Commercial mortgage – Purple Payday http://purplepayday.loan/ Sat, 20 Nov 2021 11:36:15 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://purplepayday.loan/wp-content/uploads/2021/10/favicon-1-120x120.png Commercial mortgage – Purple Payday http://purplepayday.loan/ 32 32 Allica Bank provides commercial mortgage for business growth https://purplepayday.loan/allica-bank-provides-commercial-mortgage-for-business-growth/ Fri, 12 Nov 2021 08:49:48 +0000 https://purplepayday.loan/allica-bank-provides-commercial-mortgage-for-business-growth/ CME Limited, a Somerset-based automation and packaging machinery specialist, has secured a “substantial” commercial mortgage from Allica Bank. He says financing will play a crucial role in his plans for rapid expansion, having increased at an average rate of 20% in recent years due to securing major new contracts in the pharmaceutical, food and beverage […]]]>

CME Limited, a Somerset-based automation and packaging machinery specialist, has secured a “substantial” commercial mortgage from Allica Bank.

He says financing will play a crucial role in his plans for rapid expansion, having increased at an average rate of 20% in recent years due to securing major new contracts in the pharmaceutical, food and beverage and consumer sectors. legal cannabis in over 130 countries.

The funding will allow CME – which employs 120 people, mainly based at its Somerset headquarters – to continue its product development strategy and boost employment in the region.

The financing enabled CME’s management team to complete a Debt-Funded Business Buyout (MBO), buying the business from the Mear family, who founded the business in 1983. The agreement has was negotiated by Blaise Commercial Finance, the credit brokerage firm specializing in commercial banking and real estate.

Paul Knight, CEO of CME, said: “When we approached other lenders there seemed to be a ‘one size fits all’ approach, whereas Allica was much more flexible and better understood our business and our financial needs. While other lenders told us we were naïve to even try to make this deal – Blaise Commercial Finance and Allica made the effort to recognize our potential.

Julian Stevens, Director of Blaise Commercial Finance, added: “While other corporate finance advisors and banks have not been able to provide the necessary financing, Allica has been transparent and flexible in its needs and has was able to work collaboratively with the management team and other stakeholders to close the deal “

Danny McMurdo, South West Business Development Director at Allica Bank, concluded: “We are delighted to have been able to support CME with their MBO. It’s a fantastic business in Somerset with ambitious growth plans, exactly the type of business Allica Bank wants to help support, especially when many banks are operationally linked to the covid emergency lending service. We look forward to seeing their business grow stronger. “

Allica Bank is expected to exceed its target of £ 500million in SME loan offerings committed this year. It recently increased the maximum amount of its commercial mortgage from £ 3million to £ 5million and its maximum asset finance loan from £ 250,000 to £ 500,000.


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Gantry reaches $ 3.62 billion in commercial mortgage production through third quarter 2021 https://purplepayday.loan/gantry-reaches-3-62-billion-in-commercial-mortgage-production-through-third-quarter-2021/ https://purplepayday.loan/gantry-reaches-3-62-billion-in-commercial-mortgage-production-through-third-quarter-2021/#respond Tue, 26 Oct 2021 12:56:00 +0000 https://purplepayday.loan/gantry-reaches-3-62-billion-in-commercial-mortgage-production-through-third-quarter-2021/ SAN FRANCISCO – (COMMERCIAL THREAD) – Gantry, the largest independent commercial mortgage bank in the United States, made $ 3.62 billion in new commercial mortgage placements in the first three quarters of 2021, including $ 1.5 billion dollars in the third quarter of 2021. Lenders are expected to remain active and competitive in the fourth […]]]>

SAN FRANCISCO – (COMMERCIAL THREAD) – Gantry, the largest independent commercial mortgage bank in the United States, made $ 3.62 billion in new commercial mortgage placements in the first three quarters of 2021, including $ 1.5 billion dollars in the third quarter of 2021. Lenders are expected to remain active and competitive in the fourth quarter, with expectations that Gantry will hit $ 5 billion in production by the end of the year. Production totals reflect a very favorable lending environment for borrowers and a strong appetite from Gantry lenders to place favorable debt on qualified commercial real estate assets.

“While there is potential for a rate hike by 2022, we have yet to see a significant change materialize in the lending environment, so we continue to remind borrowers that we are sticking with what can only be characterized as a generationally favorable funding climate, ”said Michael Heagerty, CFO and Managing Director of Gantry. “This climate provides eligible commercial real estate investors with attractive options to refinance or acquire properties. As the investment market remains overheated by the abundance of capital competing for assets, compressing cap rates and raising valuations, the right tailor-made debt solution has become more critical than ever. CMBS life insurance companies and lenders remain particularly active in the low to moderate leverage market, offering historically low rates and favorable terms including generous prepayment options and interest only payments .

In terms of total capital allocations, the 2021 arrangements are defined as follows (listed in descending order):

  • Asset class: Multifamily, industrial, office, retail, mixed use and self-storage.

  • Loan volumes: life insurance companies, banks, agencies, CMBS and credit unions as main sources of funding.

  • Loan values: life insurance companies, banks, agencies, CMBS and credit unions for total loan values.

