# REAL FI MODEL (realfimodel.com) · VETTED | Real Estate Services

> Weekly research on lender-owned (REO), foreclosure/auction and CMBS special-serviced U.S. commercial real estate ("PULL"), plus real estate financial modeling and CPA tax strategy for equity holders. Tagline: Where distress becomes opportunity.

## This week (updated October 19, 2026)
- Assets tracked: 103 (Lender-owned, auction & special-serviced CRE)
- Loan balance tracked: $5.57B (Where the UPB is disclosed)
- Live Grade A/B deals: 49 (Spread to a 10-cap exit, not under contract)
- Added this scan: 32 (Scan of October 19, 2026)
- REO + auction: 65 (Clearer path to title)
- Still in workout: 35 (Special servicing / receivership)
- States covered: 26 (Office · MF · Retail · Industrial · Land)
- Median A/B margin: 23% (Indicative, after LCs + capex)
- 30-yr fixed mortgage: 7.32% (Freddie Mac, week of Oct 22 (6.19% a year ago))
- 10-yr Treasury: 5%+ (Closed 5.06% to 5.24%, Oct 9 to Oct 21)
- Fed funds target: 3.75–4.00% (Hiked Sept 16; next decision Oct 28)
- CMBS special servicing: 11.49% (Trepp, Sept: highest since Feb 2013)
- Office special servicing: 16.85% (Retail 13.84% · Multifamily 8.54%)
- Office vacancy: 19.8% (Cushman & Wakefield Q3, down 30 bps YoY)
- Multifamily vacancy: 8.6% (Third straight quarterly drop)
- Q3 industrial leasing: 202.6M SF (JLL: up 38.5% YoY, best in four years)

## Articles
- [The Market Just Split in Two. You Get to Pick Your Side.](https://www.realfimodel.com/articles/2026-10-23.html): Rates are up, special servicing just hit a 13-year high, and lenders are taking buildings back. Apartments and warehouses are also filling faster than they have in years. Here's what both markets mean for you this week.
- [The cities that don't depreciate](https://www.realfimodel.com/PRIVATE.html): Westside LA private-market fixer-upper deals
- [GOLDMINE rental market](https://www.realfimodel.com/GOLDMINE.html): Westside rent growth
- [LUX|Urban](https://www.realfimodel.com/LUX.html): Santa Monica multifamily opportunity
- [1031 Cheat Sheet](https://www.realfimodel.com/1031.html)
- [Coastal Investments, Residential Land Brief](https://www.realfimodel.com/coastal-investments-weekly.html): Altadena, Pacific Palisades, Brentwood, Malibu
- [Hospitality, Summer 2026](https://www.realfimodel.com/hospitality_summer_2026_web.html): Westside restaurant opportunities

## Services
- RE Deal Flow (monthly subscription): full anonymized summary sheet of Grade A/B lender-owned deals with indicative ask, exit and margin. https://www.realfimodel.com/#dealflow
- Real Estate Screening: property-level screen with market rents, taxes, insurance, comps and exit spread.
- Screening Retainer: required before screening work begins.
- Free: weekly summary-sheet email (https://www.realfimodel.com/#summary), free 50-unit apartment financial model on the home page.

## Method
Indicative screen at 60% LTV, 5.5% interest-only acquisition debt, 3-year exit at a 10% cap on stabilized NOI, leasing commissions and capex funded from equity. Grade A: 35%+ margin; B: 10-35%; C: thin spread, land or complex. Not an offer to sell or a solicitation.

## Contact
Use the Book a Consult form at https://www.realfimodel.com/#contact (WhatsApp and email buttons on the page).