CRE debt market shifts as banks pull back, funds step in

Commercial real estate financiers at a conference in New York on Thursday discussed the changing nature of their business, which has seen many large banks shun “commoditised” lending for commercial mortgage-backed security (CMBS) deals while debt funds use repo and warehouse financing to gobble up a larger slice of US commercial real estate lending.

  • By Alexander Saeedy
  • 15 Nov 2018

“We end up working twice as hard for roughly half of the profit,” said David Lehman, global head of real estate finance at Goldman Sachs. “Essentially it means we’re spending less time on commoditised lending and working on bespoke deals.”

That trend takes place in a struggling market ...

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1 BNP Paribas 15,256 32 17.31
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.93
3 Citi 8,264 22 9.37
4 Lloyds Bank 7,329 24 8.31
5 JP Morgan 6,580 10 7.46

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1 Citi 129,591.43 378 11.13%
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3 JPMorgan 102,412.09 297 8.79%
4 Wells Fargo Securities 92,651.83 270 7.96%
5 Credit Suisse 76,251.01 205 6.55%