Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 08 May 2018

Ladder Capital Originated $967.5Mln of Loans in 1Q; Conduit Lending Outperforms

The New York finance company originated $967.5 million of mortgages during the first three months of the year, including $532.9 million of conduit loans. It contributed $436.5 million of its conduit loans to two CMBS transactions, generating $11.9 million in profits, for a 2.72 percent margin.

Commercial Real Estate Direct Staff Report

Ladder Capital Corp. originated $967.5 million of mortgages during the first three months of the year, including $532.9 million of conduit loans.

The New York finance company, which also owns roughly $1 billion of properties, contributed $436.5 million of its conduit loans to two CMBS transactions, UBS Commercial Mortgage Trust, 2018-C8 and UBS 2018-C9, generating $11.9 million in profits, for a 2.72 percent margin.

That margin compares with the 1.75 percent that the 2018-C8 deal generated for all its contributors and the 1.98 percent that the 2018-C9 deal generated.

In contrast, Ladder didn't contribute any loans to CMBS conduit deals during last year's first quarter, as risk-retention rules were just being implemented.

The balance sheet loans it originated during the period were written with an average rate pegged to Libor...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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