CIBC World Markets wants to buy or originate as much as $1 billion in commercial real estate loans by year end. “We were always originating loans, and now there’s better value in buying loans in the secondary market,” said Michael Higgins, head of real estate finance. “It’s the best place to put money to work,” he said, adding that the bank will deploy capital based on opportunity.
With lending volume down, CIBC is setting its sights on discounted loan portfolios, senior notes and mezzanine notes behind first mortgages.
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