John Flynn will be the first to admit that it has been tough to get people to listen to his concerns about a potentially “pervasive” problem of lenders that had inflated net operating incomes on CMBS loan originations in order to make bigger loans. Flynn, a veteran of the CMBS industry, analyzed hundreds of loans that prompted him to file a whistleblower complaint with the SEC in early 2019. Although some industry participants remain skeptical of his claims, the recent COVID-19-fueled spike in CMBS loan delinquencies could bring new attention to how troubled loans were underwritten. FULL ARTICLE |