State of the Commercial Real Estate Loan Market Shown through data collected and analyzed by DebtX. Karen Johnson & Bruce Hounsell August 25, 2015

Size: px
Start display at page:

Download "State of the Commercial Real Estate Loan Market Shown through data collected and analyzed by DebtX. Karen Johnson & Bruce Hounsell August 25, 2015"

Transcription

1 State of the Commercial Real Estate Loan Market Shown through data collected and analyzed by DebtX Karen Johnson & Bruce Hounsell August 25, 2015

2 Overview of Presentation o Introduction o Liquidity o Risk o Pricing o Conclusion

3 State of the Commercial Real Estate Loan Market Introduction: Today s Topic DebtX Data measuring Liquidity, Risk and Price helps identify trends in loan pricing & valuation of both Performing and Non-Performing Loans.

4 Introduction: DebtX Background o Loan Sale Advisory A full service, end-to-end solution for selling loans o Web-Based Deal Management Software-as-a Service platforms for syndication, agency and loan sale professionals o Loan Valuation / Data Services Loan valuation, analysis and research

5 Liquidity: Non-Performing Loans Historical Liquidity for Non-Performing Loans as measured by Investor Participation Average per Deal Investors in Superficial Due Diligence Investors in Full Due Diligence Investors in Summary Due Diligence Number of Bids

6 Liquidity: Mixed-Quality Performing Loans Historical Liquidity for Mixed-Quality Performing Loans as measured by Investor Participation Investors in Superficial Due Diligence Investors in Full Due Diligence Average per Deal Investors in Summary Due Diligence Number of Bids

7 o DXScore is a numerical loan rating system for commercial and multifamily loans o Effectively a FICO score for CRE loans o Measures Loans Bundle of Risks (LTV, DSC, Pay History, Tenant Rollover Risk, etc.) o Calibrated based on Relationship of Risk Measures with Events of Default and Losses over Time o DebtX Standard Calibration: 0 (worst loans) to 120 (best loans) o Enables Easy Comparison of Heterogeneous Assets o Consistent, Objective & Unbiased o Transparent, Auditable and Repeatable Methodology Risk: Introduction to DXScore

8 Risk: Historical Default Rate DXScore v. Default Rate Performing CMBS Loans as of 12/31/ % 7,000 Default Rate 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 6,000 5,000 4,000 3,000 2,000 1,000 Loan Count 0.0% 0 DXScore Loan Count 1-Year Default Rate 2-Year Default Rate 3-Year Default Rate

9 Risk: New Origination Loans are Trending Riskier 40.0% DXScore by Percentage of Loan Count 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Originations 2012 Originations 2013 Originations 2014 Originations 2015 Originations Straight Averages Standard Deviation 3-Yr Expected Default Rate* % % % % % *Expected Default Rate asssumed Actual Year Default Figures.

10 Risk: Seasoned Loans are Showing Improvement 30% Portolio Distribution DXScore By Loan Count 25% 20% 15% 10% 5% 0%

11 Risk: Select Member/Loan Ranking by Risk Quadrant Select Member DXScore & Loan Count Individual DXScore Sorted High to Low Portfolio Size (by loan count, smallest to largest) 60 Individual Loans

12 Risk: Select Member Ranking by Risk Quadrant Risk Quadrant DXScore and Standard Deviation DXScore Standard Deviation

13 Pricing: Secondary Market NPL Historical Non-Performing Loan Prices 80% 70% 60% 50% 40% 30% 20% 10% Non-Performing CRE Loans, Price Level 10 Year Average 0%

14 Pricing: NPL Pricing Distribution 90.0% Non-Performing Loan Volume by Pricing Cohort 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 5 Year History, Purchase Volume Percent 1 Year History, Purchase Volume Percent Full History, Purchase Volume Percent

15 Pricing: Secondary Market Mixed Performing Historical Mixed Quality Performing Loan Prices 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Mixed Quality Performing CRE Loans, Price Level 10 Year Average 0%

16 Pricing: Mixed Performing Pricing Distribution Mixed Quality Performing Loan Volume by Pricing Cohort 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 5 Year, Purchase Volume Percent 1 Year, Purchase Volume Percent Full History, Purchase Volume Percent

17 Pricing: New Origination Spreads Non-Agency Multifamily Spreads 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 7/11 8/11 9/11 10/11 11/11 12/11 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 2/13 3/13 4/13 5/13 6/13 7/13 8/13 9/13 10/13 11/13 12/13 1/14 2/14 3/14 4/14 5/14 6/14 7/14 8/14 9/14 10/14 11/14 12/14 1/15 2/15 3/15 4/15 5/15 6/15 7/15 8/15 9/15 10/15 11/15 12/15 Non-CMBS (all) Non-CMBS (10-Year) Broker Compilation (10-Year, LTV<60%) Broker Compilation (10-Year, LTV>60%) CMBS (10-Year) 4.5% Commercial Real Estate Spreads (excluding multifamily) 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 7/11 8/11 9/11 10/11 11/11 12/11 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 2/13 3/13 4/13 5/13 6/13 7/13 8/13 9/13 10/13 11/13 12/13 1/14 2/14 3/14 4/14 5/14 6/14 7/14 8/14 9/14 10/14 11/14 12/14 1/15 2/15 3/15 4/15 5/15 6/15 7/15 8/15 9/15 10/15 11/15 12/15 Non-CMBS (all) Non-CMBS (10-Year) Broker Compilation (10-Year, LTV<60%) Broker Compilation (10-Year, LTV>60%) CMBS (10-Year)

