According to the popular website, The Mortgage Lender Implode-o-Meter, Lehman Brothers Small Business Finance, Indymac Commercial, and Mortgages, Limited all closed their commercial loan origination channels in the past few days. The powerhouse subprime commercial lender, Bayview Financial, parent of Interbay Financial, Silverhill Financial, and Commercial Direct, was also placed on their watchlist.
We certainly live in interesting times. Conduits once originated more than 50% of all new commercial loans. Today conduits are originating just 10% of last year's commercial mortgage production volume. The subprime commercial mortgage market is drying up quickly. Only small banks and credit unions appear to have much of an appetite.
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