One definition of a foot soldier is “a person who does active and difficult work for an organization or cause.” Well, ValueXpress wants to thank our “foot soldiers,” namely our CCTG graduates, who are grinding away in the field to secure deals.
“I have been teaching how to originate CMBS conduit loans at Commercial Capital Training Group (CCTG) for about two years now,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “About six months ago, I added a 30-minute intensive on how to read and utilize Trepp servicing reports to secure refinancing assignments for borrowers with maturing CMBS conduit loans. The resulting business from our CCTG grads is impressive.”
Trepp is a leading provider of servicing data for all CMBS conduit loans. Its reports include loan maturity data, interest rates and property income and expenses on each individual loan. “With the income and expense data, we perform a ‘quick and dirty’ loan sizing and valuation exercise in class to determine the approximate amount of loan the property will qualify for, which usually includes some cash out,” said Sneden. “Then we do a mock sales pitch to the potential borrower using the data in the Trepp report and an offer to complete a comprehensive loan sizing and property valuation with no obligation by the borrower to proceed. But typically, once the potential borrowers see the quality of the financial analysis, they pick the CCTG grad to proceed with the loan.”
“We give each graduate five Trepp reports (leads) for CMBS conduit loans that are maturing within the next 12 months that are located within 30 minutes of their office,” said Jim Brett, Senior Loan Underwriter at ValueXpress. Then these “foot soldiers” hit the road, visiting the property and speaking with owners using Trepp data to secure the refinancing assignment.
“We at ValueXpress do not even remotely have the ability to visit properties or speak locally with owners all over the United States to win their CMBS refinance business, but the graduates can and will do it for our mutual benefit, and we are grateful for the resulting business,” said Sneden.