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CMBS Vs. CDOs
For someone who doesn’t live in this world but loves this stuff::: Difference between a CMBS and commercial real estate CDO ? CMBS: Incorporated domestically? More commonly first mortgage loans and only mortgage debt is allowed here—no derivatives. Investment grade but can be below investment...
CMBS Loan Assumption
Underwriting a value add property that has an existing CMBS loan. Had a couple of questions: 10 year CMBS debt was funded about 18 months ago. Prepayment would be huge, interest rate is decent, and still has another few years of interest only before amort kicks in. Property has lost occupancy over...
CMBS Origination Exit Ops
I’ve been exploring the WSO CRE forum for the past few weeks and wanted to ask a question with my first post about potential exit ops for the job I have lined up. Currently in my final year at a non-target state school on the West Coast. Interned for a top national CRE broker after my sophomore...
Any info on Ladder capital?
Does anyone have any info on Ladder Capital? culture/salary/reputation etc
GSE vs CMBS vs Life Companies
Anyone care to share some knowledge on the three different types of financing sources? Pros and Cons? Lending tendency? Who they typically lend to? Leverage? Etc.. Thanks!
CCRE
Anyone have any experience working for or with Cantor Commercial Real Estate (CCRE)? What are your thoughts?
What exactly is "CMBS Coordination", and what is the upside and downside of applying for such a position?
I would guess the salary range is 55-65k? With a mid-long term goal of be strictly on the investment side of RE (be it CMBS or property level RE Assets). What is here in terms of growth, future marketability, gleaning skill-sets for entrepreneurial ventures. Here is more color: Communicate to...
Best Group within Structured Finance?
Which group in Structured Finance is most profitable / active & therefore usually receives the largest bonuses? -CMBS -RMBS - ABS I would imagine it's CMBS because of the largest size of the security due to largest dollar value of the pool, but is this accurate across BBs? What determines bonus size...
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Mortgage/CMBS origination spread
Hey everyone, I was wondering if there are any ways to find current average mortgage origination spread for balance sheet loans and CMBS loans (different spreads for different risk categories would be excellent) Thanks
Analyst interview at private investment management. What to expect?
I have an interview coming up and am wondering the following: First, for background the job functions are CRE debt (cmbs, mezz, jr, etc.) and outright asset purchase across all real estate. 1. expected comp? Firm is under 1 billion in aum. under 500mm in debt. Office is small, under 50 people. 2....
Why CMBS origination? Why Debt? Question
Hi everyone, I have a final round interview with CEO and MDs at a boutique conduit firm tomorrow. I think I have everything locked down, but since I didn't have any previous experience in the debt site of the world (work in investment sales), I'm having hard time coming up with answers for why cmbs...
CRE Finance Council's CMBS E-Primer- NEEDED
Does anybody have a copy of CRE Finance Council's CMBS E-Primer? I have an analyst interview for a CMBS group and am trying to get my hands on a copy of this document to review beforehand. Thanks!
CMBS Analyst Job Opportunity @ Cantor Fitzgerald- INSIGHT NEEDED
I have an opportunity be an analyst at Cantor Fitzgerald . I'd be working with a team doing CMBS loan origination. Essentially they originate, securitize a loan against commercial real estate, pool it with other loans, and sell the bonds to pensions funds and the like. I'd love to hear some opinions...
What do CRE analysts/CMBS analysts really do at fixed income shops?
I have seen many postings for CRE analyst/CMBS analyst at buy-side fixed income shops recently (including top buy-side like PIMCO . The language in the postings sounds like they are hiring people who can underwrite mortgages at the property level. For example: "Assist in asset-level credit...
CMBS vs. PERE vs. Mezz Lending - Next Move in my Career Path???
So I am beginning to look for the next move in my RE career. I started out as a quant analyst in IB and eventually made the shift over to CRE in a sort of hybrid bond/ CRE role at first focusing on debt securities and lease securitizations for real property. While I continue to work in this area, my...
