GREY:CXSNF - Post by User
Post by
alltruthon Jan 28, 2014 10:34am
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Post# 22141871
Renewals
RenewalsStreet now has approx. $16B in mortgages under admin. Typical renewal captures 70%. 70% of $16B is $11B. $11B translates into approx $110M for Street over the next 5 years. That's in addition to their current originations. Do the math on this plus potential for alt-A and distributions from selling non-core assets and it's not diffiocult to see how CXS is cheap today. Street is not a start-up...they have been growing steadily since 2008. CXS bought them in 2011 and they have doubled since then...expect another double by 2016.