Notable trends in relevant Gantry verticals include:

Production

Gantry generated a total of 118 unique loans in the third quarter and 359 year-to-date. Lenders from life insurance companies, CMBSs and GSAs remain extremely active and are often the preferred source of long-term debt. Banks and credit unions remain an attractive source for medium-term lending structures and continue to be a primary source of construction finance. In addition, life insurance companies have entered the bridge loan space, competing with debt funds and alternative lenders, for properties in transition or seeking stabilization.

Key trends to consider from Gantry’s production totals for the first three quarters of 2021 include:

  • As cap rates compress and asset values ​​rise, generically low interest rates and favorable terms for borrowers, including term interest only, will provide significant improvements in cash flow. borrowers.

  • Life insurance lenders continue to reward low leverage sponsors by financing assets when the LTV / LTC is in the 1950s, providing very favorable terms for both new acquisitions and refinancings.

  • CMBS lenders are an active and increasingly attractive source of lending for traditional portfolio borrowers looking to finance at higher leverage points.

  • Banks and credit unions remain competitive in terms of rates and products, as well as construction finance.

  • Lenders, some of whom are looking to make up for lost time in 2020, remain active in the market with aggressive pricing to win new business and lenders have already indicated that the trend will continue through the end of the year and into 2022.

Maintenance

Gantry, a long-time Standard & Poor’s rated primary services provider, continues to deliver nearly 100% of expected performance on its $ 17 billion plus commercial mortgage serviced portfolio covering more than 2,000 loans in 43 states. These loans represent financing in all asset classes, including the hotel industry, which remains the most contested asset class after the pandemic. As lenders continue to shy away from hospitality and many types of office buildings, Gantry continues to see the performance of its management portfolio loans in these asset classes. Gantry expects to see a continued trend in asset performance for the foreseeable future as the economy and asset performance continue to stabilize after COVID.

Culture

Gantry recently moved into his new Portland creative office, where he did a full design-build. The new office houses its production, service and loan closing teams in Portland’s “Slabtown” neighborhood. Located between the Pearl and Nob Hill neighborhoods, Slabtown is a unique blend of residential and industrial buildings with pedestrian streets, numerous boutiques, cafes, restaurants and art galleries. Decision to identify, design and open this office for the Oregon production team follows Gantry’s acquisition of the commercial mortgage banking unit of Norris, Beggs & Simpson in late of 2019. The opening of the office represents a commitment by Gantry to resume his duties. operations at its operating sites by 2022, in line with the guidelines of local jurisdictions in the community of each production office.

About the gantry

Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking company with a wide range of correspondent lenders utilizing Gantry’s production, closing and service capabilities. Founded in 1991, Gantry currently has nearly 90 professionals in regional offices in the western United States and New York. The company’s national service platform outstanding loan balance of over $ 17 billion represents more than 2,100 loans located in 43 states. Gantry is classified as a Primary Servicer by Standard & Poor’s and is one of the few non-bank / non-insurance chartered companies with this designation. For more information, please visit gantryinc.com.


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Capitalize on Commercial Mortgage Backed Securities https://purplepayday.loan/capitalize-on-commercial-mortgage-backed-securities/ https://purplepayday.loan/capitalize-on-commercial-mortgage-backed-securities/#respond Wed, 20 Oct 2021 13:17:20 +0000 https://purplepayday.loan/capitalize-on-commercial-mortgage-backed-securities/ Capitalizing on Commercial Mortgage Backed Securities – Risk.net This Risk.net survey and white paper, commissioned by SS&C Intralinks, assesses the prospects of CMBS market in the we and Europe, paints a picture of changing priorities for issuer and investor risk management, and reveals key opportunities to increase efficiency and maximize value in the transaction process. […]]]>





















































Capitalizing on Commercial Mortgage Backed Securities – Risk.net



Capitalize on Commercial Mortgage Backed Securities

This Risk.net survey and white paper, commissioned by SS&C Intralinks, assesses the prospects of CMBS market in the we and Europe, paints a picture of changing priorities for issuer and investor risk management, and reveals key opportunities to increase efficiency and maximize value in the transaction process.

Download the white paper from Risk Library



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MGM Resorts International: DBRS Morningstar finalizes provisional ratings on BX Commercial Mortgage Trust 2021-VIV5 https://purplepayday.loan/mgm-resorts-international-dbrs-morningstar-finalizes-provisional-ratings-on-bx-commercial-mortgage-trust-2021-viv5/ https://purplepayday.loan/mgm-resorts-international-dbrs-morningstar-finalizes-provisional-ratings-on-bx-commercial-mortgage-trust-2021-viv5/#respond Tue, 19 Oct 2021 09:11:14 +0000 https://purplepayday.loan/mgm-resorts-international-dbrs-morningstar-finalizes-provisional-ratings-on-bx-commercial-mortgage-trust-2021-viv5/ DBRS, Inc. (DBRS Morningstar) has finalized its provisional ratings on the following categories of Commercial Mortgage Certificates, Series 2021-VIV5 (the Certificates) issued by BX Commercial Mortgage Trust 2021-VIV5 (BX 2021-VIV5 or the Issuer). Class A to AAA (sf) Class X to AAA (sf) All trends are stable. Class X is an interest-only (IO) class with […]]]>

DBRS, Inc. (DBRS Morningstar) has finalized its provisional ratings on the following categories of Commercial Mortgage Certificates, Series 2021-VIV5 (the Certificates) issued by BX Commercial Mortgage Trust 2021-VIV5 (BX 2021-VIV5 or the Issuer).

