Peachtree首席执行官谈CRE转向私人信贷
Peachtree首席执行官格雷格·弗里德曼加入 “交易所”，讨论商业房地产私人信用贷款的上升趋势，以及私人债权人如何从银行对商业房地产的直接贷款回调中受益。
Wall Street Journal | Credit shops frequently originate loans with higher financing levels than banks use, which translates to greater risk of default and loss, according to Moody’s. The sector is also lightly regulated and many private-credit firms have relatively short track records. Many didn’t exist when the 2007 subprime mortgage market meltdown triggered the global financial crisis that extended into 2009.
With fewer regulatory restrictions than banks, private-credit lenders can be more nimble in meeting market demands and borrowers’ needs, said Greg Friedman, the chief executive of Peachtree Group, an investment firm that makes commercial real-estate loans.
“Banks tend to be more reactive to historical performance, whereas private credit tends to be more proactive on the future outlook of the performance of the asset, and so risk can be viewed differently,” he added.
The typical loan-to-value ratio for the average bank loan backing a commercial property ranges from 50% to 65%, Friedman said. But the average ratio for private-credit loans runs from 60% to 75%, he said.