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4AlsoCMBS2.0onlyunderwritesstabilizedin-placeincomegeneratedbyapropertybasedontrailingcashowandexcludesproformaincomebasedonborrowersprojectionsthatoftenwasincludedinCMBS1.0under-writing.MostCMBS2.0debtatoriginationhasnotincludedsubordinatedebtintheformofmezzaninedebtorB-notesandoftenprohibitsfuturemezzaninedebt.AlthoughCMBS2.0underwritingismoreconservativethanCMBS1.0itisnonethelessprovidinganalternativesourceofnancingtoborrowerswhoseprimarysourceofmortgagenancingsincethemarketmeltdownhasbeenlimitedtoinsurancecompaniesandcommercialbankswhichhavemorestringentunder-writingthanthatofCMBS2.0.BorrowersunderCMBS2.0havetheabilitytoaccessnon-recoursedebtwithhigherloan-to-valueratiostypicallyupto80permittedbyportfoliolendersupto70andtouseitforpropertytypesandmarketsthatportfoliolendersarenotunderwriting.HoweverdespitethestricturesofearlyunderwritingwithincreasedCMBSmarketvolumeandcompetitionamonglendersCMBSunderwritingstandardshavebeenlooseninginrecentyearssincetheCMBSmarketresumedinthewakeofthemeltdown.DSCRistrendingbackdownLTVratiosaretrendinguplendersareunderwritingsomeproformaincomeandthereisanincreaseduseofsubordinateB-noteandmezzaninenancing.Thislooseningofstandardsraisesyieldstandardi.e.netoperatingincomedividedbythemortgageloanamountwasnotsignicantinCMBS1.0butisplayingaprominentroleinCMBS2.0becauselowinterestratesinthecurrentmarketcaprateuctuationandprincipalamortizationlimittheusefulnessoftheDSCRstandardasametricforcomparingdierentCMBSissuancesandforprojectingtherenancingeligi-blityofamortgageloan.