Cantor is putting together a $1 billion CMBS loan with Wells Fargo.
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5 comments:
“People ask how we are able to compete,” with the agencies, Orso said. “It’s speed and certainty of execution. Financing through the agencies generally takes longer, and we can close a loan much faster.”
READ:we did loans even the gov't wouldn't do
I don't know - we might have to give him a little slack on that one. He's obviously referring to multifamily, and having recently been involved with a hard asset deal obtaining HUD financing can easily take 2 years on new developments and has all sorts of unnecessary fees that get paid out in the process.
HUD is slow, but has always been. If you can get anywhere close (i.e. 100 bps) in their terms the deal is yours.
As for the agencies, I suspect they're probably backlogged so there could be something to what he's saying. But multifamily has always been tough to win. We need to government to get out of this business.
" saw an article today dated 2-1-2011 that wells is dropping Cantor from a planned CMBS deal in march and cancelled there warehouse line"
could put a huge damper on their operation if true
That would be bad - do you have a link?
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