As Transitional Funding Partners is an asset-based lender primarily, we are regularly taking stock of asset valuations. Our main collateral asset class is real estate – commercial and high-end residential. Hence, looking at a generic index like the National Council of Real Estate Investment Fiduciaries (NCREIF) Property Index is instructive as it tracks changes in […]
Global debt has tripled since the turn of the Century: The good news is that US GDP has doubled in that same time frame. Further, most of the debt growth happened up to 2012 whereas much of the economic growth happened from 2010 to the present. Consequently, US Debt/GDP has actually declined slightly in the […]
In spite of the Trump-induced fireworks that happened in the last 45 days of the year, we found nothing exciting in the private loan space. Sellers were pretty proud on pricing and ‘motivated’ borrowers simply didn’t materialize as we had hoped. We have a number of opportunities in the pipeline, but wouldn’t describe any of […]
While we try to do a quarterly update of what is happening in our world, I must confess there is just not much to say! Markets have been sclerotic at best in recent months and expected rates of return are paltry. We continue to mine for nuggets of out-sized opportunity, though we are seeing a […]
The old adage, “Don’t fight the Fed,” is perhaps even more poignant today than in decades past in the sense that the QE machine, currency creation, debt cancellation, etc. is not confined to the Fed but is a global phenomenon. We have wondered here for 3 years or more how the continued expansion of global […]
As we sit and watch the Dow finish down 250 points, after being down as much as 550 intra-day, we have been engaged around the desk in a lively game of ‘How low can you go?’ While only time will tell definitively, it certainly appears markets have been forming the most obvious top for risk […]
PDI Forum highlights the nuances of a growing asset class LPs and GPs at the second annual Private Debt Investor Forum in New York agreed that private debt is increasingly becoming a permanent part of institutional portfolios. Now it’s time to get to work on the details of how it works and where the risks […]
Press Release – Prequin 7th August 2015 Private Debt Fund Managers Face Intense Competition to Deploy Record Levels of Dry Powder 51% of fund managers recently surveyed by Preqin reported increased competition for investment opportunities, but two-thirds intend to deploy more capital over the next 12 months Private debt fund managers are currently sitting on […]
Generic commercial mortgage loans priced at par, with a 4% yield, and purportedly having 58% LTV and 1.44 debt service coverage….Great if you are a policymaker but completely uncompelling for investors! DEBTX: CMBS Loan Prices Hold Firm in May Boston, MA, July 08, 2015 DebtX, the largest marketplace for loans, said today that prices of […]
As Q4 earnings season winds down, it is interesting to see the impact of the oil crash and the general race to zero on the results for large, publicly traded debt investors. Most will likely try to blame poor results on energy investment write downs, though it is likely there is a deeper, longer term […]
- 1
- 2