18 Pricing: Historical CMBS Spreads

19 Conclusions: Liquidity, Risk & Price o Liquidity is High Trending Flat (Secondary Market) and Still Increasing (Primary Market) o Risk of New Loans is Increasing; Risk of Seasoned Loans is Decreasing o Pricing seems to have Bottomed after becoming Less Profitable for the past Several Years

20 Conclusions: Trends o Technology is Easing Entry to Markets o Pressures are Unlikely to Ease Significantly Near Term o Banks Market Share under Threat from Shadow Banks o But, Lending Market is Growing due to Innovative Products o Embrace new Technology to Capture Fees and Market Share o Shadow Banks could see More Regulation o Wild-cards include Rising Interest Rate Environment and Unknown Economic Future

21

22 Pledging Commercial Real Estate (CRE) Loan Collateral presented by Scott Stansberry - Vice President, Credit Risk Director

23 CRE Selection Criteria Building Partnerships. Serving Communities. Participations 100% Member/ Affiliate Owned Senior Lien Position LTV<100% Employee Loans - Ineligible Eligibility DSCR>1.0X* 30+ DQ or Classified - Ineligible Construction & Raw Land Loans - Ineligible Assignment of Leases & Rents *Exceptions: Temporary Impairment or Escrow NOTE: Highlighted eligibility requirements. The complete selection criteria guidelines available on Member Link. 23

24 Collateral Procedures & Selection Criteria Building Partnerships. Serving Communities. 24

25 CRE & Multifamily Over-Collateralization Requirements (OCR) Building Partnerships. Serving Communities. Minimum CRE Over-Collateralization Requirement Specific Listings/Physical Possession 155% OCR 64.5% Advance Rate Blanket Reporting 165% OCR 60.6% Advance Rate Minimum Multifamily Over-Collateralization Requirement Specific Listings/Physical Possession 140% OCR 71.4% Advance Rate Blanket Reporting 155% OCR 64.5% Advance Rate 25

26 Establishing Over-Collateralization Requirements (OCR) Building Partnerships. Serving Communities. Whole Loan Collateral OCR Holding Periods Market Stress Credit Stress Liquidity Premium Liquidation Costs Market Value Adjustment 26

27 Valuation: CRE Whole Loan Collateral Building Partnerships. Serving Communities. Delinquency History Property Type Interest Rate & Rate Type DSC Remaining Term LTV Discount Rate Interest Only Discount Rate Loan Cash Flow Model Estimated Market Value 27

28 CRE Collateral Loan Pricing Sensitivity Analysis Building Partnerships. Serving Communities. Key Loan Characteristics Impact Pricing *Loan collateral market values capped at par 28

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan.

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan. MORTGAGE GLOSSARY Adjustable Rate Mortgage (ARM): A mortgage loan with payments usually lower than a fixed rate initially, but is subject to changes in interest rates. There are a variety of ARMs that

More information

THE BASICS OF MORTGAGE INSURANCE

THE BASICS OF MORTGAGE INSURANCE THE BASICS OF MORTGAGE INSURANCE Deb Ferrante, New England Account Manager February 8, 2016 1 Introduction Part of Essent Group Ltd., a publicly traded holding company (NYSE:ESNT), Essent Guaranty is a

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

ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF FLINT

ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF FLINT ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF FLINT Dear Applicant: Thank you for your interest in the Economic Development Corporation of the City of Flint loan program. Enclosed are the Commercial

More information

SBA 504 Expanded Refinancing Eligibility

SBA 504 Expanded Refinancing Eligibility SBA 504 Expanded Refinancing Eligibility When is a commercial mortgage considered eligible for refinancing under the new rules? 1. The loan must have funded at least 2 years ago 2. 85% of the loan proceeds

More information

Ineligible Collateral

Ineligible Collateral Ineligible Collateral Loans with the following characteristics are ineligible to support advances under the blanket lien line of credit with FHLB Dallas. This list may not be all-inclusive and may be modified

More information

How should banks account for their investment in other real estate owned (OREO) property?

