A/B Tranching of Commercial Real Estate â Secured Loans: An ...
A/B Tranching of Commercial Real Estate â Secured Loans: An ...
A/B Tranching of Commercial Real Estate â Secured Loans: An ...
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A/B <strong>Tranching</strong> <strong>of</strong> <strong>Commercial</strong> <strong>Real</strong> <strong>Estate</strong> –<br />
<strong>Secured</strong> <strong>Loans</strong><br />
A/B Participation Structure<br />
(single mortgage securing a single note<br />
with A and B participations)<br />
Borrower Sponsor<br />
Lead/Named<br />
Lender <strong>of</strong> Whole<br />
Loan<br />
(A Participant)*<br />
Whole A/B Loan<br />
First Mortgage<br />
Borrower/Owner<br />
(SPE)<br />
Participation Agreement<br />
B Participant<br />
Property<br />
*Could be the trustee <strong>of</strong> a Securitization Trust<br />
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