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• W209852345 abstract "Street firms are coming on strong It looks like commercial mortgage conduits are here to stay. After taking a tumble in last autumn's topsy-turvy stock market, commercial mortgage-backed securities (CMBS) are back in play with most conduits bringing major new securitizations to market. At the same time, a growing number of independent, off-Wall Street conduits are giving the big boys a run for their money, offering better terms and more personalized service. The volume of business by conduits that specialize in packaging CMBS products more than doubled in 1998 despite the market troubles and it is expected to exceed $60 billion in 1999. Mortgage bankers, and community bankers too, have been turning to conduits to supply their best clients with non-recourse loans, which reduce the liabilities that can hurt a real estate developer's credit viability. can also help smaller banks satisfy customer demand for more credit than the banks can afford. The conduits take on the lending burden while the banks retain relationships with valuable clients that might otherwise be stolen away by larger banks. In a conduit arrangement, a bank gets a fee from the borrower for placing a loan while the conduit absorbs the interest rate risk and the credit risk. Most conduits purchase loans directly, but some let a bank participate in the profits from a securitization if it can deliver a sizable number of loans. Conduits provide an outlet for bankers that want to originate a product that they don't have a portfolio appetite for, explains Wes Jones, managing director of First Union's conduit programs. They can sell us one loan or 1,000 loans at a First Union's commercial loan conduit business grew from zero three years ago to $3.5 billion in 1998. Like other conduits, First Union designs the products, publishes origination and seller guides to help the banks decide which products to participate in, and then securitizes the loans as they come in. First Union either underwrites the products itself or co-writes them with Wall Street investment bankers. First Union has safeguards in place to guard against the market turning sour. watch the economy closely and adjust our underwriting guidelines accordingly, says Jones. take the market risk and the credit risk on behalf of our lenders, who as such benefit from securitization in a sour economy. There be borrowers that want to work with their local financial institutions, says Joe Mosley, CEO of Atlanta-based Central Park Capital (CPC). They are comfortable with a floating-rate, recourse deal because they have dealt with their banks for a long time. But they can get more favorable terms from a conduit. CPC bundles loans from a network of community and mortgage banks into bonds which are supported by the cash flow from the mortgages. Just like corporate bonds, they are sliced into tranches with different income streams, carrying different ratings and with different levels of security. Before accepting any loans, the company needs to review third-party reports, including the usual property appraisals and environmental studies. Off-Wall Street conduits prefer properties with some operating history, says Mosley. typically don't make construction loans. We consider that the purview of the banks. In certain cases, such as with multi-family properties, we can work with less history because they stabilize earlier. The process is simple, says Mosley. Once a transaction is screened, CPC do the preliminary underwriting. Some conduits require more on the part of the bank, but we have a significant staff and do the lion's share of the work, says Mosley. CPC also is setting up a Web site that he says will make the whole process easier. Caution should be the byword, and bankers need to look closely at how a company is capitalized before signing on. …" @default.
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• W209852345 title "Commercial Mortgage Conduits Bounce Back" @default.
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