How should banks account for their investment in other real estate owned (OREO) property? TOPIC 5: OTHER ASSETS 5A. REAL ESTATE Question 1: (December 2008) How should banks account for their investment in other real estate owned (OREO) property? Detailed accounting guidance for OREO is provided

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

310-10-00 Status. General

310-10-00 Status. General Checkpoint Contents Accounting, Audit & Corporate Finance Library Standards and Regulations FASB Codification Codification Assets 310 Receivables 310-10 Overall 310-10-00 Status Copyright 2014 by Financial

More information

Allowance for Loan and Lease Losses. III. Measuring Impairment Under ASC 310

Allowance for Loan and Lease Losses. III. Measuring Impairment Under ASC 310 Allowance for Loan and Lease Losses III. Measuring Impairment Under ASC 310 Measuring Impairment Under ASC 310 Three Methods Present Value of Expected Future Cash Flows Fair Value of Collateral Observable

More information

Accounts Payable Accounts Receivable Amortization Annual Interest Rate Annual Percentage Rate Attorney Fees Bridge Financing

Accounts Payable Accounts Receivable Amortization Annual Interest Rate Annual Percentage Rate Attorney Fees Bridge Financing Accounts Payable Accounts payable are business debts that must be paid off within a relatively short period of time, as opposed to long term debt such as mortgage loans and equipment loans. Accounts payable

More information

Invest your IRA in Non-Traditional Assets

Invest your IRA in Non-Traditional Assets Invest your IRA in Non-Traditional Assets Security Trust Company Security Trust Company is a retirement plan administrator only and does not provide legal, tax, or investment advice. Security Trust Company

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

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP)

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) STREAMLINED REFINANCE Of EXISTING OCCUPIED RENTAL APARTMENTS with EXISTING FHA INSURED LOAN Section 223(a)(7) Family & Elderly Family Apartments

More information

Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation

Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Concentrations in Commercial Real Estate Lending, Sound Risk Management

More information

Equity Default Insurance

Equity Default Insurance Equity Default Insurance Increase your loan volume while mitigating your risk Expand lending opportunities without the risk Eligible Loan Types Include: Closed-End Seconds Home Equity Lines of Equity Default

More information

Homeownership Preservation Policy for Residential Mortgage Assets. Section 110 of the Emergency Economic Stabilization Act (EESA)

Homeownership Preservation Policy for Residential Mortgage Assets. Section 110 of the Emergency Economic Stabilization Act (EESA) Homeownership Preservation Policy for Residential Mortgage Assets Section 110 of the Emergency Economic Stabilization Act (EESA) requires that each Federal property manager that holds, owns, or controls

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

1760 Market Street, Suite 900 Philadelphia, PA 19103. Philadelphia Private Capital, LLC Servicing and Asset Management Capabilities

1760 Market Street, Suite 900 Philadelphia, PA 19103. Philadelphia Private Capital, LLC Servicing and Asset Management Capabilities 1760 Market Street, Suite 900 Philadelphia, PA 19103 Philadelphia Private Capital, LLC Servicing and Asset Management Capabilities Philadelphia Private Capital Overview Philadelphia Private Capital, LLC

More information

Collateral Decmber 3, 2008

Collateral Decmber 3, 2008 FHLB 101 MAKING THE MOST OF YOUR MEMBERSHIP Collateral Decmber 3, 2008 David Trant Assistant Vice President, Collateral Manager Sandy Crispin Collateral Supervisor Audio # 800.760.3309 Passcode 58316107#

More information

Appraisal A written analysis prepared by a qualified appraiser and estimating the value of a property

Appraisal A written analysis prepared by a qualified appraiser and estimating the value of a property REAL ESTATE BASICS Affordability Analysis An analysis of a buyer s ability to afford the purchase of a home, reviews income, liabilities, and available funds, and considers the type of mortgage a buyer

More information

Unsecured Business Lines Of credit. Real Estate Investors, Business Owners, Start Up Business

Unsecured Business Lines Of credit. Real Estate Investors, Business Owners, Start Up Business Unsecured Business Lines Of credit Real Estate Investors, Business Owners, Start Up Business What is this program? This program is an alternative funding method with these great features No Collateral

More information

Deep MI differs from standard MI. 19 ARC 2000-BC1 issued in February 2000 is an example of an early deal with deep MI.

Deep MI differs from standard MI. 19 ARC 2000-BC1 issued in February 2000 is an example of an early deal with deep MI. Ivan Gjaja (212) 816-8320 ivan.m.gjaja@ssmb.com Deep MI differs from standard MI. Deep Mortgage Insurance in the Subprime Market Deep mortgage insurance (deep MI) has grown rapidly in the subprime market

More information

NOTE ON LOAN CAPITAL MARKETS

NOTE ON LOAN CAPITAL MARKETS The structure and use of loan products Most businesses use one or more loan products. A company may have a syndicated loan, backstop, line of credit, standby letter of credit, bridge loan, mortgage, or

More information

Graduate School of Colorado SBA lending Presentation

Graduate School of Colorado SBA lending Presentation Graduate School of Colorado SBA lending Presentation SBA lending course summary The course will provide an overview and comparison of SBA 7a, SBA 504 and USDA Business & Industry (B&I) loan programs. SBA