Class A to AAA (sf)

Class X to AAA (sf)

All trends are stable. Class X is an interest-only (IO) class with a notional balance.

The BX 2021-VIV5 transaction represents the securitization of approximately $ 113.3 million in pari passu senior A banknotes held by Societe Generale Financial Corporation.

The guarantees of this transaction are certain elements of a $ 3.0 billion first mortgage loan encumbering both the MGM Grand and Mandalay Bay (MGM/ Mandalay) properties at Las Vegas. The godfathers, Blackstone Real Estate Income Trust (BREIT) and MGP, along with certain other parties, have formed a joint venture (JV) to acquire the MGM/ Mandalay properties for an aggregate purchase price of 4.6 billion dollars ($ 471,892 per room). Borrowers, Mandalay PropCo, LLC and MGM Grand PropCo, LLC (which are subsidiaries of the JV), subsequently signed a 30-year triple net main lease with two 10-year renewal options with the MGM/ Mandalay Tenant, a wholly owned subsidiary of MGM Resorts.

Due to the market volatility caused by the current coronavirus disease pandemic (COVID-19), the Issuer initially chose to securitize only certain subordinate components of the MGM/ Full Mandalay loan via the BX Commercial Mortgage Trust Operation 2020-VIVA (BX 2020-VIVA). The Issuer then chose to securitize additional components of the entire loan via the securitizations BX 2020-VIV2, BX 2020-VIV3, BX 2020-VIV4 and BX 2021-VIV5. The BX 2021-VIV5 trust, like the BX 2020-VIV2, BX 2020-VIV3 and BX 2020-VIV4 trusts, will not have its own master or special service; the captain and special services of the BX 2020-VIVA trust carry out these tasks.

The 3,000 billion dollars the whole loan previously included $ 1.634 billion A notes, $ 804.4 million of notes if, and $ 561.4 million notes of do. The Issuer then chose to further subdivide the B Notes into $ 430.1 million senior B grades and $ 374.3 million of junior B grades. The mortgage components initially securitized via the BX 2020-VIVA transaction have been $ 561.4 million C notes plus a handset $ 1.0 million of A and B scores for a total of $ 562.4 million. The mortgage components securitized via the BX 2020-VIV2 operation have been $ 374,147 million of junior B grades plus a handset $ 1.003 million of senior A and B grades for a total of $ 375,150 million. The mortgage loan components securitized via the BX 2020-VIV3 operation have been $ 429.715 million senior B grades plus $ 1,000 million of A grades for a total of $ 430.715 million. The mortgage components securitized via the BX 2020-VIV4 transaction have been $ 550,000 million of senior A grades. The mortgage components currently being securitized via the BX 2021-VIV5 transaction are $ 113.347 million of senior A grades.

DBRS Morningstar has reviewed certain updated historical performance information provided by the Issuer for the MGM / Mandalay Bay Properties. As expected, operating cash flow continues to be significantly depressed from its 2019 levels based on the past 12 months (Q-12) ended June 2021 The figures. However, according to other analyzes recently Las Vegas hotel casino properties, MGM/ Mandalay continues to show a trend of recovery month over month. For example, the EBITDAR-to- of the propertyMaster Rent coverage rate improved to 0.59 times (x) in the completed T-12 June 2021 0.19x in the completed T-12 March 2021.

Despite the continuing uncertainty over the short to medium term, DBRS Morningstar believes that the mortgage loan that acts as collateral for certificates has unique structural features that provide additional protection for bondholders. Primarily, the head lease structure protects the mortgage from direct exposure to the volatility of property operating cash flows. In the alternative, the operation benefits from a guarantee provided by MGM Resorts, which covers the payment and execution of the MGM/ The monetary obligations of the tenant of Mandalay and certain other obligations under the head lease agreement. In addition to the payment and performance guarantee, MGM Resorts executed a shortfall guarantee in favor of the lender for the mortgage loan.

Under the terms of the main lease, the MGM/ The Mandalay tenant must make a first main lease payment of $ 292 million per year, with $ 159 million awarded to the MGM Grand and $ 133 million assigned to Mandalay Bay. Head lease payment increases 2.0% per annum in years 2 to 15 of the initial lease term, then the highest of 2.0% and CPI (with CPI capped at 3.0 %) for the remainder of the initial lease term. There has been no discussion to date regarding a restructuring of the Master Lease Agreement.

The DBRS Morningstar loan-to-value ratio of 65.97%, based on a capitalization rate of 9.69% and a final valuation of $ 4.54 billion, represents a prudent leverage point with the ability to resist a substantial drop in market value realized before the depreciation of the mortgage loan. In addition, the borrowing sponsors of the transaction, BREIT (49.9%) and MGP (50.1%), are well-capitalized institutional sponsors who have contributed $ 1.6 billion in equity to acquire the properties. Given this position in equities, DBRS Morningstar believes that BREIT and MGP remain strongly encouraged to continue to keep their obligations up to date under the mortgage loan.

