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HFF Business Picks Up

Mortgage News

HFF Inc. saw quarterly originations of commercial mortgages climb, though volume was still down by half from last year.

The volume of third-quarter commercial real estate financing was 113 transactions for $2.5 billion, according to earnings data released yesterday. Volume jumped from 91 transactions for $1.6 billion in the second quarter but tumbled from 167 transactions for $5.0 billion a year earlier.

During the first nine months of this year, HFF funded 256 transactions for $5.2 billion.

The latest quarter reflected $1.5 billion in debt placement, $0.8 billion in investment sales and $0.1 billion in loan sales. Less than $0.1 billion in structured finance transactions were reported.

While the commercial climate is expected to continue deteriorating, HFF said Fannie Mae and Freddie Mac multifamily financing has been resilient for transactions with loan-to-values up to 80 percent.

HFF serviced 2,045 loans for $24.7 billion in loans as of Sept. 30.

Mortgage notes receivable tumbled to $11.2 million at the end of the third quarter from $63 million three months earlier.

The Pittsburgh-based company, which operates through Holliday Fenoglio Fowler L.P. and HFF Securities L.P., said net income before taxes was $3.4 million, climbing from less than $1 million in the second quarter and falling from $2.0 million in the second-quarter 2008.

Headcount was 390 at the end of September, edging up from 385 at the end of June. The number of transaction professionals finished September at 167.

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