More information

NORTH ISLAND CREDIT UNION

NORTH ISLAND CREDIT UNION NORTH ISLAND CREDIT UNION Policy Section: Business Services Policy Name: Member Business Lending Policy No: 500-05-01 Board Review & Approval: July 21, 2014 Effective Date: July 22, 2014 POLICY STATEMENT

More information

Commercial Mortgage Loans: A Historically Attractive Asset Class for Insurance Investors

Commercial Mortgage Loans: A Historically Attractive Asset Class for Insurance Investors Commercial Mortgage Loans: A Historically Attractive Asset Class for Insurance Investors Commercial mortgage whole loans currently provide insurance investors with an attractive yield advantage to investment

More information

HIGH YIELD FINANCING Middle Market. ELA 45th Annual Convention Palm Desert, CA October 22 24, 2006

HIGH YIELD FINANCING Middle Market. ELA 45th Annual Convention Palm Desert, CA October 22 24, 2006 HIGH YIELD FINANCING Middle Market ELA 45th Annual Convention Palm Desert, CA October 22 24, 2006 Värde Partners, Inc. Founded in 1993 $2.5 billion assets under management Minneapolis and London offices

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

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

First Time Home Buyer Glossary

First Time Home Buyer Glossary First Time Home Buyer Glossary For first time home buyers, knowing and understanding the following terms are very important when purchasing your first home. By understanding these terms, you will make

More information

Accounting and Reporting Treatment for Repurchase/Reverse Repurchase Agreements Over 1 Year in Duration. May 2014

Accounting and Reporting Treatment for Repurchase/Reverse Repurchase Agreements Over 1 Year in Duration. May 2014 Accounting and Reporting Treatment for Repurchase/Reverse Repurchase Agreements Over 1 Year in Duration May 2014 Agenda Executive Summary Background on Repo Agreements What is a Repo Agreement? Use of

More information

Hard Money & Acquisition/Construction Loan Real Estate Checklist

Hard Money & Acquisition/Construction Loan Real Estate Checklist Hard Money & Acquisition/Construction Loan Real Estate Checklist Please submit the following to: processor@bluecloverfin.com OR fax to (404) 745-0473. Executive Summary - Please provide a detailed explanation

More information

3 rd Quarter 2008 Mortgage Bankers Financial Reporting Form Changes

3 rd Quarter 2008 Mortgage Bankers Financial Reporting Form Changes 3 rd Quarter 2008 Mortgage Bankers Financial Reporting Form Changes Changes to the Mortgage Bankers Financial Reporting Form (Form 1055), effective for entities reporting on or after October 1, 2008 for

More information

Understanding Loans and Other Programs Available for Certified Minority Business Enterprises

Understanding Loans and Other Programs Available for Certified Minority Business Enterprises Understanding Loans and Other Programs Available for Certified Minority Business Enterprises Presented by Allen McConnell, Manager Minority Business Development Division Slide 1 Access to Financial Assistance

More information

How to evaluate Alternative Investment Opportunities

How to evaluate Alternative Investment Opportunities How to evaluate Alternative Investment Opportunities Mike Zlotnik Managing Director, Tempo Funding, LLC Co-manager, Inspire Investment Fund I, LLC Mike@TempoFunding.com Mobile: 917-806-5029 May 2014 Disclaimer

More information

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

CBRE LENDERS SURVEY LOOKING AT 2015 LENDING TRENDS IN CANADA FINANCING DEBT COMMERCIAL REAL ESTATE BOND TERM DEBT YIELDS MORTGAGE ACQUISITION CBRE LENDERS SURVEY LOOKING AT 2015 LENDING TRENDS IN CANADA COMMERCIAL REAL ESTATE DEBT FINANCING TERM DEBT YIELDS MORTGAGE ACQUISITION REFINANCING BOND INTEREST RATE ABOUT CBRE CBRE Group, Inc. (NYSE:CBG),

More information

USDA Business & Industry (B&I) Guaranteed Loan Program

USDA Business & Industry (B&I) Guaranteed Loan Program USDA Business & Industry (B&I) Guaranteed Loan Program B&I Program To Create And Maintain Employment And Improve Economic And Environmental Climate In Rural Communities Administered By The Rural Business

More information

REAL ESTATE INVESTMENT TRUSTS (REITs)

REAL ESTATE INVESTMENT TRUSTS (REITs) UNDERSTANDING REAL ESTATE INVESTMENT TRUSTS (REITs) www.griffincapital.com KEY TERMS for ASSESSING REITS NET LEASE TRIPLE NET LEASE ABSOLUTE NET LEASE GAAP STRAIGHT-LINING FUNDS FROM OPERATIONS (FFO) MODIFIED

More information

Mortgage Terms Glossary

Mortgage Terms Glossary Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see

More information

Riverview Bancorp Earns $1.6 Million In First Fiscal Quarter Highlighted by Continued Credit Quality Improvements

Riverview Bancorp Earns $1.6 Million In First Fiscal Quarter Highlighted by Continued Credit Quality Improvements Contacts: Pat Sheaffer or Ron Wysaske, Riverview Bancorp, Inc. 360-693-6650 Riverview Bancorp Earns $1.6 Million In First Fiscal Quarter Highlighted by Continued Credit Quality Improvements Vancouver,