The mortgage loan bears interest only for the first 10 years of its 12-year term and does not benefit from amortization deleveraging for the first 10 years of the term.

A description of how DBRS Morningstar views ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social and Governance Risk Factors in Credit Ratings at https: / /www.dbrsmorningstar.com/research/ 373262.

All ratings are subject to oversight, which may result in ratings being upgraded, downgraded, reviewed, confirmed or discontinued by DBRS Morningstar.

For supporting data and more information on this transaction, please log on to www.viewpoint.dbrsmorningstar.com. DBRS Morningstar provides in-depth analysis and commentary on the DBRS Viewpoint platform.

Remarks:

All figures are in we dollars, unless otherwise specified.

With respect to due diligence services, DBRS Morningstar has received ABS Due Diligence-15E (Form-15E), which contains a description of the information that a third party has reviewed as part of the due diligence services and a summary. conclusions and conclusions. Although the due diligence services described in Form 15E are not part of the DBRS Morningstar methodology, DBRS Morningstar has used the data file described in the Independent Accountant’s Report in its analysis to determine the ratings referenced herein.

The primary methodology is the North American Single Asset / Single Borrower Rating Methodology (March 2, 2021), which can be found on dbrsmorningstar.com under Methodologies and Criteria. For a list of structured finance related methodologies that can be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that all of the related methodologies listed in a core structured finance asset class methodology cannot be used to assess or monitor a structured finance or an individual debt security.

DBRS Sovereign Morningstar the group publishes benchmark macroeconomic scenarios for rated sovereigns. The DBRS Morningstar analysis took into account the impacts consistent with the baseline scenarios as presented in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application- to-credit-ratings.

The rated entity or its related entities participated in the rating process for this rating action. DBRS Morningstar has had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for more information on the sensitivity of the assumptions used in the rating process.

For more information on this credit or industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS, Inc.

140 Broadway, 43rd floor

New York, New York State 10005 United States

Phone. +1 212 806-3277

Assessments

Date Issued	Debt Rated	Action	Rating	Trend	Attributesi

United States = Principal Analyst based in the United States

CA = Lead Analyst based at Canada

EU = Lead Analyst based in the EU

UK = Senior analyst based at UK

E = EU approved

U = UK approved

Unsolicited participation with access

Unsolicited participation without access

Unsolicited Non-participant

18-Oct-21 	Commercial Mortgage Pass-Through Certificates, Series 2021-VIV5, Class A	Provis.-Final	AAA (sf)	Stb	US
18-Oct-21 	Commercial Mortgage Pass-Through Certificates, Series 2021-VIV5, Class X	Provis.-Final	AAA (sf)	Stb	US

ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMER AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND ADDITIONAL LIMITATIONS AND INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODS.


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KBRA assigns preliminary ratings to Citigroup Commercial Mortgage Trust 2021-PRM2 https://purplepayday.loan/kbra-assigns-preliminary-ratings-to-citigroup-commercial-mortgage-trust-2021-prm2/ https://purplepayday.loan/kbra-assigns-preliminary-ratings-to-citigroup-commercial-mortgage-trust-2021-prm2/#respond Mon, 18 Oct 2021 13:53:00 +0000 https://purplepayday.loan/kbra-assigns-preliminary-ratings-to-citigroup-commercial-mortgage-trust-2021-prm2/ NEW YORK–(COMMERCIAL THREAD) – Kroll Bond Rating Agency (KBRA) announces preliminary rating assignments to nine categories of Citigroup Commercial Mortgage Trust 2021-PRM2, a single-borrower CMBS securitization. The collateral for the transaction is a $ 340.0 million non-recourse first mortgage. The variable rate loan has an initial term of two years with three options for one […]]]>

NEW YORK–(COMMERCIAL THREAD) – Kroll Bond Rating Agency (KBRA) announces preliminary rating assignments to nine categories of Citigroup Commercial Mortgage Trust 2021-PRM2, a single-borrower CMBS securitization.

The collateral for the transaction is a $ 340.0 million non-recourse first mortgage. The variable rate loan has an initial term of two years with three options for one year extension and requires monthly interest payments based solely on one month’s LIBOR. The loan is secured by the borrower’s fee simple interest in 21 self-storage properties and one mixed-use property. The portfolio properties total 2.8 million square feet, including 1.1 million square feet of commercial and parking space, with assets ranging from 38,970 square feet to 1.3 million square feet. The properties self-storage space comprises 1.7 million square feet (14,764 units) of total space, with self-storage space ranging from 38,220 square feet (359 units) to 177,165 square feet (1,901 square feet). Overall, 56.7% of self-storage sf in the portfolio (34.1% of total sf) are air conditioned. The properties are located in 16 different MSAs in 12 states, with two state exposures each representing more than 10.0% of the pool balance: Boston (41.4%) and Florida (11.9%). The assets were built between 1916 and 2019 and are on average about 23 years old. In July 2021, the portfolio had a weighted average occupancy rate of 93.6% for self-storage and 72.7% for retail space.

