An important skill set that ValueXpress brings to CMBS conduit lending is experience. The firm has now arranged over 400 CMBS conduit loans with a principal balance in excess of $1.5 billion. Processing CMBS conduit loans efficiently to create a good experience for both the borrower and lender is a challenge. CMBS conduit loans are inherently more complex and cumbersome for borrowers versus traditional bank financing, and therefore, it is imperative that ValueXpress brings its experience to the table to help borrowers through the process.
Over time, we have learned what holds up transactions that can lead to borrower frustration. Once the Term Sheet is executed we jump on long lead items within hours:
- Survey: Is there an existing survey? Often revising the existing survey is less expensive and quicker than commissioning a new survey. We fire over the survey requirements, get price and timing, and start the survey immediately.
- Insurance: We introduce the lender’s insurance consultant and the borrower’s insurance agent and explain to the agent what the process is; this way, near the end of the transaction when interaction peaks, the borrower’s agent is able to quickly perform its work.
- Attorney: Does the borrower have a CMBS attorney? We advise clients to be sure their counsel has experience in closing CMBS conduit loans; if the borrower does not have a real estate attorney experienced in the closing of CMBS conduit loans, we can recommend one. We have CMBS attorneys who can close CMBS conduit loans in all 50 states.
- Property Diligence/3rdParty Vendors: All property diligence and 3rd party vendor coordination is done by Jim Brett. He ensures that all documentation is correct and directed to the right party. On time.
This is just an example of a few areas in which our experience can help borrowers through a new process quickly and efficiently!