Apparently, it's getting easier to get a CMBS loan (blog)
[{"id": "cj0zl9c", "text": "As someone who works in CMBS, I can tell you that the market has gotten significantly more competitive in the past six months.  A deal that was quoted for 4 points of profitability upon securitization would make at most 2 points today.  \n\nThe one thing that makes my feel a little less nervous about the aggressiveness is that there are still much higher underwriting standards than CMBS 1.0 for both a financial and guarantor analysis.", "replies": [{"id": "cjuoxhm", "text": "Speaking of, how much guarantor analysis goes into it?  It's nonrecourse, you're just looking at bad-boy carveouts.  I have heard about some insane collateral/guarantor requirements on the recourse (bank) side of the biz, but have NEVER heard of anybody having trouble meeting collateral requirements on a nonrecourse loan.  Why is that?  Have you ever seen that?\n\nI did once hear a nonrecourse lender saying his borrower didn't want to sign off on a certain portion of his personal net worth (just one of his vacation homes or something), which led to some disagreement.  But the disagreement did NOT appear to be over whether he had \"enough.\"", "replies": [], "depth": 2}], "depth": 1}]