KBRA’s transaction analysis included a detailed property cash flow valuation using our US CMBS property valuation methodology and the application of our US CMBS Single Borrower & Large Loan Rating methodology. In addition, KBRA also relied on its overall structured finance counterparty methodology to assess the counterparty risk in this transaction and its overall ESG rating methodology, to the extent deemed applicable.

The results of our analysis yielded a KBRA Net Cash Flow (KNCF) of $ 22.3 million, 7.5% lower than the issuer’s NCF, and a KBRA value of approximately 254.0 million dollars, or 48.0% less than the value of the appraiser’s portfolio for the subject. The resulting KBRA Loan to Value (KLTV) trust is 133.9%. In our analysis of the transaction, we have also reviewed and taken into account third party technical, environmental and valuation reports; the results of our site inspection; and review of legal documentation.

Click here to view the report. To access the assessments and relevant documents, click here.

Related publications

Disclosures

Further information on key credit considerations, sensitivity analyzes which examine the factors that may affect these credit ratings and how they could lead to an improvement or a downgrade, and ESG factors (when they are a key factor in the change in credit rating or rating outlook) can be found in the full assessment report referenced above.

A description of all substantially significant sources that were used to prepare the credit rating and information about the method (s) (including significant models and sensitivity analyzes of the relevant key rating assumptions, if any) used to determine The credit rating is available in the Information Disclosure Form (s) located here.

Information on the meaning of each rating category can be found here.

Further information relating to this rating measure is available in the information disclosure form (s) referenced above. Additional information regarding KBRA’s policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a credit rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a credit rating agency with the UK Financial Conduct Authority under the temporary registration regime. In addition, KBRA is appointed as the designated rating agency by the Ontario Securities Commission for issuers of asset-backed securities to file a simplified prospectus or a shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a credit rating provider.


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CMLS Financial Releases Comments on October 2021 Commercial Mortgages https://purplepayday.loan/cmls-financial-releases-comments-on-october-2021-commercial-mortgages/ Mon, 18 Oct 2021 07:00:00 +0000 https://purplepayday.loan/cmls-financial-releases-comments-on-october-2021-commercial-mortgages/ Content of the article TORONTO, Oct. 18, 2021 (GLOBE NEWSWIRE) – CMLS Financial, one of Canada’s largest independent mortgage services companies, has released its latest Commercial Mortgage Commentary, an in-depth analysis of the commercial mortgage market in Canada. Presenting an overview of the effects of unprecedented liquidity in the CMHC-assured space, what the federal election […]]]>

Content of the article

TORONTO, Oct. 18, 2021 (GLOBE NEWSWIRE) – CMLS Financial, one of Canada’s largest independent mortgage services companies, has released its latest Commercial Mortgage Commentary, an in-depth analysis of the commercial mortgage market in Canada.

Presenting an overview of the effects of unprecedented liquidity in the CMHC-assured space, what the federal election results could mean for housing affordability, the sale of a number of iconic office assets by Canadian institutional investors, and much more.

Content of the article

Read the October 2021 Commercial Mortgage Commentary

CMLS Financial
is Canada’s leading provider of commercial mortgage market intelligence. On a quarterly basis, CMLS Financial publishes a commentary on the Canadian commercial mortgage market with specific analysis of the conventional market, the CMHC insured market and the Canadian CMBS market. Founded in 1974, CMLS Financial has over 40 years of experience as a Canada Mortgage Company ™. For more information visit www.cmls.ca .

Contact:
Eric Clark, CFA
Managing Director, Mortgage Analysis Group
604.488.3897
eric.clark@cmls.ca

Sukhman Grewal, CFA
Senior Director, Mortgage Analysis Group
604.235.5110
sukhman.grewal@cmls.ca

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Property118 | HMRC confusion – Is BTL a commercial mortgage? https://purplepayday.loan/property118-hmrc-confusion-is-btl-a-commercial-mortgage/ https://purplepayday.loan/property118-hmrc-confusion-is-btl-a-commercial-mortgage/#respond Tue, 05 Oct 2021 05:09:21 +0000 https://purplepayday.loan/?p=226 Privacy Policy BACKGROUND: Property118 Ltd understands that your privacy is important to you and that you care about how your personal data is used and shared online. We respect and value the privacy of everyone who visits this website, www.property118.com (“Our Site”) and will only collect and use personal data in ways that are described […]]]>
Privacy Policy

BACKGROUND:

Property118 Ltd understands that your privacy is important to you and that you care about how your personal data is used and shared online. We respect and value the privacy of everyone who visits this website, www.property118.com (“Our Site”) and will only collect and use personal data in ways that are described here, and in a manner that is consistent with Our obligations and your rights under the law.

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You have the right to ask for a copy of any of your personal data held by Us (where such data is held). Under the GDPR, no fee is payable and We will provide any and all information in response to your request free of charge. Please contact Us for more details at info@property118.com, or using the contact details below in section 14.

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If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).

  1. Changes to Our Privacy Policy

We may change this Privacy Policy from time to time (for example, if the law changes). Any changes will be immediately posted on Our Site and you will be deemed to have accepted the terms of the Privacy Policy on your first use of Our Site following the alterations. We recommend that you check this page regularly to keep up-to-date.

