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Major Life Insurance funders (loan amounts of $25,000,000 & up) continue to compete with CMBS originators, and are now looking to win opportunities with more than just pricing. Many LifeCo’s are branching out and extending product lines to entice borrowers. Below-market yields for moderately and low leveraged assets has always been a staple of Life Funders. The recent Treasuries slide has only benefited LifeCo’s as Wall Street providers are locked with SWAP rates that have been less responsive to the European financial fluctuations. Today’s 10-Year fixed rates start as low as 3.75% for several Insurers. New LifeCo offerings include long-term LIBOR-based floaters that require little or no pre-payment penalties. Fixed rate loans may now offer flexible pre-payment opportunities as well at a substantially lower cost than yield maintenance. Supplemental fundings can be structured, avoiding the need for refinancing to access trapped equity. One national funder has recently launched a multifamily bridge program as a feeder for perm-debt upon stabilization. Life Companies continue to compete with products that only portfolio providers offer. This includes the no-cost capacity to lock rate and spread at application and the offering of forward commitments.