April 10 edition
- Markets up double digits
- UST ended .72 bp
- Closed for Good Friday
- 223(f) 2.60-2.65
- 221(d)(4) 3.30-3.60
- Fannie 3.32%
- Freddie 3.40%
- HUD San Fran office issues Q&A on construction/rehab loans
- Stay-at-home order health/safety priority
- No tenant relocations
- No unit rehabs
- Keep paper trail
- $100 billion for AAAs and CLOs
- Static CLOs only = AAA rated bonds, outstanding CMBS, newly issued CLOs
- 3 year terms
- 77% floating rate
- LIBOR leaves in 2021
- Rate: 30-day average SOFR + 150 bps
- 85% loan-to-collateral-value