 


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MGM Resorts International: DBRS Morningstar assigns provisional ratings to BX Commercial Mortgage Trust 2021-VIV5 https://purplepayday.loan/mgm-resorts-international-dbrs-morningstar-assigns-provisional-ratings-to-bx-commercial-mortgage-trust-2021-viv5/ https://purplepayday.loan/mgm-resorts-international-dbrs-morningstar-assigns-provisional-ratings-to-bx-commercial-mortgage-trust-2021-viv5/#respond Fri, 24 Sep 2021 07:00:00 +0000 https://purplepayday.loan/mgm-resorts-international-dbrs-morningstar-assigns-provisional-ratings-to-bx-commercial-mortgage-trust-2021-viv5/ DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to the following categories of Commercial Mortgage Certificates, Series 2021-VIV5 (the Certificates) to be issued by BX Commercial Mortgage Trust 2021-VIV5 (BX 2021-VIV5 or the Issuer). Class A to AAA (sf) Class X to AAA (sf) All trends are stable. Class X is an interest-only (IO) class with […]]]>

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to the following categories of Commercial Mortgage Certificates, Series 2021-VIV5 (the Certificates) to be issued by BX Commercial Mortgage Trust 2021-VIV5 (BX 2021-VIV5 or the Issuer).

Class A to AAA (sf)

Class X to AAA (sf)

All trends are stable. Class X is an interest-only (IO) class with a notional balance.

The BX 2021-VIV5 transaction represents the securitization of approximately $ 113.3 million in pari passu senior A banknotes held by Societe Generale Financial Corporation.

The guarantees of this transaction are certain elements of a $ 3.0 billion first mortgage loan encumbering both the MGM Grand and Mandalay Bay (MGM/ Mandalay) properties at Las Vegas. The godfathers, Blackstone Real Estate Income Trust (BREIT) and MGP, along with certain other parties, have formed a joint venture (JV) to acquire the MGM/ Mandalay properties for an aggregate purchase price of 4.6 billion dollars ($ 471,892 per room). Borrowers, Mandalay PropCo, LLC and MGM Grand PropCo, LLC (which are subsidiaries of the JV), subsequently signed a 30-year triple net main lease with two 10-year renewal options with the MGM/ Mandalay Tenant, a wholly owned subsidiary of MGM Resorts.

Due to the market volatility caused by the current coronavirus disease pandemic (COVID-19), the Issuer initially chose to securitize only certain subordinate components of the MGM/ Full Mandalay loan via the BX Commercial Mortgage Trust Operation 2020-VIVA (BX 2020-VIVA). The Issuer then chose to securitize additional components of the entire loan via the securitizations BX 2020-VIV2, BX 2020-VIV3, BX 2020-VIV4 and BX 2021-VIV5. The BX 2021-VIV5 trust, like the BX 2020-VIV2, BX 2020-VIV3 and BX 2020-VIV4 trusts, will not have its own master or special service; the captain and special services of the BX 2020-VIVA trust carry out these tasks.

The 3,000 billion dollars the whole loan previously included $ 1.634 billion A notes, $ 804.4 million of notes if, and $ 561.4 million notes of do. The Issuer then chose to further subdivide the B Notes into $ 430.1 million senior B grades and $ 374.3 million of junior B grades. The mortgage components initially securitized via the BX 2020-VIVA transaction have been $ 561.4 million C notes plus a handset $ 1.0 million of A and B scores for a total of $ 562.4 million. The mortgage components securitized via the BX 2020-VIV2 operation have been $ 374,147 million of junior B grades plus a handset $ 1.003 million of senior A and B grades for a total of $ 375,150 million. The mortgage loan components securitized via the BX 2020-VIV3 operation have been $ 429.715 million senior B grades plus $ 1,000 million of A grades for a total of $ 430.715 million. The mortgage components securitized via the BX 2020-VIV4 transaction have been $ 550,000 million of senior A grades. The mortgage components currently being securitized via the BX 2021-VIV5 transaction are $ 113.347 million of senior A grades.

DBRS Morningstar has reviewed certain updated historical performance information provided by the Issuer for the MGM / Mandalay Bay Properties. As expected, operating cash flow continues to be significantly depressed from its 2019 levels based on the past 12 months (Q-12) ended June 2021 The figures. However, according to other analyzes recently Las Vegas hotel casino properties, MGM/ Mandalay continues to show a trend of recovery month over month. For example, the EBITDAR-to- of the propertyMaster Rent coverage rate improved to 0.59 times (x) in the completed T-12 June 2021 0.19x in the completed T-12 March 2021.

Despite the continuing uncertainty over the short to medium term, DBRS Morningstar believes that the mortgage loan that acts as collateral for certificates has unique structural features that provide additional protection for bondholders. Primarily, the head lease structure protects the mortgage loan from direct exposure to the volatility of property operating cash flows. In the alternative, the operation benefits from a guarantee provided by MGM Resorts, which covers the payment and execution of the MGM/ The monetary obligations of the tenant of Mandalay and certain other obligations under the head lease agreement. In addition to the payment and performance guarantee, MGM Resorts executed a shortfall guarantee in favor of the lender for the mortgage loan.