More information

Partners for the Common Good Financial Statements December 31, 2014 and 2013

Partners for the Common Good Financial Statements December 31, 2014 and 2013 Partners for the Common Good Financial Statements December 31, 2014 and 2013 TABLE OF CONTENTS Page Independent Auditors' Report 1-2 Financial Statements: Statements of Financial Position 3 Statements

More information

BUSINESS DEVELOPMENT LOAN POOL (BDPL) GUIDELINES & APPLICATION MENOMONEE FALLS, WISCONSIN

BUSINESS DEVELOPMENT LOAN POOL (BDPL) GUIDELINES & APPLICATION MENOMONEE FALLS, WISCONSIN BUSINESS DEVELOPMENT LOAN POOL (BDPL) GUIDELINES & APPLICATION MENOMONEE FALLS, WISCONSIN BUSINESS DEVELOPMENT LOAN POOL (BDLP) VILLAGE OF MENOMONEE FALLS, WISCONSIN PARTICIPATING PARTNERS Participating

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

www.development.ohio.gov

www.development.ohio.gov Minority Business Development Division Joseph Brooks (614) 466-5065 joseph.brooks@development.ohio.gov www.development.ohio.gov The State of Ohio is an Equal Opportunity Employer and Provider of ADA Services

More information

SafeGuard Capital partners

SafeGuard Capital partners SafeGuard Capital partners Private Lending: Mortgages & Trust Deeds 900 Washington St, Suite 800 Vancouver, WA 98660 877-280-5771 Private Mortgage Lending (Also Known as Trust Deed Investing) Most investors

More information

HUD-Insured Financing For Long-Term Care Facilities

HUD-Insured Financing For Long-Term Care Facilities Portfolio Media, Inc. 860 Broadway, 6 th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@portfoliomedia.com HUD-Insured Financing For Long-Term Care

More information

PACE FINANCING: A WIN-WIN PROPOSITION

PACE FINANCING: A WIN-WIN PROPOSITION PACE FINANCING: A WIN-WIN PROPOSITION Property Assessed Clean Energy (PACE) is an innovative program that provides low-cost, long-term financing for water and energy conservation and renewable retrofits

More information

FEDERAL RESERVE BANK OF NEW YORK BORROWER-IN-CUSTODY (BIC) OF COLLATERAL CERTIFICATION FORM

FEDERAL RESERVE BANK OF NEW YORK BORROWER-IN-CUSTODY (BIC) OF COLLATERAL CERTIFICATION FORM FEDERAL RESERVE BANK OF NEW YORK BORROWER-IN-CUSTODY (BIC) OF COLLATERAL CERTIFICATION FORM A. DEPOSITORY INSTITUTION INFORMATION Institution Name: Address: City/State/Zip: ABA: Primary Regulator (Agency

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

LOAN SERVICING REQUEST GUIDELINES FOR THE COMMERCIAL LOAN SERVICING CENTERS

LOAN SERVICING REQUEST GUIDELINES FOR THE COMMERCIAL LOAN SERVICING CENTERS LOAN SERVICING REQUEST GUIDELINES FOR THE COMMERCIAL LOAN SERVICING CENTERS FRESNO SERVICING CENTER 2719 N. AIR FRESNO DR., STE 107 FRESNO, CA 93727 (559) 487-5650 LITTLE ROCK SERVICING CENTER 2120 RIVERFRONT

More information

Steven T. Hussey, Principal-Executive Managing Director CA Asset Services

Steven T. Hussey, Principal-Executive Managing Director CA Asset Services About Us CA Asset Services provides customizable, on-demand services that help property owners, Receivers and financial institutions optimize the value of their real estate assets. We help clients understand

More information

Member Business Loans (MBLs) represent a large market share that has largely been overlooked by credit unions. With the right strategy, credit unions

Member Business Loans (MBLs) represent a large market share that has largely been overlooked by credit unions. With the right strategy, credit unions Member Business Loans (MBLs) represent a large market share that has largely been overlooked by credit unions. With the right strategy, credit unions can achieve successful results while helping small

More information

SBA 504 Loan Program FACT SHEET

SBA 504 Loan Program FACT SHEET SBA 504 Loan Program FACT SHEET The Oakland County Business Finance Corporation (OCBFC) was certified under the Small Business Administration's (SBA) Certified Development Company program in September

More information

NHMFC S HOUSING LOAN RECEIVABLES PURCHASE PROGRAM (HLRPP) Presentation to the 20 TH CREBA National Convention 6-7October, 2011 Marriot Hotel, Manila

NHMFC S HOUSING LOAN RECEIVABLES PURCHASE PROGRAM (HLRPP) Presentation to the 20 TH CREBA National Convention 6-7October, 2011 Marriot Hotel, Manila NHMFC S HOUSING LOAN RECEIVABLES PURCHASE PROGRAM (HLRPP) Presentation to the 20 TH CREBA National Convention 6-7October, 2011 Marriot Hotel, Manila ITEMS FOR DISCUSSION NHMFC CHARTER AND MANDATE A SHORT