BB Hiring through 3rd party consulting firm
I currently have an offer at a BB bank in one of their originations groups for an associate level position (previously did a 2-year analyst stint at another bank). Interview process went smoothly until the very end when I was told the bank doesn't hire employees directly but instead outsources the...
CMBS Conduit Datatapes - Efficient ways to download/extract?
Hello RE Forum - long time lurker here. I currently work in REPE as an associate and a big part of my job is tracking publicly filed CMBS issuances. Basically my task is to extract loan data from prospectus filings and get it into excel so I can analyze it and compare to other deals. I have no issue...
The van of the cofounder of Cantor Commercial Real Estate
This is pretty entertaining - for some reason a friend just sent to me, even though it's a few years old, so forgive me if you've seen already: http://dealbreaker.com/tag/steve-kantor/
Anyone attend CREFC in Miami Beach this year? What was the takeaway message on the health of the industry/market?
Anyone who attended CREFC this year, what were your impressions of morale relating to the industry as a whole (and the change in locale to Fontainebleau)? Secondly, and more importantly, what are your takes on where the money is headed given the significant velocity in the market over the past 6-12...
Path to take to switch over to CMBS or boutique lender / RE company
My background: 3.25 gpa in finance from a non-target Working in Baltimore for a large balance sheet lender as an analyst I would eventually like to either go over to the CMBS side working in originations or for a boutique real estate firm where I'd be exposed to some creative financing and deal...
CMBS Compensation / Impact of Situs on CMBS Jobs
the First part of my question pertains to current CMBS compensation at the analyst / associate level. I've done some searching in the forums here but most everything relating to CMBS salaries seemed to be pre-2012ish. As most of you know, the conduits have seen a massive resurgence lately so I'm...
Would experience as atty in CMBS/RMBS litigation help lateral to business side of RE?
I am a licensed attorney with a MSRED* (Columbia), and was approached with the opportunity to work on (in temp position mind you - not associate) an ongoing RMBS/CMBS case with the assignment lasting 14 months or so. I have my MSRED, but have zero actual real estate deal business experience (ie,...
Commercial Loan Officer vs, Commercial Mortgage Broker
What is your opinion of working at a commercial mortgage division of a bank versus a mortgage brokerage firm? I am interested your perceived Pros and Cons. I currently work as a loan analyst at a commercial bank and and wanted to know how my position compares to the brokerage side.
Best Asset Class for Trading
Hello, I wish to know which is the best asset class to trade in the coming years among FX, Commodity, Equity, ABS ( including CDS , MBS , RMBS, CMBS, CDO etc) etc. so that one could make very good amount of money. I would appreciate if I could get the pros and cons and the comparison related to...
CMBS offering/loan info - Do i need a bloomberg?
if i know the name of the cmbs offering, how can i find details on the individual notes within it? can i do this without a bloomberg?
Books/Learning about CMBS
What are some online resources which can teach me more about the CMBS market. It is sort of a niche market in terms of real estate finance and I'd like to learn more about it. Anything out there?
B Note Valuation Model
Hi, Does anyone know how to build a model to value B Notes / junior tranches on a securitization? Are there any online resources? I have been looking for about a week and couldn't find much besides model to create a cash CDO . Thanks in advance.
CMBS Bonus Numbers
Hey guys, Its about that time of year when everyone is getting their numbers. Since spreads came in pretty substantially and these groups on the sell side did well, what kind of numbers are you expecting or already received? More interested in the more junior roles across the street.
CMBS Portfolio Analyst Interiew: knowledge of ARGUS or DYNA
Not sure if this belongs in this forum or the AM forum... I have an interview coming up for a portfolio analyst supporting a securitized PM team (mainly CMBS). Does anyone have suggestions on specifics or general ideas that I should be prepared to answer? The job posting says they prefers working...
CMBS opportunity - need some insight
I currently have an opportunity at a fully-integrated commercial real estate finance company that provides financing solutions to the real estate capital markets. The company originates underwritten fixed and floating-rate mortgages and mezzanine loans secured by different asset types in most major...