Under the terms of the main lease, the MGM/ The Mandalay tenant must make a first main lease payment of $ 292 million per year, with $ 159 million awarded to the MGM Grand and $ 133 million assigned to Mandalay Bay. Head lease payment increases 2.0% per annum in years 2 to 15 of the initial lease term, then the highest 2.0% and CPI (with CPI capped at 3.0 %) for the remainder of the initial lease term. There has been no discussion to date regarding a restructuring of the Master Lease Agreement.

The DBRS Morningstar loan-to-value ratio of 65.97%, based on a capitalization rate of 9.69% and a final valuation of $ 4.54 billion, represents a prudent leverage point with the ability to resist a substantial drop in market value realized before the depreciation of the mortgage loan. In addition, the borrowing sponsors of the transaction, BREIT (49.9%) and MGP (50.1%), are well-capitalized institutional sponsors who have contributed $ 1.6 billion in equity to acquire the properties. Given this position in equities, DBRS Morningstar believes that BREIT and MGP remain strongly encouraged to continue to keep their obligations up to date under the mortgage loan.

The mortgage loan bears interest only for the first 10 years of its 12-year term and does not benefit from amortization deleveraging for the first 10 years of the term.

A description of how DBRS Morningstar views ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social and Governance Risk Factors in Credit Ratings at https: / /www.dbrsmorningstar.com/research/ 373262.

All ratings are monitored, which may result in a rating downgrade, downgrade, review, confirmation or termination by DBRS Morningstar.

For supporting data and more information on this transaction, please log on to www.viewpoint.dbrsmorningstar.com. DBRS Morningstar provides in-depth analysis and commentary on the DBRS Viewpoint platform.

Remarks:

All figures are in we dollars, unless otherwise specified.

With respect to due diligence services, DBRS Morningstar has received ABS Due Diligence-15E (Form-15E), which contains a description of the information that a third party has reviewed as part of the due diligence services and a summary. conclusions and conclusions. Although the due diligence services described in Form 15E are not part of the DBRS Morningstar methodology, DBRS Morningstar has used the data file described in the Independent Accountant’s Report in its analysis to determine the ratings referenced herein.

The primary methodology is the North American Single Asset / Single Borrower Rating Methodology (March 2, 2021), which can be found on dbrsmorningstar.com under Methodologies and Criteria. For a list of structured finance related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that all of the related methodologies listed in a Core Structured Finance asset class methodology cannot be used to assess or monitor an individual structured finance or debt security.

For more information on rating methodologies and coronavirus disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information on structured finance rating methodologies and coronavirus disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

The rated entity or its related entities participated in the rating process for this rating action. DBRS Morningstar has had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for more information on the sensitivity of the assumptions used in the rating process.

For more information on this credit or industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS, Inc.

140 Broadway, 43rd floor

New York, New York State 10005 United States

Phone. +1 212 806-3277

Assessments

Date Issued	Debt Rated	Action	Rating	Trend	Attributesi

United States = Principal Analyst based in the United States

CA = Lead Analyst based at Canada

EU = Lead Analyst based in the EU

UK = Senior analyst based at UK

E = EU approved

U = UK approved

Unsolicited participation with access

Unsolicited participation without access

Unsolicited Non-participant

22-Sep-21 	Commercial Mortgage Pass-Through Certificates, Series 2021-VIV5, Class A	Provis.-New	AAA (sf)	Stb	US
22-Sep-21 	Commercial Mortgage Pass-Through Certificates, Series 2021-VIV5, Class X	Provis.-New	AAA (sf)	Stb	US

ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMER AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND ADDITIONAL LIMITATIONS AND INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODS.


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Eastern Union promotes three to commercial mortgage management roles https://purplepayday.loan/eastern-union-promotes-three-to-commercial-mortgage-management-roles/ https://purplepayday.loan/eastern-union-promotes-three-to-commercial-mortgage-management-roles/#respond Wed, 01 Sep 2021 07:00:00 +0000 https://purplepayday.loan/eastern-union-promotes-three-to-commercial-mortgage-management-roles/ NEW YORK, September 1, 2021 / PRNewswire / – Eastern Union, one of the nation’s largest commercial real estate finance companies, has promoted three of its staff to assume leadership roles in the management of commercial mortgages. Mordy reisman was appointed Chief Loan Analyst and Christophe Owen has been appointed Senior Loan Analyst in Eastern […]]]>

NEW YORK, September 1, 2021 / PRNewswire / – Eastern Union, one of the nation’s largest commercial real estate finance companies, has promoted three of its staff to assume leadership roles in the management of commercial mortgages.

Mordy reisman was appointed Chief Loan Analyst and Christophe Owen has been appointed Senior Loan Analyst in Eastern Union’s Mortgage Applications and Setup division. Besides,

Debbi waxenfeld has been appointed to the position of Principal Underwriter.

