{"id":1004096908,"date":"2014-05-21T06:38:42","date_gmt":"2014-05-21T14:38:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004096908"},"modified":"2022-12-05T15:12:34","modified_gmt":"2022-12-05T23:12:34","slug":"may-issue-true-recovery","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/may-issue-true-recovery\/","title":{"rendered":"MAY ISSUE: True Recovery?"},"content":{"rendered":"<p><strong>Is CMBS Really Back to Stay?<\/strong><\/p>\n<p><em>By Keat Foong, Finance Editor<\/em><\/p>\n<p>The CMBS market is back up and running, with total issuance on an upward trajectory for the past few years. For 2014, the sector is anticipating issuance to rise from $80 billion last year to as much as $110 billion, halfway to the $200 billion peak reached in 2007. But we have seen numerous false starts before, when CMBS financing recovered only to retreat amid capital markets turmoil or fallout from financing excesses. So how secure is the recovery in this financing sector?<\/p>\n<p>Already, there are signs that lending standards are loosening around the edges. There are currently an estimated 37 conduit originators. Some observers say this constitutes a few too many shops to play in the market without undermining underwriting standards. Indeed, in December Fitch Rating cited \u201cpressure on small and new CMBS originators to make loans and compete with established lenders.\u201d These less established conduit lenders are forced to \u201cmake less desirable loans and reduce underwriting quality in recent deals,\u201d said Fitch.<\/p>\n<p>Several transactions on which the rating agency provided feedback included a higher percentage of loans from new originators. Fitch said \u201cthese loans may not raise a red flag when measured simply by DSC or LTV.\u201d However, they were marked by weaker credits as a result of \u201clocations, sponsors\u2019 experience levels and histories (including financial stress and litigation), and esoteric or unusual property types.\u201d<\/p>\n<p><em>Read the full article in the\u00a0<a href=\"https:\/\/digital.commercialsearch.com\/news\/publication\/?i=206732&amp;p=50\">May 2014 issue<\/a>\u00a0of CPE. Access is free!<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is CMBS really back to stay?<\/p>\n","protected":false},"author":952,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,37753],"tags":[],"class_list":["post-1004096908","post","type-post","status-publish","format-standard","hentry","category-finance","category-research-center-finance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MAY ISSUE: True Recovery? - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/may-issue-true-recovery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MAY ISSUE: True Recovery?\" \/>\n<meta property=\"og:description\" content=\"Is CMBS really back to stay?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/may-issue-true-recovery\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-05-21T14:38:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T23:12:34+00:00\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/may-issue-true-recovery\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/may-issue-true-recovery\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"MAY ISSUE: True Recovery?\",\"datePublished\":\"2014-05-21T14:38:42+00:00\",\"dateModified\":\"2022-12-05T23:12:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/may-issue-true-recovery\\\/\"},\"wordCount\":250,\"commentCount\":0,\"articleSection\":[\"Finance\",\"Finance (Research Center)\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/may-issue-true-recovery\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/may-issue-true-recovery\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/may-issue-true-recovery\\\/\",\"name\":\"MAY ISSUE: True Recovery? 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