More information

MEASUREMENTS OF FAIR VALUE IN ILLIQUID (OR LESS LIQUID) MARKETS

MEASUREMENTS OF FAIR VALUE IN ILLIQUID (OR LESS LIQUID) MARKETS MEASUREMENTS OF FAIR VALUE IN ILLIQUID (OR LESS LIQUID) MARKETS Objective The objective of this paper is to discuss issues associated with the measurement of fair value under existing generally accepted

More information

Chapter 15 Questions Real Estate Financing: Practice

Chapter 15 Questions Real Estate Financing: Practice Chapter 15 Questions Real Estate Financing: Practice 1. Kahlid has been making periodic payments of principal and interest on a loan, but the final payment will be larger than the others. This is a(n)

More information

13 Non-mortgage Alternatives to Real Estate Financing

13 Non-mortgage Alternatives to Real Estate Financing 13 Non-mortgage Alternatives to Real Estate Financing There are a variety of ways to acquire real estate interests without using mortgage financing. With the exception of the real property sales contract,

More information

Credit Connections Leveraging Resources to Strengthen Deals. U.S. Small Business Administration

Credit Connections Leveraging Resources to Strengthen Deals. U.S. Small Business Administration Credit Connections Leveraging Resources to Strengthen Deals U.S. Small Business Administration 1 Lenders Benefits of SBA Loans SBA s Guaranty reduces a Lender s Risk Helps lenders make loans with longer

More information

Minority Business Development Division Allen McConnell, Manger (614) 752-4833 Allen.McConnell@development.ohio.gov www.development.ohio.

Minority Business Development Division Allen McConnell, Manger (614) 752-4833 Allen.McConnell@development.ohio.gov www.development.ohio. Minority Business Development Division Allen McConnell, Manger (614) 752-4833 Allen.McConnell@development.ohio.gov www.development.ohio.gov The State of Ohio is an Equal Opportunity Employer and Provider

More information

Unsecured Business Lines of Credit

Unsecured Business Lines of Credit Unsecured Business Lines of Credit Need quick and substantial cash flow to your company, no matter its size or needs. With our funding, you will be able to ensure continued sustainable operations or implement

More information

STATEMENT OF FINANCIAL CONDITION

STATEMENT OF FINANCIAL CONDITION Raymond James & Associates, Inc. STATEMENT OF FINANCIAL CONDITION (Unaudited) RAYMOND JAMES & ASSOCIATES, INC. (a wholly owned subsidiary of Raymond James Financial, Inc.) STATEMENT OF FINANCIAL CONDITION

More information

State of New Jersey Department of Banking & Insurance. Annual Report Worksheet for Residential Mortgage Brokers. Year Ending December 31, 2013

State of New Jersey Department of Banking & Insurance. Annual Report Worksheet for Residential Mortgage Brokers. Year Ending December 31, 2013 State of New Jersey Department of Banking & Insurance for Residential Mortgage Brokers New Jersey Department of Banking & Insurance Division of Banking Attn: Kristen Graham -- 5 th floor 20 West State

More information

Government Guaranteed Business Lending

Government Guaranteed Business Lending Government Guaranteed Business Lending Ideally suited to the mission of CU s to satisfy their members business loan needs Herb White, VP of Lending, Hudson Valley FCU Margaret Gilbert, Managing Director,

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

Best Practices in Asset Liability Management

Best Practices in Asset Liability Management Best Practices in Asset Liability Management Frank Wilary Principal Wilary Winn LLC September 22, 2014 1 Topics Covered Best practices related to ALM modeling Best practices related to managing the ALM

More information

COMMERCIAL REAL ESTATE INVESTING

COMMERCIAL REAL ESTATE INVESTING REDEFINING REAL ESTATE INVESTING CRE101: INTRODUCTION TO COMMERCIAL REAL ESTATE INVESTING COMMERCIAL REAL ESTATE INVESTING ABOUT REALCROWD RealCrowd is a private, secure and simple-to-use online platform

More information

Margin Account Agreement

Margin Account Agreement IMPORTANT TO READ This includes and incorporates by reference the Day-Trading Risk Disclosure Statement and the Truth-in-Lending Statement attached hereto (together, the Agreement ). Acknowledgments and

More information

Investment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income?