“Eastern Union’s transaction pipeline is valued at billions of dollars per year,” said Ira Zlotowitz, founder and president of Eastern Union. “Mordy reisman, Christophe Owen and Debbi waxenfeld have the skills and experience to ensure that this substantial transaction flow progresses efficiently and to the greatest benefit of our clients. “

In their leadership roles within the company’s loan analysis and configuration division, Mordy reisman and Christophe Owen oversee the compilation and formatting of client financial information provided by originators and brokers. They will manage the conversion of this information into the company’s standard mortgage application template. The formatted data and information will then be reviewed by underwriters and potential lenders.

Mr. Reisman, who lives in Brooklyn, has extensive experience as a property manager and as a financial underwriter of commercial real estate properties. Prior to joining Eastern Union, he was a regional property manager and cost analyst for YMY Acquisitions, a Brooklyn-based real estate company.

Mr. Owen, who is based at Orlando, Florida, has extensive experience in the banking sector. Previously, he served as a member services representative of the Fairwinds Credit Union in the Greater Orlando. He holds a bachelor’s degree in economics from the University of Central Florida.

In its capacity as principal subscriber, Debbi waxenfeld will play a central role in verifying the quality of assets seeking funding through Eastern Union. It will ensure that lenders provide loans to credible borrowers with the means to repay the proposed mortgage. Ms Waxenfeld, who is based in Syracuse and lives in Wampsville, will help verify that assets are capable of generating anticipated income, help convey financial information to lenders, and work with Eastern Union brokers once loans are in place.

Ms. Waxenfeld most recently held the position of Pension Account Manager at Equitable in Syracuse. She holds a bachelor’s degree in administration and business management from Columbia College and an associate’s degree in the same disciplines of the Utique Business School.

About the Eastern Union

Founded in 2001, Eastern Union is one of the nation’s leading commercial mortgage brokerage firms. It employs more than 125 real estate professionals and closes on average $ 5 billion in transactions every year. Eastern Union leverages its relationships with lenders and market knowledge to ensure the best rates and terms available.

Eastern Union, headquartered in new York, concludes transactions of all sizes through United States. It secures the financing of all types of assets. Transactions – which can include multi-state and multi-site portfolios – encompass both conventional and structured financing. In 2020, Eastern Union’s multi-family group reset market prices by offering a quarter point fee for refinancing properties backed by Fannie Mae or Freddie Mac. The introductions of capital are managed by the subsidiary of Eastern Union, Eastern Equity Advisors.

Eastern Union’s free eCALC app instantly helps investors evaluate and enter into deals.

For more information, visit http://www.easternunion.com.

Media contact:
Steve vitoff
Eastern Union
516 652 0785
[email protected]

SOURCE Eastern Union

Related links

http://www.easternunion.com


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What are commercial mortgage rates? https://purplepayday.loan/what-are-commercial-mortgage-rates/ https://purplepayday.loan/what-are-commercial-mortgage-rates/#respond Wed, 28 Jul 2021 07:00:00 +0000 https://purplepayday.loan/what-are-commercial-mortgage-rates/ When you need a large sum of money to invest in property or equipment for your business, you will likely need to find lenders who offer commercial mortgages. This may apply to you if you want to buy freehold commercial, office or industrial property for your business activities or as an investment. Alternatively, you may […]]]>

When you need a large sum of money to invest in property or equipment for your business, you will likely need to find lenders who offer commercial mortgages.

This may apply to you if you want to buy freehold commercial, office or industrial property for your business activities or as an investment. Alternatively, you may be looking to raise funds to finance the development of industrial or commercial spaces. Commercial mortgages can also help you refinance existing loans on commercial properties for better rates.

What are commercial mortgage rates?

When deciding to apply for a commercial mortgage, the first step is to compile a shortlist of lenders. You can then compare the commercial mortgage rates offered by different lenders to identify your best option. Just like with a residential mortgage, you can borrow up to 80% of the value of the property, depending on your situation and your request.

If you are offering a commercial or residential property as collateral, you may be able to negotiate a lower variable interest rate. Interest on fixed rate loans with commercial property as collateral often depends on the number of years you need the loan.

If you are borrowing from a lender or private investor, you may have to pay a higher interest rate for a variable rate loan. Some private lenders may be willing to finance up to 85% of the value of the property.

It is more common for commercial mortgages to offer variable rate loans. You will often find that the average interest rates for commercial mortgages tend to be higher than those charged for home loans.

Most bank or non-bank lenders offer commercial mortgages for terms ranging from three to 25 years. Many lenders may require a higher deposit for commercial mortgages, 30 percent, instead of the 20 percent that is generally acceptable for residential loans. This is because commercial property is sometimes seen as riskier from the lender’s point of view.

It’s worth getting quotes from different lenders, including different ways to structure your loan, to find the best commercial mortgage rates for your needs.

What are the conditions for obtaining a commercial mortgage?

When you approach a lender for your commercial mortgage, you will need to demonstrate that your business will be able to handle regular repayments. The lender will want to see tax returns and bank statements.

You will also need to have the funds for the deposit, which can be between 20 and 30 percent of the loan amount. You may also need to offer a residential or commercial property that you own as collateral for the loan.

Based on the information you submit to the lender, the lender will assess the risk of lending to you, which will affect the commercial loan mortgage rates you can get. If you can get the lender to believe there is low risk in your loan, you should be able to get better mortgage interest rates for business.


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