CMBS Conduit Lending Update – 9.28.15

Indicative CMBS Conduit Loan Rates – $2 million-$100 million
9/28/15 (Indicative Only – Each Deal Individually Priced)
10-Year Fixed-Rate Loan Term (25/30 Yr. Amortization)
LTV/DSCR/DY Spread Range (1) Swap Rate Range (2)
Multifamily 75/1.25/8.5 250 275 2.11% 4.61% 4.86%
Commercial (3) 75/1.25/8.5 250 275 2.11% 4.61% 4.86%
Hospitality 70/1.40/11.0 270 300 2.11% 4.81% 5.11%
Self-Storage 70/1.35/9.0 250 275 2.11% 4.61% 4.86%
9/28/2015 10-Yr Swap Rate: 2.11%
http://ycharts.com/indicators/10_year_swap_rate
(1) Spread and Rate Lower for Low Leverage (50%) Loans > $10 million (approx. 25 bps)
(2) Rate Locked at Closing, Fixed for 10-Yrs (Early Rate Lock Available)
(3) Retail/Office/Industrial
7-Year Fixed-Rate Loan Term (25/30 Yr. Amortization)
LTV/DSCR/DY Spread Range (1) Swap (2) Rate Range (3)
Multifamily 75/1.25/8.5 285 340 1.79% 4.64% 5.19%
Commercial (4) 75/1.25/8.5 285 340 1.79% 4.64% 5.19%
Hospitality 70/1.40/11.0 310 360 1.79% 4.89% 5.39%
Self-Storage 70/1.35/9.0 285 340 1.79% 4.64% 5.19%
9/28/2015 7-Yr Swap Rate: 1.79%
(1) Spread and Rate Lower for Low Leverage (50%) Loans > $10 million (approx. 25 bps)
(2) 7-Yr Swap Rate is Interpolated
(3) Rate Locked at Closing, Fixed for 7-Yrs (Early Rate Lock Available)
(4) Retail/Office/Industrial
5-Year Fixed-Rate Loan Term (25/30 Yr. Amortization)
LTV/DSCR/DY Spread Range (1) Swap Rate Range (2)
Multifamily 75/1.25/8.5 320 400 1.49% 4.69% 5.49%
Commercial (3) 75/1.25/8.5 320 400 1.49% 4.69% 5.49%
Hospitality 70/1.40/11.0 345 425 1.49% 4.94% 5.74%
Self-Storage 70/1.35/9.0 320 400 1.49% 4.69% 5.49%
9/28/2015 5-Yr Swap Rate: 1.49%
http://ycharts.com/indicators/5_year_swap_rate
(1) Spread and Rate Lower for Low Leverage (50%) Loans > $10 million (approx. 25 bps)
(2) Rate Locked at Closing, Fixed for 5-Yrs (Early Rate Lock Available)
(3) Retail/Office/Industrial
LTV: Loan Amount Divided by Appraised Value.  A full-narrative MAI appraisal ordered by
a CMBS conduit lender from a nationally recognized firm (i.e. CB Richard-Ellis)
DSCR: Annual Underwritten Net Cash Flow (w/vacancy & reserves) divided by annual
mortgage payment based on estimated interest rate and amortization schedule
Debt Yield: Underwritten Net Cash Flow (w/vacancy & reserves) divided by Loan Amount

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