CMBS: We can’t work it out
Case study: Plantation Place
A performing real estate loan is under the auspices of the master or primary servicer; it is only when that loan is deemed to be in default that it will be transferred to the special servicer. And the existence of loan-to-value (LTV) covenants in many European loans’ documentation could mean that dozens of them are heading that way. “For any new issuance in 2006 and 2007 LTV covenants will probably be in breach,” observes Andy Wilcox at Capmark.
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