Homes And Condos

Big Deal Finds Financing
A Class A office building in the heart of Soho, N.Y., secured financing of $200 million, Meridian Capital Group announced. The property also has ground floor retail, Meridian said. The property will include nearly 200,000 square feet of space.

C-BASS Facing Liquidity Crisis
Credit-Based Asset Servicing and Securitization LLC announced Tuesday it is facing "an unprecedented amount of margin calls from" its lenders. "The frequency and magnitude of these calls have adversely affected our liquidity," the statement said. The announcement was prompted by statements Monday issued by the two primary C-BASS investors warning they could lose their entire investments.

Nonprime Defaults Continue Ascent
The default rate of non-agency securitized subprime loans was 12.4 percent in May, according to a report from Friedman, Billings & Ramsey. The rate is at its highest level since reaching the peak of the prior decade in 1997. The default rate is the total of 90-day or longer delinquencies, foreclosures, and real estate owned, FBR said.

ResCap Volume, Losses Down
Residential Capital LLC originated $27 billion during the second quarter, according to an 8-K filing with the Securities and Exchange Commission Monday. The figure was way off the level in the first quarter, the filing indicated. But net losses at the unit also fell — by more than $600 million for the quarter.

American Home Pondering Liquidation
American Home Mortgage Investment Corp., said Tuesday it is unable to borrow funds under its warehouse lines to fund loans. The liquidity crisis was ignited by margin calls from its warehouse lenders. In a statement, the Melville, N.Y.-based company said it is "evaluating its strategic options — including the orderly liquidation of its assets."

Bridging loans can serve the same function if you are buying property at an auction.

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