Page 64

CRE Finance World, Winter 2012

CMBS Servicer Workouts Maintain an 86% Recovery Rate It is also noteworthy to examine the percentage each liquidation non-Fitch rated transactions. For this report, Fitch calculated loss method represents of the servicer’s total liquidated loans. For severity as the net realized loss amount divided by the unpaid example, while the table on the bottom of page 4 shows LNR as principal balance (UPB) at transfer, as opposed to the original having the most PIF loans overall, when compared to others as securitized loan balance used for the Fitch loss study. This mea- a percentage of their own portfolio, Berkadia had the highest surement standard was used to more accurately measure the percentage of PIFs at 34%. influence of the special servicer. Recoveries with losses include any loan with losses greater than 1.5%, including paid in full and Methodology returned to master servicer. For this study, Fitch compiled information from special servicers by using a standardized questionnaire. Data include both Fitch- and YOUR PREFERRED SOLUTION FOR CMBS ANALYTICS Bloomberg’s comprehensive analytics help users stay ahead of the market with tools such as CMBS pricing service (BVAL), enhanced user-defined loan modifications and ASERs assumptions, and a NEW property re-underwriting module. SURVEILLANCE Knowledge is power. Make better, faster, smarter decisions utilizing the flexibility of our deal and portfolio surveillance and asset management tools, on the terminal and with our suite of MS Excel API and back office Data License CMBS solutions. BREADTH AND DEPTH OF BLOOMBERGExpand your analyses. Loan and property fundamentals are consumer and market driven. Take advantage of our expanding commercial real estate database, and access market statistics, corporate events, news, trade ideas, research, and much more. New York San Francisco +1-212-318-2000 +1-415-912-2960 ©2011 Bloomberg Finance L.P. All rights reserved. 46186482 1011 CRE Finance World Winter 2012 62


CRE Finance World, Winter 2012
To see the actual publication please follow the link above