Underwriting Guideline

Residential Mortgage Underwriting Guideline Residential Mortgage Underwriting Guideline BC CREDIT UNIONS JANUARY 2015 www.fic.gov.bc.ca INTRODUCTION The Residential Mortgage Underwriting Guideline (guideline) outlines the Financial Institutions

More information

CRISIL Research Impact note

CRISIL Research Impact note October 2015 Interest rate on home loans to fall 25-30 bps more: CRISIL Research RBI move to cut risk weight will benefit 70% of home loans, 80% of borrowers CRISIL Research expects interest rate on home

More information

Riverside County s Credit Union LOAN POLICY Revised 11/22//99 ==================================================================== INTRODUCTION

Riverside County s Credit Union LOAN POLICY Revised 11/22//99 ==================================================================== INTRODUCTION INTRODUCTION Riverside County s Credit Union (RCCU) considers the making of loans to members to be the most important element of our operation. In order to protect the credit union s asset quality, emphasis

More information

Commercial Mortgage Types and Decisions

Commercial Mortgage Types and Decisions Commercial Loans vs Home Loans Fin 5413 Commercial Mortgage Types and Decisions Commercial mortgages and notes are not as standardized as home loans Although this is changing with growth in commercial

More information

The Law of First Impressions A Practical Guide to Mortgage Applicants

The Law of First Impressions A Practical Guide to Mortgage Applicants The Law of First Impressions A Practical Guide to Mortgage Applicants Increased Importance of Borrower Financial Statements For Commercial Real Estate Financing Robert T. Gibney Real estate investors prepare

More information

Non-Recourse Financing for a Self-Directed IRA Investment

Non-Recourse Financing for a Self-Directed IRA Investment Non-Recourse Financing for a Self-Directed IRA Investment Transaction Summary Date: September 2012 Property Description: 12,720 SF retail building built in 2001 in good condition. The property is 100%

More information

Land Advisory Group Specialized Real Estate Services

Land Advisory Group Specialized Real Estate Services COLLIERS INTERNATIONAL Land Advisory Group Specialized Real Estate Services Accelerating success. Colliers International Land Advisory Group P. 1 This document has been prepared by Colliers International

More information

Q3 2015 Investor Presentation

Q3 2015 Investor Presentation Firm Capital Mortgage Investment Corporation Firm Capital Mortgage Investment Corporation is a non-bank lender providing residential and commercial real estate financing. Q3 2015 Investor Presentation

More information