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Defeasance

[IMAGE: "Defeasance Calculator"]Uncommon Approach

By substituting collateral for a loan, mortgaged property can be replaced with government securities to avoid yield maintenance and prepayment penalties.  For these reasons, defeasance has become a popular option in the growing CMBS market.  Wachovia's integrated approach, complemented by our full-service platform, allows us to provide the most cost-effective, efficient, and expeditious defeasance services in the marketplace.

Uncommon Partnership

Ranked first in Master Servicing by the Mortgage Bankers Association, Wachovia is a leader in the defeasance market and a trusted partner that provides you with the benefits of our:

• Strong positioning for low-cost third-party charges
• Staff expertise—knowledgeable about all CMBS industry requirements
• Relationships with outside vendors—including legal and extensive industry contacts
• In-house derivatives desk—experienced in structuring optimal portfolios of government securities
• Competitive securities pricing with no hidden charges

Advance notice of intent to defease is usually required and the typical defeasance takes three weeks to close.  To get started, you need to send us a good-faith deposit.  Click on the “Defeasance FAQs” link on the right side of this page for more detailed information about the defeasance process.

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