the underperforming assets are discussed in CBF's Q1 report:
During the quarter, the Company funded an additional $4.4 million to its $31.8 million non-performing asset to cure the default on the senior loan, pay real estate taxes and pay for attorney and appraisal services relative to the loan. At March 31, 2007, the balance of this non-performing asset was $36.2 million representing 2.1 percent of total assets. In addition, in April 2007 the Company funded an additional $0.8 million on the senior loan to further protect its investment. The Company believes, and third party appraisals support, that there is collateral value in excess of the book value for this asset.
In addition, during the quarter the Company funded an additional $1.7 million to cure the default on the senior loan, pay real estate taxes and pay for attorney and appraisal services relative to the loan and recognized $0.4 million of income on its $19.7 million watch list asset. At March 31, 2007, the balance of this watch list asset was $21.8 million representing 1.2 percent of total assets. In addition, in April 2007 the Company funded an additional $0.3 million on the senior loan to further protect its investment. On May 4, 2007, the Company foreclosed on the underlying asset and subject to an estimated 30-60 day judicial ratification process, the Company will own the asset and control the exit strategy. The Company believes, and third party appraisals support, that there is collateral value in excess of the book value for this asset.
sounds to me that any additional impact would be minimal, and perhaps there will even be some recovery
they also sold a CMBS that they thought had potential trouble
seems to me that they are doing a good job of staying on top of things
JMHO of course |
