Commercial Defeasance LLC, Charlotte, N.C., recently added two new calculators to its website.The Return on Equity and Sensitivity calculators complement the Quick Quote defeasance cost calculator, providing borrowers with analytical tools to help them decide whether to defease their securitized commercial mortgages. (Defeasance is a substitution of collateral in which a portfolio of government securities replaces the property as the collateral.) The Return on Equity calculator enables borrowers to compare the cost of defeasing and obtaining a new loan at current interest rates, obtaining mezzanine financing and refinancing at maturity at prevailing rates, and doing nothing and refinancing at maturity at prevailing rates, the company said. The Sensitivity calculator allows borrowers who are not ready for defeasance to anticipate future shifts in the yield curve and simulate the effects of higher or lower yields on government Treasuries. The company can be found online at http://www.defeasewithease.com.
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