*Notional amount and interest only.

a Privately placed pursuant to Rule 144A The expected ratings are based on information provided by the issuer as of April 18, 2012. Fitch does not expect to rate the $286,151,174 interest-only class X-B or the $44,919,174 class G.

The certificates represent the beneficial ownership in the trust, primary assets of which are 73 loans secured by 100 commercial properties having an aggregate principal balance of approximately $1,330,934,174 million as of the cutoff date.

The loans were contributed to the trust by UBS Real Estate Securities Inc., Barclays Bank PLC and Archetype Mortgage Funding II LLC.

Fitch reviewed a comprehensive sample of the transaction’s collateral, including site inspections on 76.3% of the properties by balance, cash flow analysis of 79.4%, and asset summary reviews on 79.4% of the pool.

The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.12 times (x), a Fitch stressed loan-to-value (LTV) of 100.5%, and a Fitch debt yield of 10.4%. Fitch’s aggregate net cash flow represents a variance of 6.35% to issuer cash flows.

The Master Servicer and Special Servicer will be Wells Fargo Bank, N.A. and Midland Loan Services, rated ‘CMS2′ and ‘CSS1′, respectively, by Fitch.

SBA Pittsburgh District Director Carl Knoblock was neither surprised nor alarmed by the decline.

That’s an important distinction for dealers and F&I managers who’ve said they want auto lenders to judge potential borrowers primarily on their history of car-loan payments instead of their entire credit history.

“The auto dealer just wants to sell the car,” said Ezra Becker, vice president of research and consulting at U.S. credit bureau TransUnion, which collected the data. “The lender — especially if it’s a bank, as opposed to a captive — only wants to make the loan if there’s a reasonable probability it’ll get paid back.”

In an interview here last week, Becker said TransUnion’s research bears out what dealers have been saying anecdotally about the hierarchy of payments: Consumers really are much more likely to put their car payment ahead of other obligations.

In 2011, of consumers struggling among mortgage, credit card and auto loan payments, 39 percent were delinquent on mortgage but current on credit cards and auto loan, 17 were delinquent on credit cards but current on mortgage and auto loan, and 10 percent were delinquent on auto loan but current on mortgage and credit cards.

The conventional wisdom among lenders has been that when consumers can’t afford all of their monthly payments, they put the mortgage first, Becker said. Not any more.

The conventional wisdom, he said, evolved in an era when customers scrimped and saved for years to make a big down payment on a home, home values almost inevitably went up, and there was a much bigger stigma attached to being foreclosed on your mortgage. The housing bust and the last recession, he said, stood those conditions and that hierarchy of payments on their head.

“Where’s your emotional investment when you made no down payment on a house? When the value goes down? When there’s no stigma today about moving back in with your parents?” Becker said. “It turns out that people weren’t in love with their homes, they were in love with their home equity.”

The firms future plans for marketing their commercial mortgages involve partnering with many banks who do not have the capabilities to underwrite commercial financing services. They also intend to continue expanding their web presence and name recognition using the same methods that have been successful for them for the prior years. “It’s a shame that there are so many people out there looking for commercial mortgages and can not find what they need through their local banks so they simply stop looking. We have the commercial mortgage rates and the alternative commercial financing products to deal with nearly any commercial lending scenario and we wish these banks who are turning away perfectly good business could at least send us their referrals. It’s absolutely mutually beneficial and it makes the bank look like they are looking out for the customers even if they can not directly help them”, said Matt Reed, an associate of Clopton Capital.

Clopton Capital can be reached at 866.647.1650. Any business owners of commercial real estate holders interested in obtaining working capital or some form of a business loan our encouraged to contact the firm at CloptonCapital.com.

Trade finance, traditionally a low-risk and low-return business, is under pressure from the Basel regulations on capital adequacy and from a shortage of dollar liquidity among European banks, which are the biggest lenders.

“There is no doubt that the banks will have to attract funding from new investors,” Thomann told the 2012 Trading Forum commodities trading conference in Geneva. “We may soon see the emergence of a new class of trade finance loan offered to investors.”

Thomann did not elaborate on what BNP Paribas’ new product would look like but said the bank was studying several options, aiming at a triple-A rated asset that could bring new money into the business.

“We have to find the liquidity,” he said. “We’re not the only bank doing that. I had discussions with a number of banks who are doing the same.”

He said BNP Paribas would not be the first to offer investors the chance to invest in a trade finance fund, since Trafigura’s hedge fund arm Galena already has such a product. To read a recent story about Galena, please click

Thomann emphasised that the plan was only aimed at increasing liquidity and BNP Paribas wanted to remain exposed to trade finance risk.

“This is a very important point for investors. We don’t just package something and throw it away.”

