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CMBS Conduit Loan Profitability
On a CMBS conduit loan, how do banks make their profits? I believe it because the bank receives more bond proceeds than the underlying collateral they are contributing - is the the correct mechanism of profitability? Why would bond investors pay more than the value of the underlying loans?...
Loan Syndications, Subscription Finance or Warehouse Lending
Hi y'all, I'm deliberating between Loan Syndications, Warehouse Lending and Subscription Finance (all IBD groups). Which team generally 1. works under 60 hrs a week, and 2. provides a more valuable skill-set? Thanks!
CMBS at Rating Agency to REPE?
I've been working in the CMBS new deal team at one of the big three rating agencies for about three months now. Definitely learned a lot about during my time so far but was curious about exit opportunities, specifically a path into REPE. There was a ton of turnover at my firm last year with people...
Corporate Banking, Warehouse Lending or CMBS?
Which opportunity provides the best potential for skill-set, comp, and hours? Corporate Banking, Warehouse Lending or CMBS Origination? Thanks!
Financial Sponsors Group vs RECM
Which placement is better? Financial Sponsors Group (not within LevFin) or a RECM Rotation (CMBS Origination/Large Loans Group/Warehouse Lending) - at a BB. How many hours a week can I expect from each group? What types of projects do each primarily work on? What types of cultures are generally...
Warehouse Lending & CMBS
Can somebody explain the role of a Warehouses Lender? (within the IBD CMBS group) I have an upcoming interview for this position and I still don't know too much about it. Does this opportunity align with FSG or Corporate Banking in terms of skill-set, hours, and exposure? Thank you for your...
Real Estate Investment Banking Int.
Hi! I hope you all will answer (please) Anyway, I am having an interview for GS Investment Banking-Real Estate Financing group and I was hoping that someone on this board can help me out. I am going to the final round and I have no idea what to expect. I am currently a real estate development major...
Quick question regarding CMBS structure
Hi forum, I never had to deal with CMBS but came across a structure today, issued here: http://costarfinance.com/2015/05/29/jpmorgan-laun… It basically says: The GBP251.1m sterling capital structure is as follows: Class Size Exp. Rating LTV A GBP109.3m AAA/AAA 25.7% B GBP42.0m AA/AA(low) 35.6% C...
CMBS vs Capital Markets (REIB)
I'm curious what everyone thinks would be a better starting point in RE: CMBS at a BB ( GS , BAML , JPM ) or Capital Markets at a brokerage (HFF, Eastdil, JLL)? I know both are excellent opportunities but I was wondering if someone could compare and contrast these 2 in terms of long-term potential....
Real Estate Analyst at Berkadia supporting CMBS
Does anyone have insight to share potential salary for a Real Estate Analyst position at Berkadia and what opportunity for growth is like in their corporate environment? Any input on what it's like to work there? I may have an interview soon but I can't find much on the web and I'm not sure if it's...
kpmg credit risk associate had
Hello everyone, I recently got called for an interview at KPMG for a credit risk associate. The focus of this associate will be most likely CMBS. I was wondering if anybody has experience in interviewing for the position and if anybody out there has worked in a similar role. Thank you
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 B-Piece Bondholder & Special Servicer - Conflict of Interest?
I'm attempting to better understand the special servicer's role when a borrower of a commercial loan defaults. Typically, in a CMBS, the junior-most bondholder has the ability (per the pooling & servicing agreement) to appoint and manage the special servicer--the entity charged to work with the...
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