Investment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income? Fixed income investments make up a large proportion of the investment universe and can form a significant part of a diversified portfolio but investors are often much less familiar with how fixed income

More information

Big Data, Big Business Opportunities

Big Data, Big Business Opportunities ONE SOURCE. POWERFUL SOLUTIONS. : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : Big Data, Presented by: Mark Katibah, Senior Vice President, Director of Data & Analytics

More information

CDA BLF LOAN APPLICATION

CDA BLF LOAN APPLICATION CDA BLF LOAN APPLICATION Name of of Business (Legal Name): Address: City, State, Zip: Business Phone // Fax: Federal Tax ID#: Principals Principal 1 Principal 2 Name: Address: City, State, Zip: Phone:

More information

Suggested Standards for Product Designers, Managers and Distributors. June 2013. Edition 3.0

Suggested Standards for Product Designers, Managers and Distributors. June 2013. Edition 3.0 Suggested Standards for Product Designers, Managers and Distributors June 2013 Edition 3.0 FOREWORD Edition 1.0 of the European Life Settlement Association (ELSA) Code of Practice (the Code) was introduced

More information

E Smith Capital Partners provides capital-based strategy, services, and solutions for commercial real estate users and investors.

E Smith Capital Partners provides capital-based strategy, services, and solutions for commercial real estate users and investors. ASSET MANAGEMENT WHO WE ARE E Smith Capital Partners provides capital-based strategy, services, and solutions for commercial real estate users and investors. The firm is built on three pillars of specialization,

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

What s s New With FHA?

What s s New With FHA? What s s New With FHA? Presented By: Bill Ladewig 866.204.9733 http://www.mortgage- FHA Calculator Calculates everything needed to quote or qualify FHA loans Click to Open: http://www.themtgmentor.com/fha_mortgage_calculator.html

More information

LOAN APPLICATION. Name of Business (Legal Name): Address: City, State, Zip: Business Phone: Federal Tax ID #:

LOAN APPLICATION. Name of Business (Legal Name): Address: City, State, Zip: Business Phone: Federal Tax ID #: LOAN APPLICATION Name of Business (Legal Name): Business Phone: Federal Tax ID #: Fax: Principals Name: Phone: Social Security #: Type of Business Sole Proprietorship Corporation Partnership Date Established

More information

Appendix D: Questions and Answers Section 120. Questions and Answers on Risk Weighting 1-to-4 Family Residential Mortgage Loans

Appendix D: Questions and Answers Section 120. Questions and Answers on Risk Weighting 1-to-4 Family Residential Mortgage Loans Questions and Answers on Risk Weighting 1-to-4 Family Residential Mortgage Loans 1. When do 1-to-4 family residential mortgages receive 100% risk weight? Any 1-to-4 family residential mortgage loan that

More information

Debt Refinancing Under the 7(a) Program. Lynn G. Ozer Executive Vice President Government Guaranteed Lending

Debt Refinancing Under the 7(a) Program. Lynn G. Ozer Executive Vice President Government Guaranteed Lending Debt Refinancing Under the 7(a) Program Lynn G. Ozer Executive Vice President Government Guaranteed Lending Debt Refinancing SBA-guaranteed loan proceeds may not be used to refinance debt originally used

More information

Home Equity Lending Servicing Comparing Mortgage Companies to Banks

Home Equity Lending Servicing Comparing Mortgage Companies to Banks Home Equity Lending Servicing Comparing Mortgage Companies to Banks Jim Leath Diane Wagner BenchMark Consulting International As lenders seek to maintain volume levels in the face of an overall decline

More information

Issues in Comparing Capitalization Rates for Leased Fee and Fee Simple Estates

Issues in Comparing Capitalization Rates for Leased Fee and Fee Simple Estates January 23, 2001 Issues in Comparing Capitalization Rates for Leased Fee and Fee Simple Estates Jeffrey D. Fisher, Ph.D. A. Scruggs Love, Jr., MAI, CRE There are three traditional approaches used by appraisers

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

Chapter 6 Interest Rates and Bond Valuation

Chapter 6 Interest Rates and Bond Valuation Chapter 6 Interest Rates and Bond Valuation Solutions to Problems P6-1. P6-2. LG 1: Interest Rate Fundamentals: The Real Rate of Return Basic Real rate of return = 5.5% 2.0% = 3.5% LG 1: Real Rate of Interest

More information

1. The Program serves as an investment function to enhance portfolio return without interfering with overall portfolio strategy.

1. The Program serves as an investment function to enhance portfolio return without interfering with overall portfolio strategy. IX. Securities Lending Policy The Illinois State Board of Investment ( ISBI or the Board ) has established the following Securities Lending Policy (the Policy ) to set forth objectives and procedures for

More information

A Leading Global Commercial Real Estate Company. Buy, Hold, Sell Real Estate as Single Assets and Portfolios 25% CAGR

A Leading Global Commercial Real Estate Company. Buy, Hold, Sell Real Estate as Single Assets and Portfolios 25% CAGR GE Real Estate GE Real Estate Michael Pralle President & Chief Executive Officer, GE Real Estate October 29, 2003 This presentation includes certain "forward-looking statements" within the meaning of the

More information

Nine Things to Consider When Evaluating Trust Deed Investment Sources for Your Clients. A White Paper for Financial Advisers

