Comments
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ZHHad clients lock in CRE LTV @85% for 20 yr fixed rate of 3.85%. Would probaly be A- to BB rated. Talk about risk free world!
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WKSantander is the credit standing behind US subprime auto lending? Surprised to see their 5y senior CDS at 51bps - on par with JPM. Hmmmm....
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PBI am really impressed by the interview style, calm, structured, excellent questions and very easy to listen to!
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ZHI've never met Natalie, but was highly impressed with this interview. This is the gold standard primer on alternative commercial real estate lending. Great interviewing as well. Should be watched by investment allocators and anyone else who is involved in, or thinking about being involved in, private credit markets. An outstanding example of the breadth and quality of RV interview. Not an interview about how one whips around billions in intricate and genius strategies. Just a concise and highly digestible introduction to a massive asset class.
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ZHFun fact i worked for Canada's development bank ans last summer with yields are they're low there was about 125bps spread in their 1 and 20 year fixes rates. They were only CRE lender offering 20 year
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ZHThis is right up my alley. I worked in CRE financing area for last 12 years, this past spring i have ventured out to start my own small alternative lending fund. In the process of raising the equity n
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WKSenior debt investor - "I thought of the worst thing I can think of and I still got my money back." Equity investor - "How much can I make out of this." Wise insight at this point of the global business and market cycle.
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HKDid anyone just hear that the pension funds have no clue about the risks they are taking. Who are the these people at the pension funds? Hmmm... I match my assets to my liabilities and have no clue about the leverage I am taking in order to get 20% plus returns. In this case, history repeats and doesn't rhyme...
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JYI actually quite enjoyed this. Im relativelynew to RV so maybe this comment is unsubstantiated, but a lot of interviews are great...but so draining in how down beat everyone is. It was refreshing for someone not to have 'THE WORLD IS GOING TO END' delivery. Anyhow, love the other stuff, but this was a good interview for someone to learn about a sector I knew little about.
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DGI like the focused style of the interview and her answers. She didn't try to be everything to everyone, she knows commercial real estate intimately and spoke in depth about that market. Recently there have been so many interviews that cover 25 subjects in an hour.
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KAOk the first RV interview during which I actually fell asleep. Mike Green every day please!
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T~I enjoyed this interview as I know nothing about commercial real estate. Great primer and articulation in terms I can relate to. Thanks, RV!
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SPNatalie has raised an incredibly interesting point - continuing low rates will likely mean no real wash out in real estate prices during the next down turn. Therefore as an investor looking for moderate returns and low capitol risk, can I assume that if I believe that 'low rates for longer' will be my mantra for many a year yet, I should overweight an investment portfolio with real estate holdings in some form?? Having been, for some time now, primed with cash waiting for the price crash in 'down under' real estate, maybe just maybe it could be be a long and fruitless wait. Oh for the good old 'pre interfering central bank' days of reasonably predictable investment opportunities.
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AHI found this interview to be quite interesting. It complemented well our knowledge base on real properties and related senior debt markets. Ms. Howard's presentation generated at least three new ideas for our trading and investment portfolio. I welcome Natalie Howard's return in a future season.
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BS'I need an 8'... that pretty much sums it up these days.
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BTIt would be interesting to see an interview regarding Canadian Real Estate