By Nancy Leinfuss

NEW YORK, April 9 (Reuters) – RBS Commercial Funding on Friday priced a $309.7 million commercial mortgage-backed securities offering backed by multiple loans, the first sale of its kind in nearly two years and a benchmark for the recovering market.

The so-called conduit deal is seen as a key gauge of risk appetite for securities tied to the troubled commercial real estate market, as well as investor confidence in better underwriting standards for loans.

[BLOGGER COMMENT: This non-TALF transaction is the sign the markets have been looking for to once again start lending on commercial real estate. The rules will be different than the easy money days of 2005-2006, but non-recourse senior debt will once again start flowing on well located income producing properties.]

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