Portal Provider Says Commercial Mod Traffic Is Rising

et Inc., a provider of commercial mortgage leads, reports that requests for commercial mortgage loan modifications have increased steadily since the company rolled out its online commercial mortgage modification portal. ‘We have seen a steady increase in traffic on our commercial mortgage modification portal,’ says Ted Schmidt, president of Leadsnet. Schmidt observes that the average loan amount of notes modified via the portal is about $2.5 million, and the average loan-to-value ratio is 80%. The seizure of the commercial mortgage-backed securities market has made it increasingly difficult to refinance loans that are coming due this year, next year and peaking in 2011, Leadsnet adds, reiterating a sentiment voiced recently by a [link=http://www.mortgageorb.com/e107_plugins/content/content.php?content.3477][u]Deutsche Bank report[/u][/link]. SOURCE: L


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