CMBS Individual Loan Underwriting - 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 Individual Loan Underwriting:
- Project description: 109 commercial loans underwritten over a 4 year period for one client, 175 commercial loans underwritten over a 3 year period for another client and 55 loans for another client over a 5 year period. Clients originated loans for sale into CMBS bond securitizations. Loans involved office, retail, apartment, and hotel property types located in various markets throughout the country. Loan sizes ranged from $5 million to $100 million. The scope of services included: a) review and analysis of all property financial statements, leases and sponsorship financial statements, b) site inspection of the underlying property, c) coordination and review of third party appraisal and engineering reports, d) assessing the market conditions and competitiveness of the property, e) analysis and review of sponsorship financial and credit strength and f) preparation of presentation report to investment committee which included a detailed report of all findings. Each loan assignment required constant client coordination and discussion as materials were delivered and reviewed.
- Turn around time and staffing: Project Manager and 6 senior level underwriters, each working at various times. Each loan required 50-100 man-hours over the course of a 30-60 day time period. As many as 10 loans were processed at any one time.