Real Insight. Real Estate.

Posts Tagged ‘JP Morgan’

A couple of months after I quit my job at JPM to join Llenrock, I had dinner with my former trading colleagues.  True to form, all we really talked about was trading.  And that, of course, led to talk about specific trades.  It’s the trading analogue to fishing stories about ‘the one that got away’.

In my book, at the time of my departure, was a losing trade.  i.e. I had already lost money on a trade, but had not yet cut my losses in the belief that the market would move my way.  In response to some teasing about the ‘bad trade’ I pointed out that, in fact, the traded ended up moving my way after I left.  I was basically saying, “Hey, I’m not such a dummy after-all.  While I lost money initially, the trade turned and ended up actually making money.”

The response to me: “It’s a mark to market business.” Read the rest of this entry »

If you enjoyed this post, make sure you subscribe to my RSS feed!

Two years ago, when Llenrock Group was founded, we saw an opportunity to step into a niche role as a small investment bank that focused exclusively on small to mid-size commercial real estate transactions.  Shortly after we started, markets fell off a cliff.  As a result, the need for specialized I-Banks has become more obvious, and a lot of new players are jumping on the opportunity.  Crain’s New York Business published an article yesterday highlighting this opportunity and the I-Banks that are ramping up their teams to give the big dogs a run for their money.  What is the focus of these I-Banks and what differentiates them from the juggernauts on Wall Street?

Read the rest of this entry »

If you enjoyed this post, make sure you subscribe to my RSS feed!

The 10 Biggest Bailout Recipients -

If you enjoyed this post, make sure you subscribe to my RSS feed!

This post has been contributed by Richard Weidel, a  Masters in Real Estate Investment Banking and Private Equity graduate student at Cornell University.

An interesting development is in the 11/6/2009 Commercial Mortgage Alert (CMA), headlined “JP Morgan Resumes CMBS Loan Program”. The article states that J.P. Morgan has restarted its conduit lending program, and plans to restart  securitization next year. With the debt markets still frozen, and a looming commercial debt maturity balloon coming in 2010-2011, new securitizations could offer much needed liquidity to a tight CRE market. While JP has indicated that it plans to only originate fairly conservative, fixed-rate loans for securitization, this could be the impetus needed to improve investor confidence in CRE and bring money back to the debt markets.

Read the rest of this entry »

If you enjoyed this post, make sure you subscribe to my RSS feed!

The Week of October 10-16

- There’s two kinds of small banks: The kind that didn’t make bad loans, and the kind that won’t be around much longer.

- Banks that want to grow apparently won’t be looking to commercial real estate.

- A Northeast HUB for industrial space, Northern New Jersey, has seen sublease space hit a six year high.

- $55 billion in mortgage servicing writedowns has hit the 4 biggest banks, including JP Morgan.

- Capmark may finally file for bankruptcy.
Read the rest of this entry »

If you enjoyed this post, make sure you subscribe to my RSS feed!

It turns out not every Canadian is a dim-witted Dudley Do-Right riding backwards on his horse.  In fact, the Canadian’s have proved they know what they’re doing when it comes to running large, private banks.  In a time when the largest U.S. banks are suffering from rapid deterioration of market value, Canadian banks are actually improving their market cap without having to engage in dilutive capital raises.  There’s no doubt that RBC, TD, Bank of Nova Scotia, Bank of Montreal, and CIBC (the 5 largest Canadian banks) have weathered the economic downturn far better than their U.S. counterparts.  In many instances Canadian markets move in step with U.S. markets, so what could be the reason for the relatively strong health of our banking neighbors to the north?

Read the rest of this entry »

If you enjoyed this post, make sure you subscribe to my RSS feed!