CMBS B-Piece Buyer
Hello. Just wondering what are your thoughts on somebody joining a Real Estate Private Equity firm which is a major CMBS B-Piece buyer, especially if it is right out of college? Do you think this opportunity would be considered prestigious/special in any way? Also would it be possible to transition...
Buyside Trading CMBS/MBS(Agency and Non-Agency)
Hi All, An opportunity may come shortly for me at my firm and would like some information on exit opps specifically. Feel free to contribute any another tidbits. I work at a buyside AM firm and have the opportunity to get into CMBS/RMBS trading . Was wondering what the exit opps are for a position...
Resume Question - Graduated in 2009 and played hockey
Hi Guys, I was wondering if you could give me some advice regarding my resume. I graduated in December of 2009, but from 2004-2006 I played Jr. A hockey out west and in Canada. When I was networking my senior yr I included my junior hockey experience on my resume as if it were any other type of...
CMBS Lending vs. BS Lending
How different are the two types of lending? (any significant differences in terms of leverage, riskiness, types of properties, loan amount, or others)
BB CMBS Loan Origination Groups
I was curious if anyone has any insight into exit opps for top CMBS shops loan origination groups. Assuming your group works on various deals (mezz, bridge, senior debt, construction, land etc), how marketable are you to REPE firms? Even though you didn't work in the REIB group and gain exposure to...
Will Housing Ever Rebound?
In the olden days, before indoor plumbing folk would hoof it to the nearby well for a bucket of water. Being that we overlook how necessary water is for every day function, trips to the well must have been plentiful. I imagine that this is where the expression going to the well once too often came...
CMBS Internship vs. Private Equity Internship
Consider two options on the west coast, specifically Los Angeles. A CMBS (commercial mortgaged back security) finance group with a brand name. They offer a paid internship (think $15+ per hour), and the recruiters mention 80+ hours/week for the summer. Intern will be doing all types of work, ranging...
A straight up buy-side trade execution job?
I have an interview for the below position in ABS /CMBS trading in the investments group of a major insurance company. I am trying to figure out if this is a more substantial position than a strictly buy-side trading execution job. Any thoughts would be greatly appreciated: Large Insurance Co is...
Cantor Commercial Real Estate
How are these guys doing these days?
Wing Chau Sues Author of the Big Short!
People have no SHAME. Wing Chau, president of Harding Advisory is suing Michael Lewis, the author of The Big Short for "unfairly casting him as a villain." Listen Wing, you cheated investors and blatantly ignored your fiduciary responsibility. Give it a break. In his book, Lewis writes about a...
CMBS / Structured Finance Headhunters NYC
Looking for a good headhunter(s) that specialize in the Commercial Mortgage Backed Securities / Real Estate Structured Finance world in NYC . Any recommendations would be great. Any word on whose hiring?? Thx
Struc Fin Interview -HELP!
I have a phone interview TOMORROW for an associate position within a large and well-known insurance companies Investment Management division. Specifically, the position is not directly front-office, but more mid-office in a structured finance risk/oversight role and assists with operations...
Struc Fin Interview - HELP!
I have a phone interview TOMORROW for an associate position within a large and well-known insurance companies Investment Management division. Specifically, the position is not directly front-office, but more mid-office in a structured finance risk/oversight role and assists with operations...
Marketability- Rotational Analyst at major Special Servicer/CMBS investment firm
Any opinions are greatly appreciated. I have not seen too many articles on here referring to commercial real estate or CMBS firms (yes CMBS issuances are coming back). I recently graduated from a non-target, top 50 state school with a 3.6 GPA. I am currently in my 1st year in a 2 1/2 year rotational...
CMBX Index
Need historical data on CMBX index (from what I read it details 25 tranches and was created in 2004). I keep going to the website of "Markit" (the originator of said index) and that hasn't been helpful. If anyone can pull some information from Jan06-Jun09 on it would be helpful. Otherwise, if you...
CDO Products - CLO/CMBS/ABS
I currently intern on a fixed-income trading desk specializing in the aforementioned products. Just want to know if anyone else out there is doing this stuff too. It would be cool to hear what your firms are saying (obviously without revealing too much). CLO's are starting to make a rally. Too soon...
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