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Stories about commercial lending on multifamily, office, retail and industrial properties.

Hotel Delinquency Soars

December CMBS delinquency 4.9%

Jan. 15, 2010

By staff

Delinquency on securitized hotel mortgages increased nearly 300 basis points during the last two months of the year. Performance on loans backed by other types of commercial properties wasn't much better.

Loans that are part of commercial mortgage-backed securities had a 4.9 percent delinquency rate as of Dec. 31, Moody's Investors Service reported today. The rate worsened from 4.47 percent in November.

Late payments have increased "five-fold" since the beginning of 2009.

The findings were based on CMBS loans in conduit-fusion deals as measured by the Moody's Delinquency Tracker.

The ratings agency predicts CMBS delinquency is expected to reach between 8 and 9 percent by the end of the year.

Hotel delinquency, which jumped 160 basis points in November to 7.80 percent, rose another 127 BPS to 9.07 percent.

The ratings agency noted that 113 multifamily loans for $1.1 billion became delinquent in December, pushing the delinquency rate 74 BPS higher to 8.14 percent.

Retail property loan delinquency rose 28 BPS to 4.52 percent, while industrial delinquency increased 0.31 percent to 3.42 percent and the office rate rose 24 BPS to 3.19 percent.

Commercial mortgages in Nevada, which accounted for just 2 percent of all loans, had a rate of 12 percent -- higher than any other state. Three other states with CMBS delinquency higher than 10 percent were Arizona, Michigan, and Rhode Island.

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