A commercial real estate specialty finance company which is focused on originating and acquiring whole loans, bridge loans, subordinate interests in whole loans, commercial mortgage-backed securities and mezzanine loans.
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US dollar crushed. This leads to higher interest rates. Dow Titans will be the beneficiaries as the Chinians & Arabs replace maturing treasuries with intrrinsic value equities. Higher rates will benefit CBF as their margins will dramatically improve. Economy slows but avoids recession. Companies like WB, HCBK, and even a CBF will be survivors. Valuations will follow returns of the broader averages in terms of stock price but with a CBF you get an enhanced return on the capoital gain over 15 months with a generous(non-qualified) dividend.
The dividend is strong. Bridge loan business is gaining as real rates and required equity for loans continue to trend higher. Big pop today 1/16/08. Perhaps a renewed interest by another firm to buy this great company on the cheap. The offer from another real estate company, Arbor Realty last Summer was for $8 and rebuffed. With the company sustaining it's strong dividends and not really backed into a corner like WM or CFC another offer even possibly higher than $8 may be comming. CBF is certainly in play here on some basis! A $6.85 to $9.00/sh offer would be compelling!