Commercial Real Estate Debt
Cass research consulting into real estate debt aims to work with financial institutions on ongoing research and debt strategy projects. Key areas are:
- the assessment of risk capital costs,
- Loan portfolio performance & risk assessment (benchmarking)
- Development of internal ratings,
- RoE modelling for mortgage loans,
- development of risk metrics & monitoring processes,
- strategies improving profitability and risk management (Banking sector risk models – BaFin/BoE F-IRBA, A-IRBA, Basel III/IV)
From 2018, The UK Commercial Real Estate (CRE) Lending Survey is hosted based at Cass Business School, City, University of London. View the UK Commercial Property Lending Report.
The research is led by Dr Nicole Lux. She has over 15 years’ experience in real estate analysis, bank lending specialising in CMBS origination, structuring and real estate finance. She has previously worked as a rating analyst at Moody’s Investor Service, where she was the lead analyst rating fixed income funds for a large amount of investment firms such as HSBC, Coutts, Vontobel, Deutsche Asset Management, Nomura, and Standard Chartered.
From Moody’s she joint Citigroup’s CMBS conduit platform in 2007 in deal origination, where she worked with European borrowers including Europa Capital, Henderson Global Investors, Blackstone and Morgan Stanley originating loans from £20m - £500m. Continuing from the crisis she has been working in distressed loan restructuring, loan workout and insolvency at Deutsche Bank since 2010.
Nicole has also worked extensively with regulators and developed bank internal rating models which were approved by regulators for Basel II/III reporting. One of her key areas in loan restructuring has also been to find innovative approaches to achieve optimal cost of capital and capital relief for the bank.