Experts in CMBS Transactions

Causey’s Commercial Mortgage-Backed Security Services team are experts in CMBS transactions and work closely with owners, lenders, mortgage loan servicers, and defeasance consultants to help ensure the most streamlined verification process in the industry today.

Each member of our team is committed to providing high-quality, quick turn-around service on every engagement we undertake. Our best-in-class combination of knowledge, responsiveness, technical competency, accuracy, and reasonable fees results in verification services that are widely considered among the best in the industry.

AREAS OF PRACTICE

Verifications for Commercial Real Estate Loan Defeasance Transactions

Causey is committed to providing high-quality, quick turn-around service on each engagement we undertake and we provide industry-leading verification services for commercial real estate loan defeasance transactions.

We are the largest nationally recognized independent certified public accounting firm in the country that provides verification services for commercial real estate loan defeasance transactions. Our team has performed more than 10,000 verification studies on transactions ranging from $200,000 to more than $1 billion for properties located in all 50 states. Most of these transactions are structured for next day settlement and our team of dedicated professionals has a perfect track record of conducting on-time analysis and reporting to facilitate settlement and enhance the transaction process.

We are highly experienced in transactions involving partial defeasances of loans secured by liens on only certain select properties held under a common Loan Agreement, as well as those involving multiple-tranche loans. Our verifications are performed using proprietary software and a process that includes scrutiny and analysis of the proposed transaction prior to, and on the day of pricing.

Verifications for Corporate Bond Transactions

Our team of seasoned professionals take painstaking care to ensure the proposed defeasance is in alignment with conditions set forth in the applicable Mortgage Note or Loan Agreement and that the calculations of the related redemption premium are mathematically correct. As we review each transaction, we always inform the defeasance consultant of any alternative structuring ideas we might have that we think would improve the economic benefit to the borrower.

Our verifications are performed using customized software and a comprehensive process that includes initial and secondary analyses by two tiers of management.  Verifications are performed both prior to pricing and on the day of pricing to ensure you have the most accurate number available at every step.

We provide services to corporations and other issuers of federally taxable bonds who wish to prepay outstanding bond issues that have “Make Whole” prepayment provisions. We have provided services to the corporate finance industry as a firm since 1986.  Our clients include indenture trustees, for-profit business and other issuers of corporate bonds.

The Causey Difference

We have been involved in transactions ranging in size from under $1 million to issues in excess of $2 billion.  We have substantial experience with transactions for which the prepayment provisions set forth in the authorizing documents is incomplete or ambiguous. In such circumstances, we work with the financial advisor and bond counsel to construct an approach to the calculation of the applicable prepayment penalty that is consistent with bond counsel’s interpretation of such incomplete or ambiguous provisions.

Because we are involved in a large number of transactions each year, we see the newest types of escrow products, structuring techniques, legal interpretations of ambiguous prepayment provisions and the impact of revised regulations soon after they are announced. We have assisted many clients by providing guidance in the application of new, non-proprietary techniques or interpretations.

Our combination of knowledge, responsiveness, technical competency, accuracy, and reasonable fees results in verification services that our clients consider to be the best in the industry.

INDUSTRIES SERVED

 

Owners of Commercial Real Estate

Defeasance Consultants for CMBS-Backed Real Estate

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