CMBS Subordinated (B-piece) Loan Review and Analysis - details
McCary Stevens has completed over $50 billion in commercial mortgage loan analysis since its inception in 1993. The following details some of our assignments:
- CMBS Subordinated (B-piece) Loan Review and Analysis:
- Project description: Executive review, site inspection and analysis on more than 1,000 commercial loan assets in 16 CMBS Bond pools over a 4 year period for one client and more than 700 commercial loan assets in 30 CMBS Bond pools for another client. The investor/clients purchased newly formed CMBS bonds at various times. The loan and asset analysis was used to assess the potential default risk of each underlying asset and highlight loans which were at a greater likelihood of future default. These higher risk assets were often excluded or their value discounted from the CMBS bond. The commercial properties reviewed included various loans throughout the country and included all commercial property types. The scope of services included: a) review of each property including site inspection, b) local market analysis and local broker interviews, c) stressed re-underwriting analysis, and d) summary analysis of each property’s strengths and weakness.
- Turn around time and staffing: Project Manager and as many as 14 senior level underwriters. Each bond analysis was required within a 20-30 day turnaround timeframe.