Electronic Mortgage Industry Directory
Seventh Edition - Covering 2005 Through 2007
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Top Commercial Mortgage Bankers

First, the good news: the commercial lending and servicing business looks just fine. Commercial mortgage banking firms —banks, thrifts, non-depositories, insurance companies, pension funds and their brethren — have kept out of trouble by sticking to their knitting. The days of 'wild and crazy' speculative lending are behind the sector (or so it appears) and sanity rules the market. Of course, the pessimist in us wonders: if things are that good, then it can't last.

Not only does the commercial market look stable —and healthy — but the immediate outlook is decent to good. A recent survey by the National Association of Realtors found that demand for industrial and office space (two key components of the market) should rise slightly in 2007. Some major cities — New York and Washington, to name two — have healthy occupancy rates and landlords can still raise rents, especially for prime office and retail space. Also, there is no talk whatsoever of a national commercial real estate bubble.

All this is good news for commercial lenders and servicers. The commercial business is all about cash flow: the more money landlords can suck out of their tenants the more cash available to pay the commercial mortgage. By basing their loan decisions on a property's cash flow, commercial mortgage bankers have avoided the type of trouble experienced in the residential subprime sector where 'closing the sale' was more important than analyzing a consumer's ability to pay.

The Commercial Origination and Debt Markets

Getting a handle on the overall commercial market is never easy. Most commercial lenders do not file annual production figures with the Federal Reserve Board via The Home Mortgage Disclosure Act (HMDA). However, even though office and retail funders do not have to file with the government, multifamily lenders must, which gives us a decent idea of who the top players are in the five-units or more apartment segment.







You can read more of this introduction in the paid version of the eMID.

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