Any good primer/industry overview of Special Servicers?
Hello monkeys! I am trying to find some good research on major players in the special servicing industry and/or some of the recent industry dynamics. I've been googling several hours (utilizing filetype:pdf mostly haha) but I feel like it is such a niche industry that there are not many reports on them. Thought it'd be worth making a post here and see if anyone has any good links to guide to. SB is all I can give but any help would be much appreciated!
Interested as well.
I found this link that seems helpful https://www.capitaliq.com/CIQDotNet/CreditResearch/RenderArticle.aspx?a…
It would still be nice to have other research as well though
Any luck?
Loan Special Servicer (Originally Posted: 04/30/2013)
Hey Everyone,
Long time lurker, just starting to get involved. I wanted to ask the community for some information on loan special servicing. I work in CRE investment and consulting, though am moving more into RE finance. Can anyone speak on this? It seems very interesting, as the special servicer communicates directly with the borrower, and looks to workout a strategy. The special servicer also has the most risk, as they are holders of the 'first loss pieces'?
Just looking to gather as much information as possible. Thanks in advance!
The special servicer doesn't necessarily hold any risk. Assuming you're talking about CMBS special servicing, the special servicer is a separate entity appointed by the controlling class bondholder (called the B-buyer) that owns the most subordinate tranche of debt.
LNR is the only major special servicer (I know of) at the moment also buying B-pieces and taking that first loss position in new CMBS deals.
Yes, CMBS special servicing. If the servicer were to take a first loss position, how would that affect their profit?
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