Trade finance is short term, but investors normally have a time horizon of 1-3 years, so the bank would continuously put new trade financing loans into the fund, he said.

Although the annual turnover of global trade finance is thought to be $12-14 trillion, partly because of the frequent churn of loans, Thomann said the initial market for funds might be a few billion dollars.

“The potential is huge. That could be much more. That could be $100 billion,” he said.

Last year the G20 asked World Trade Organization chief Pascal Lamy to review the effectiveness of trade finance and he has pointed out the dangers of trade finance drying up, which would raise the cost of funding trade in some of the poorest countries in the world.

However, he has not announced extra tax for diesel vehicles, which will come as a big relief to the auto sector.

Here are the highlights of the Union Budget that will affect the Auto Sector:

* Basic Excise duty hiked to 12 per cent from 10 per cent Budget 2012.

* Excise duty on large cars from 22 per cent to 24 per cent.

* Large cars to attract upto 27 per cent duty, MUVs, SUVs enhanced

* Cars to attract ad valorem rate of 27 per cent

* Customs duty on bicycles and parts increased

* Standard excise duty rate raised from 10 per cent to 12 per cent, to add additional revenue of Rs 18,650 crore

* LNG exempt from customs duty

What Now?

Auto companies are planning to pass on hike in excise duty and raise prices. A price hike is likely, they say.

Maruti: Will pass on hike; price revisions to be announced soon

GM: Will pass on excise increase to consumer; Likely to see prices increasing from Rs 5000 – Rs 40,000

TVS: Will announce price revisions tomorrow; Have no choice but to pass on excise hike

Toyota: Not good for industry, additional burden on customer now will lead to sales slowdown

M&M: Relieved there’s no extra tax announced for on diesel vehicles. On the whole, Budget has been along expected lines as far as excise hike is concerned.

Mahindra Navistar: Will pass on excise hike. Transporters already under pressure, now profitability for transport sector will suffer. Truck sales may slow further.

RC Bhargava: With no tax on diesel cars, will have to consider increasing investment on diesel side now as demand on diesel vehicles remain robust.

Auto Component Manufacturers Association (ACMA): Excise hike will add to input costs thanks to excise hike on flat rolled steel.

What was Expected:

Extension of 200% accelerated deduction for R&D expenses (expiring on 31 March 2012) for a longer term.

Introduction of specific tax breaks for R&D service providers

Excise duty hike for FY13 – negative

Hike in duty on diesel cars – negative

Diesel subsidy: fix amount per litre to cut subsidy outgo

The story so far:

The auto industry is dealing with many challenges like lower growth rate, rising fuel prices, inflationary trends, swelling interest rates.

Car sales in India grew 13.11 per cent to 2,11,402 units in February as customers rushed to buy vehicles fearing rise in prices post the Union Budget, to be presented this week. ”People are expecting increase in car prices after the Budget as the government may roll back two per cent excise concession given as stimulus during the 2008-9 slowdown,” SIAM Director General Vishnu Mathur told reporters here.

Advocating raising fuel price with rise in input cost, the pre-Budget Economic Survey asked the government to pay a fixed amount per litre as diesel subsidy so as to cut subsidy outgo.

There has been calls from different quarters to tax diesel cars saying subsidised fuel has been benefiting the affluent.

However, the auto sector has also lashed out at the government for trying to impose higher tax on diesel cars, while preparing to cut duties on those imported from Europe. SIAM too has flayed the government’s move.

India, the second -fastest growing car market in Asia after China, suffered a slowdown in demand in 2011 as many potential new car buyers deferred purchases due to costly auto loans and rising fuel expenses. Diesel car sales are now expected to propel the sales.

Market Reaction:

Auto stocks, led by Tata Motors, had fallen by over 2 per cent on the BSE ahead of the Union Budget as investors feared higher taxes on the sector.

However, they are trading at higher levels after there was no mention extra tax for diesel cars. Mahindra and Mahindra shares are the star gainers among auto stocks. Its share price is up 3.90 per cent as of 1.52 after climbing over 4 per cent.

Shares of Tata Motors, which had 2.21 per cent to an early low of Rs 283 on the BSE, is now trading 1.35 per cent up at 1.46 pm.

Maruti Suzuki, which was another laggard in the morning, is up 1.23 per cent on the BSE. It had shed 2 per cent to a low of Rs 1,338 in early trade.

Two-wheeler major Bajaj Auto’s shares are trading flat after slipping down over the announcement of a hike in excise duty. Hero Motocorp, meanwhile, is trading 0.36 per cent down on the BSE. It had slipped by 1.74 per cent.

“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” said Frank Skaggs, director of SBA’s Field Operations Center East.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.  With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.

