France Media 2017 Forecast Survey for Lenders

Welcome to Our Annual Survey

Dear Commercial Real Estate Lender or Financial Intermediary,

France Media is conducting a brief online survey to gauge market conditions, and we welcome your participation. This survey should only take a few minutes to complete. Questions range from property sectors that your firm is most bullish on heading into 2017 to trends in deal volume to the outlook for interest rates.

We’re also sending separate surveys to brokers as well as owners/developers/managers. The results will be collated and published in the January issue of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information.

(Note: Please remember to click on "done" to properly submit the survey.)

Sincerely,

Matt Valley
Editorial Director, Real Estate Regionals
France Media, Inc.

Question Title

* 1. In which region of the country do you personally conduct most of your business? (*Answer required to allow France Media to place responses in appropriate regional publication.)

Southeast (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington, D.C.)

Northeast (Connecticut, Delaware, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont)

Midwest (Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin)

Western U.S. (Alaska, Arizona, California, Colorado, Hawaii, Montana, Nevada, New Mexico, Utah, Idaho, Oregon, Washington and Wyoming)

Texas and Oklahoma

Question Title

* 2. Which of the following best describes your company? (Please mark all that apply)

Agency Lender /(GSEs)

Community Bank

Regional Bank

National Commercial Bank

Life Insurance Company

Mezzanine Lender

Mortgage Broker

Other (please specify)

Question Title

* 3. Check the box that best describes your job title:

President, Owner, Partner, Chairman of the Board, CEO

Chief Financial Officer, Chief Investment Officer

Real Estate Manager, Finance Manager, Other Manager Including General Manager

Banker, Investment Banker, Mortgage Banker/Broker, Portfolio Manager, Financial Investment Analyst

Other (please specify)

Question Title

* 4. Do you expect the total dollar amount of commercial and multifamily loans closed by your firm in 2017 to increase, decrease or remain the same compared with the level of activity in 2016?

Decrease

Increase

Stay the same

Question Title

* 5. If increase, by how much?

0% to 5%

6% to 10%

11% to 15%

16% to 20%

More than 20%

Question Title

* 6. If decrease, by how much?

0% to 5%

6% to 10%

11% to 15%

16% to 20%

More than 20%

Question Title

* 7. To what extent will each of the following factors affect the debt financing market for commercial real estate during the next 12 months? (1 = No Impact, 5 = Strong Impact)

	1	2	3	4	5
Fate of Fannie Mae and Freddie Mac	Fate of Fannie Mae and Freddie Mac 1	Fate of Fannie Mae and Freddie Mac 2	Fate of Fannie Mae and Freddie Mac 3	Fate of Fannie Mae and Freddie Mac 4	Fate of Fannie Mae and Freddie Mac 5
State of the Housing Market	State of the Housing Market 1	State of the Housing Market 2	State of the Housing Market 3	State of the Housing Market 4	State of the Housing Market 5
Health of U.S. Economy	Health of U.S. Economy 1	Health of U.S. Economy 2	Health of U.S. Economy 3	Health of U.S. Economy 4	Health of U.S. Economy 5
State of CMBS Market	State of CMBS Market 1	State of CMBS Market 2	State of CMBS Market 3	State of CMBS Market 4	State of CMBS Market 5
Financial Regulation Reform (Dodd-Frank, Basel III Accord)	Financial Regulation Reform (Dodd-Frank, Basel III Accord) 1	Financial Regulation Reform (Dodd-Frank, Basel III Accord) 2	Financial Regulation Reform (Dodd-Frank, Basel III Accord) 3	Financial Regulation Reform (Dodd-Frank, Basel III Accord) 4	Financial Regulation Reform (Dodd-Frank, Basel III Accord) 5
Valuations for Commercial Real Estate	Valuations for Commercial Real Estate 1	Valuations for Commercial Real Estate 2	Valuations for Commercial Real Estate 3	Valuations for Commercial Real Estate 4	Valuations for Commercial Real Estate 5
Creditworthiness of Tenants	Creditworthiness of Tenants 1	Creditworthiness of Tenants 2	Creditworthiness of Tenants 3	Creditworthiness of Tenants 4	Creditworthiness of Tenants 5
Cost of Capital	Cost of Capital 1	Cost of Capital 2	Cost of Capital 3	Cost of Capital 4	Cost of Capital 5
Loan-to-Value Ratios	Loan-to-Value Ratios 1	Loan-to-Value Ratios 2	Loan-to-Value Ratios 3	Loan-to-Value Ratios 4	Loan-to-Value Ratios 5
Debt-Service Coverage Ratios	Debt-Service Coverage Ratios 1	Debt-Service Coverage Ratios 2	Debt-Service Coverage Ratios 3	Debt-Service Coverage Ratios 4	Debt-Service Coverage Ratios 5

Question Title

* 8. Are there any additional factors that may significantly affect the debt financing market? If so, please list them here.

Question Title

* 9. What property sector(s) do you believe provide the most attractive investment opportunities for lenders today? (Multiple answers permitted)

Hotel

Industrial

Multifamily

Office

Retail

Mixed-use

Other (please specify)

Question Title

* 10. What property sector(s) do you believe provide the least attractive investment opportunities for lenders today? (Multiple answers permitted)

Hotel

Industrial

Multifamily

Office

Retail

Mixed-use

Other (please specify)

Question Title

* 11. What is your projection for total domestic CMBS issuance in 2017?

Less than $80 billion

$80 billion to $89 billion

$90 billion to $99 billion

$100 billion to $109 billion

$110 billion to $119 billion

$120 billion and above

Question Title

* 12. In percentage terms, please forecast the concentration of lending activity at your firm in 2017? (Please use numbers only, percentages must add up to 100%)

Construction financing

Acquisition financing

Refinancing activity

Other

Question Title

* 13. Do you expect interest rates to increase, decrease or remain relatively unchanged during the next 12 months?

Increase

Decrease

Remain Relatively Unchanged

Uncertain

Question Title

* 14. What is your best guess as to where the 10-year Treasury yield will stand at the end of 2017?

4.0% or higher

3.75%

3.5%

3.25%

3.0%

2.75%

2.50%

2.25%

2.0%

1.75%

1.50% or less

Uncertain

Question Title

* 15. What do you see as the greatest opportunity and/or challenge for the commercial real estate industry in 2017? (Please type in your comments here and include your name, job title, company name, phone number and email address. You can also leave an anonymous comment.)

Question Title

* 16. Do you believe the outcome of the U.S. presidential election and Congressional races will have an impact on commercial real estate in 2017 and beyond?

Yes

Maybe

Uncertain

Question Title

* 17. If you answered yes to the previous question, please describe how the results of the election will impact commercial real estate. (Please type in your comments here and include your name, job title, company name, phone number and email address. You can also leave an anonymous comment.)

Question Title

* 18. Is there any pending (or recent) legislation that you believe might have a significant impact on the commercial real estate market in the coming year? (Please type in your comments here and include your name, job title, company name, phone number and email address. You can also leave an anonymous comment.)