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Commercial Originations Falling

Multifamily takes biggest hit according to MBA survey

December 3, 2002

By MortgageDaily.com staff

Mortgage originations for multifamily and commercial properties dropped during the third quarter, according to a survey by the Mortgage Bankers Association of America (MBA).

The quarterly survey of mortgage bankers revealed a 12.4% monetary decrease in mortgages on income-producing properties since the second quarter, and a 6% decrease since third quarter 2001. The bankers, who are also MBA members, also reported year-to-date (YTD) mortgage volumes taking a 1.2% dip from the same time last year.

"Our members are reporting no shortage of money available to lend, but a shortage of credit-worthy deals," said Stacey Berger, chairman of MBA's Commercial Real Estate Research Committee. "Thus, despite very low variable- and fixed-rate mortgages, lending volume has been a little soft."

The survey respondents reported originating a total of $17.8 billion in mortgages on income-producing properties during the third quarter. That's compared with $20.4 billion in the second quarter and $18.7 billion in third quarter 2001.

The biggest decline came in multifamily lending -- $8.2 billion during the third quarter, compared with $10.5 billion in the second quarter and $10.1 billion in third quarter 2001. That category generated more loans than any other property type during the quarter, but its year-to-year 19.2% decline was the steepest drop.

However, part of the drop was attributable to a single, very large multiproperty transaction that took place during the third quarter of last year, the survey said.

Lending for office buildings came in at $3.66 billion, a 6.6% decline from the second quarter and an almost 15% drop from the third quarter 2001.

Retail property lending during the third quarter totaled $2.7 billion. That's a 2.7% decrease from the second quarter, but an almost 50% jump from the $1.9 billion of the third quarter 2001.

The largest increase came from health care properties. That type of lending totaled $0.5 billion, an 83.4% jump from second quarter's $0.3 billion and a 69% increase from last year, according to the survey.

Other property types included industrial, which decreased 7% since the second quarter; hotel/motel, which declined 15.4% since the second quarter and 34.1% since third quarter 2001; and the catch-all "other," which saw a 5.9% decline since second quarter.

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