The loan amount can be up to $2 million with a 4 percent interest rate for eligible small businesses and 3 percent for non-profit organizations with terms up to 30 years.  The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources.  Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.  These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.  The loans are not intended to replace lost sales or profits.

Today, if you are planning to buy a flat costing Rs 50 lakh (excluding stamp duty and registration), the bank can provide a maximum of Rs 40 lakh as loan and you will have to bring the remaining Rs 10 lakh. You will also now have to pay from your own pocket the stamp duty (6% in Karnataka), registration charge (1%) and other levies like surcharges (0.72%).

“In the short term, RBI’s move may lead to a slight reduction in home sales. However, buyers will be reconciled to it in the medium to long term,” said Om Ahuja, CEO-residential services at real estate consultancy Jones Lang LaSalle India.

Pranab Datta, MD of real estate consultancy Knight Frank India, said prospective buyers would bargain hard to negotiate a good deal in the current scenario.

The RBI’s move is an attempt to introduce an additional lever to ensure that the buyer does not overstate the realizable value of the property. This is an important metric for banks in the event that the borrower defaults.

But developers say such riders will choke the industry’s growth. “We are totally directionless. Does the RBI want to promote housing or kill the industry? RBI’s latest move will persuade customers to defer home purchases,” said Sushil Mantri, CMD of Mantri Developers.

Jackbastian Nazareth, CEO of Puravankara Projects, said the mid-segment in housing would be affected to a large extent. “The extra 10% that buyers will now have to bring in is significant in the Rs 60-80 lakh bracket,” he said. This segment is the one where inventory has been piling up already, with demand slowing down.

Nazareth, however, said the RBI move could give a boost to the lower end of the housing market. In fact, for sub Rs 20 lakh loans (classified as priority advances), banks can sanction a loan up to 90% of the value of the property.

The deal with 49 of the 50 states requires five of the largest banks to reduce loans for about 1 million households at risk of foreclosure. The lenders also will send checks of $2,000 to about 750,000 Americans who were improperly foreclosed upon. The banks will have three years to fulfill the terms of the deal.

It’s the biggest settlement involving a single industry since a 1998 multi-state tobacco deal.

Kentucky’s share in the settlement amounts to $58.8 million, while Indiana’s is $145 million.

The money will go toward modification of loan terms and principal writedowns, refinancings for “underwater” borrowers who owe more than their homes are worth, cash payments of up to $2,000 for foreclosed homeowners and state-administered consumer protection efforts.

It’s unclear exactly how many current and former homeowners in each state might be affected. But the cash payments of up to $2,000 might be available to up to 13,000 in Indiana and 5,400 in Kentucky, according to the attorneys general offices in each state.

Meanwhile, analytics company Corelogic puts the number of “underwater” homeowners at 25,000 in Kentucky — a figure Attorney General Jack Conway repeated Thursday — and 68,000 in Indiana. But not all those homeowners’ loans are owned or serviced by the five banks involved in the settlement — Bank of America, Wells Fargo, JP Morgan Chase, Ally Financial (formerly GMAC) and Citigroup.

“This is a good deal,” Conway said.

He called it “a first step in holding banks accountable for the mortgage foreclosure crisis” and stressed that the settlement doesn’t limit states’ rights to pursue further civil or criminal actions against banks. It also does not limit homeowners’ ability to bring legal action against banks, he said.

Because of the complexity of the mortgage market and the deal itself, homeowners will not be able to determine immediately whether they are eligible for relief under the settlement, according to a document distributed by Conway’s office.

The agency supported $1.6 million in total; $195,000 went to four new businesses that created 24 new jobs, the SBA said.

“It is critical that small businesses have access to capital in order to start and grow,” said Mark S. Hayward, director of the SBA Rhode Island office.

Many of the loans were made to businesses located in northern Rhode Island; in Pawtucket, three businesses were granted loans totaling $630,700.

Since the beginning of the federal fiscal year on Oct. 1, 2011, the SBA has guaranteed 93 loans worth more than $24 million.

As of Jan. 31, the top five Rhode Island SBA lenders are:

• Bank Rhode Island – 12 loans, $808,000.
• Coastway Community Bank – 11 loans, $1,385,000
• BankNewport – 9 loans, $2,186,300.
• Citizens Bank – 9 loans, $641,500.
• The Washington Trust Company – 8 loans, $396,500.

Since the beginning of the federal fiscal year, the top municipalities where businesses received SBA loans are:

• Providence – 11 loans, $1,931,000.
• Pawtucket – 9 loans, $1,134,000.
• Cranston – 7 loans, $1,840,000.
• Portsmouth – 7 loans, $1,234,000.
• Westerly – 5 loans, $724,000.
• Warwick – 5 loans, $420,000.