Nine Things to Consider When Evaluating Trust Deed Investment Sources for Your Clients. A White Paper for Financial Advisers Nine Things to Consider When Evaluating Trust Deed Investment Sources for Your Clients A White Paper for Financial Advisers Presented by Sterling Pacific Financial (www.sterlpac.com) Nine Things to Consider

More information

SEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013

SEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013 SEB s Swedish Residential Mortgage Lending and Covered Bonds Stockholm September, 2013 Contents SEB s Residential Mortgage Lending p.3 Asset Quality p.19 Cover Pool and Covered Bond Funding p.24 2 SEB

More information

Collateral Procedures

Collateral Procedures June, 2015 Table of Contents 1. Advances, Pledge, and Security Agreements 2 1.1 Blanket APSA 2 1.2 Specific APSA 2 1.3 Delivery APSA 2 1.4 Housing Associate APSA 2 1.5 Affiliate Collateral Pledge and Security

More information

Overview of Financial Solutions

Overview of Financial Solutions Overview of Financial Solutions The Etra Advisory Group provides solutions to businesses for growth, expansion, cash flow, refinance and acquisition. We cover the world of business financing that banks

More information

85.52 Investments. 85.52.10 July 1, 2003. About investments. Short-term investments. 85.52.20 June 1, 2003 85.52.10

85.52 Investments. 85.52.10 July 1, 2003. About investments. Short-term investments. 85.52.20 June 1, 2003 85.52.10 85.52.10 85.52 Investments 85.52.10 July 1, 2003 About investments Investments are made as authorized by law and/or contractual agreement. Investment purchase and sale transactions are to be reported for

More information

A Strategic Approach to Residential Mortgage Lending

A Strategic Approach to Residential Mortgage Lending A Strategic Approach to Residential Mortgage Lending Presented by Tracy Jean Ashfield Strategic Mortgage Solutions The Consulting and Training Division of Prime Alliance Solutions, Inc. October 19, 2009

More information

Cooperative Housing/ Share Loan Financing. Larry Mathe Chris Goettke National Cooperative Bank

Cooperative Housing/ Share Loan Financing. Larry Mathe Chris Goettke National Cooperative Bank Cooperative Housing/ Share Loan Financing Larry Mathe Chris Goettke National Cooperative Bank The NCB Story NCB delivers banking and financial services to cooperative organizations complemented by a special

More information

STATEMENT OF FINANCIAL CONDITION

STATEMENT OF FINANCIAL CONDITION Raymond James & Associates, Inc. STATEMENT OF FINANCIAL CONDITION (Unaudited) RAYMOND JAMES & ASSOCIATES, INC. (a wholly owned subsidiary of Raymond James Financial, Inc.) STATEMENT OF FINANCIAL CONDITION

More information

RBC for Commercial Mortgages

RBC for Commercial Mortgages RBC for Commercial Mortgages Proposal Life Insurance Company Risk-Based Capital C-1 for Commercial Mortgages October 26, 2012February 15, 2013 2/15/13 1 RBC for Commercial Mortgages Summary of changes

More information

Working Capital and Contract Caplines Program. Caplines 2.0: New and Improved

Working Capital and Contract Caplines Program. Caplines 2.0: New and Improved Working Capital and Contract Caplines Program Caplines 2.0: New and Improved Topics for Today s Discussion Structural Changes Key Features for Working Capital Caplines Key Features for Contract Caplines

More information

HUD PowerSaver Pilot Loan Program

HUD PowerSaver Pilot Loan Program December 10, 2010 HUD PowerSaver Pilot Loan Program The U.S. Department of Housing and Urban Development (HUD) recently announced the creation of a pilot loan program for home energy improvements. The

More information

BORROWER-IN-CUSTODY GUIDELINES

BORROWER-IN-CUSTODY GUIDELINES FEDERAL RESERVE BANK OF SAN FRANCISCO BORROWER-IN-CUSTODY GUIDELINES CREDIT AND RISK MANAGEMENT DEPARTMENT 101 MARKET STREET - MAILSTOP 830 SAN FRANCISCO, CA 94105 BICGD January 2015 TABLE OF CONTENTS

More information

The SBA 504 Program: Details, Benefits, Challenges and How to Get Involved

The SBA 504 Program: Details, Benefits, Challenges and How to Get Involved The SBA 504 Program: Details, Benefits, Challenges and How to Get Involved January 29, 2015 Mark Abell, SVP & SBA Division Manager Vectra Bank Colorado What do you picture when you hear Small Business?

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

How to Sell Your Home FAST And For FULL PRICE!!

How to Sell Your Home FAST And For FULL PRICE!! FREE Special Report: Compliments of www.bobbuysfast.com How to Sell Your Home FAST And For FULL PRICE!! DISCOVER how you can sell your home fast and for Full Price even if your house has been on the market

More information

Announcement 08-16 June 25, 2008

Announcement 08-16 June 25, 2008 Announcement 08-16 June 25, 2008 Amends these Guides: Selling Bankruptcy, Foreclosure, and Conversion of Principal Residence Policy Changes; and Revised Property Value Representation and Warranty Requirements

More information