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Mortgage Agent Training Program - Lion's Share Training for Mortgage Professionals by the Lion's Share Group. Learn how Claire Drage built her business to be in the ...

Morgan Stanley parks storage giant mortgage in $942.7M conduit

Morgan Stanley is including the lion’s share of a mortgage refinancing the nation’s second-largest storage chain in a pool of collateral for $942.7 million offering of mortgage bonds.

A $92 million portion of $194.4 million mortgage on a portfolio of 36 ExtraSpace Self Storage locations is the largest of 42 loans backed backing the transaction , dubbed MSC 2017-HR2. In total, the loans are secured by 82 properties heavily concentrated in retail (30.1% of the portfolio), office (16.8%) and multifamily (13.6%) properties.

The securitization trust will issue six super-senior tranches of Class A notes supported by 30% credit enhancement, along with a seventh triple-A tranche that is backed with 23.75% CE. All seven tranches are rated triple-A by Fitch Ratings and DBRS.

Both ratings agencies are concerned about the pool’s higher-than-average leverage, but DBRS' presale report notes only moderate term-default risk due to a strong weighted-average debt-to-service coverage ratio of 1.96x on the pool.

Quicken Loans, Detroit Lions Team up to Salute Veterans

When Detroit Lions wide receiver Golden Tate caught a bubble screen pass from quarterback Matthew Stafford and took it 40 yards to the end zone, it helped put the icing on the cake in a 38-24 victory over the Cleveland Browns Nov. 12. The moment was certainly a thrill for the capacity crowd, but the players on the gridiron weren’t the only heroes around at Ford Field this past Sunday.

Quicken Loans was able to team up with the Detroit Lions to give seven of our nation’s veterans a unique game-day experience during the annual Salute to Service game.

Special Service Members

Here at Quicken Loans, we take great pride in being able to help the men and women who have served in our nation’s military with their home loan financing. Our team members speak every day with current or former members of our armed forces who are looking to buy homes or refinance their current loans to better their financial position.