Mezzanine CMBS: credit analysis and relative value

Article Abstract:

The mezzanine portion of A- or BBB-rated commercial mortgage backed securities (CMBS) has traditionally attracted investors because of its inherent advantages. However, to exploit these inherent benefits of mezzanine CMBS, investors must understand real estate risk and make good relative value judgements of CMBS, corporate debt and mortgage loans. The key relative value considerations when comparing CMBS to corporate debt of similar rating and average life are event risk, liquidity and optionality.

Author: Born, Kent D.
Personal Investing, Management, Personal finance, Investors

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Determining commercial mortgage relative values: CMBS versus whole loans

Article Abstract:

A comparison of the relative value of commercial-backed securities and individual whole loans and their place in the development of a commercial mortgage investment strategy is presented. A relative value pricing matrix is included.

Author: Williams, Jeffrey C., Wright, Kurt L.

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Investor Criteria for Choosing Between Mortgage Loans From Portfolio and CMBS Conduit Lenders

Article Abstract:

The article gives technical details of mortages obtained from the portfolio lenders and from the commercial mortage-backed securities. The borrower is provided thus with alternative sources of capital.

Author: Horner, Charles D.
Direct Property and Casualty Insurance Carriers, Surety insurance, Commercial Mortgage Insurance, Finance, Insurance industry, Brief Article

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Subjects list: Investments, Mortgage-backed securities, Mortgage backed securities, United States
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