DBRS Assigns Servicer Evaluations to CIBC Real Estate Finance Group

DBRS has today assigned a Good evaluation to CIBC’s (the Company) Primary servicing capabilities and Adequate to the Master and Special Servicing capabilities. The evaluation is based on the Company’s strong commitment to the real estate business, which includes servicing. Primary Servicing has been a business unit of the Company’s since inception through its construction book of business. The Company maintains high quality staff, has strong controls over cash management, and has been able to leverage its technology, originally designed for origination pipeline management into a robust flexible tool that is used for comprehensive asset management. With its all-inclusive approach to servicing, the Company is able to provide a high level of service to both real estate investors and borrowers. DBRS finds this boutique servicing approach to be evidence of a Good Primary servicer evaluation. While the Company retains staffing and procedures surrounding true Master and Special servicing roles, DBRS feels the experience of its staff has yet to be proven and the company will benefit from completing these tasks as its business expands. This is reflective of an Adequate capacity evaluation in the Master and Special servicing role.

The evaluation reflects a comprehensive review of the Company’s organizational structure, the management team, asset administration, risk or loss management, technology, staffing and training, policies and controls, and financial strength.

Note:

All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Commercial Mortgage Servicer Evaluations which can be found on our website under Methodologies.

This is a Structured Finance evaluation.