We provide in-depth credit analysis on any CMBS security from securitized conduit loans to large loans. Our analysis focuses on all loan-level attributes, then rolls up individual underwriting to composite bond level cash flows. Our first priority: data quality. This is achieved through ongoing discussions, and evaluation of servicer reporting. The monthly investor reports provided by the servicers are often filtered by analytical models and information providers. Data filtering can result in misleading information, which many erroneously rely upon to drive their investor models.
Our CMBS analysis clearly shows:
Our CMBS analysis clearly shows:
- Timing of expected losses and principal repayment for any CMBS tranche
- Multiple cash flow stresses incorporating default and loss assumptions at the underlying collateral level
- Full Loan underwriting and collateral due-diligence
- Review and summary of any inter-creditor deeds or junior participations which effect priority
- Review and summarization of CMBS prospectus and pooling and servicing agreements
- Summary of key property level risks
- Accumulated defaults and losses
- Future default and loss assumptions
- Rights of controlling class
- Hedging risks
- Servicer performance
