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Commercial Mortgage Debt Rises

$3.2 trillion outstanding in Q3

December 13, 2007

By MortgageDaily.com staff

Commercial debt outstanding increased during the latest quarter.

Commercial debt outstanding was more than $3.2 trillion in the third quarter, the Mortgage Bankers Association announced today. The level of debt, which was 2.8 percent higher than the prior quarter, was the highest ever.

The trade group noted the numbers were derived from Federal Reserve Flow of Funds data.

Looking at just multifamily loans, the outstanding was $813 billion in the most recent quarter, MBA said. Multifamily mortgages rose 3.0 percent form the second quarter.

"The third quarter included the periods immediately before and immediately after the dramatic adjustments in the capital markets," Jamie Woodwell, MBA's senior director of commercial/multifamily research, said in the statement.

Commercial banks held $1.35 trillion of outstanding commercial mortgages, the report said. Some of these commercial mortgages, however, are "commercial and industrial" loans and are underwritten based on the borrowing company's earnings versus income from the property. Nearly half of the loans held by the top 10 commercial banks was owner occupied.

"Since the other loans reported here are generally income property loans, meaning that the income primarily comes from rents, the commercial bank numbers are not comparable," MBA stated.

About $760 billion of commercial mortgages outstanding were held in commercial mortgage-backed securities, collateralized debt obligations and other asset backed securities, the announcement said. Life insurance companies held $293 billion and savings institutions held $212 billion.

Ginnie Mae and government sponsored housing enterprises Fannie Mae and Freddie Mac collectively held $146 billion in CMBS and another $126 billion in their own portfolios of whole loans.

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