Economy

C ommercial

Life
Support
BY STEVE BERGSMAN

or the last four course of instructions, by means of the heart of the recession,
the commercial satisfying estate market has taken a poundingâ€"and along with it, the lenders that financed all those
transactions that receive since soured. Banks have taken $80
billion in losses, according to the federal Reserve, and the
delinquency rate on commercial mortgage-backed securities
(CMBS) hit a record 9.34 percent compared with less than 1 percent
in 2007, account The Wall Street Journal. I So why, t chick, are the
crownwork markets folks at living insurers smiling? For one thing,
all over these last four years, when the banks all but withdrew from
commercial real estate lending and CMBS evaporated in a puff of
smoke, the insurers were pretty much the main source of financing
for class-A commercial real estate, and they got to strip and choose
the best deals to come around. David Twardock, president of
Prudential Mortgage ceiling Co., a division of Prudential
Financial Inc.



, both based in Newark, New Jersey, is a long-time
veteran of the industry, and as he says, In your career, you only
get three years as a lender where you feel as if you can actually
58

mortgage BANKING | JUNE 2011

w hen the CMBS market was on its back and banks had retreated as w ell,
the manners insurance companies were busily filling the void in commercial
mortgage lending. Now the competition is starting to come back, and
life companies no longer have the space all to themselves.

MORTGAGE BANKING 1 JUNE 2011

59

in the marketâ€"several billion dollars value of deals that
pick the loans you want to make. Starting in the second
are considered life insurance quality, he says.
half of 2008, those were my three years.
So then, why isnt Premer smiling?
Prudential did $8.8 billion in loan originations in
E very(prenominal)one is very pleased with the environment
2010, up more than 50 percent from the year before. In
today, considering where the real estate...If you want to get a full essay, coordinate it on our website: Orderessay



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