TREPP for CRE Data
Has anyone used TREPP? They seem to be the leaders in the CRE data sector, with major news outlets (WSJ, Bloomberg, etc.) quoting their data.

&amp;#x200B;

However, I cannot come across any articles that discuss their subscription pricing or reviews from actual users. Has anyone tried the software that they can attest to or point me in the right direction?

&amp;#x200B;

Can someone breakdown or provide context on their pricing? 
[{"id": "efk2g87", "text": "It\u2019s expensive and mostly used by mortgage brokers RE IB guys and so on. I tried to use it as a way to find distressed CMBS deals in 2008. The problem was that once these assets go into special servicing (because of default) it basically impossible to get in contact with anybody about purchasing the note or even the asset. \n\nIf you are underwriting CRE debt or trading CMBS bonds then it\u2019s probably worth it. ", "replies": [], "depth": 1}, {"id": "efk3a78", "text": "I used Trepp data when I worked at a large regional bank. I believe the data was sourced from CMBS, so it had limited applicability to the smaller (&lt;$10 million) loan space we were targeting. That and it was pricey!", "replies": [], "depth": 1}, {"id": "efk7zwy", "text": "Trepp is mainly used by lenders to see what deals have been securitized. So, if you are looking to buy a a shopping center anchored by a movie theater, I will look up shopping centers anchored by a movie theaters securitized and see how they were treated by the rating agencies. If your not in the cmbs world, trepp is not as useful as costar, reiss or rca. ", "replies": [{"id": "efkdf36", "text": "Thanks for this. I am mainly looking for cmbs loans that are due for refinancing. Preferably hotels, shopping centers, etc. Do you think trepp would be a good use for that? Does it provide owner information? ", "replies": [{"id": "efl8u9q", "text": "You can definitely use Trepp to find loans due for refinancing as you can see the maturity date for all the loans. But I am not sure if you can see the owner information for all the loans. For the biggest loans in every pool, you might see the buyer information noted in the presales. One way to do it is to find the maturing loans on trepp and then check the addresses on Costar or RCA as those show the current owner information. Are you a debt broker or a lender?", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "efowjjg", "text": "I work for a hedge fund and use it.  It works for us to identify opportunities because we have leverage over servicers / are able to buy controlling classes of the bond. If you don\u2019t own the controlling class (and there are really only like 7-8 companies that play this game) you stand 0\u2019chance of buying anything in servicing. \n\nThe controlling class will appoint themself the Operating Advisor and as such has full control over what happens with stuff in servicing. In CMBS 1.0 you can exercise the fair market value option on Loans still in servicing - this means you (hedge fund) can buy the loan and foreclose and run the turn around plan. As a result, all the \u201cgood\u201d properties get picked off by thencontrol class. Furthermore, if you as OA take a pass the services also gets the option to buy it in 2nd pass so any decent loans get picked off before the market has a chance \n\nIf the OA and servicer both pass servicer will then take shit REO - generally when that happens the bond investors are blown out, they need to buy stuff at full exposure (ie UPB + accrued + all other expenses.... when it\u2019s a loan the FMV can be less than upb, it\u2019s just what the master servicer thinks is the market value of the property). As a result, the only stuff that ends up in REO servicer auctions is either (1) total garbage (2) so small (less than like 4mm) that DW / Elliott / Fortress / Starwood etc doesn\u2019t want to waste time fucking with it. ", "replies": [{"id": "eftjoh6", "text": "Could I ask you a question related to your field of expertise and experience as a hedge fund manager? I'll PM you if you say it's ok. TY", "replies": [], "depth": 2}], "depth": 1}]