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Hotel Loans Drive CMBS Delinquency to Record High

30-day rate increases 24 BPS

May 30, 2012

By staff

Fueled by a more than 170-basis-point rise in lodging delinquency, the rate of past-due loans included in commercial mortgage-backed securities climbed to the highest level on record.

One-month delinquency on securitized commercial real estate loans was 10.04 percent during May.

This month's rate was the highest on record. It was also the first time that CMBS delinquency exceeded 10 percent.

The rate of late payments was 9.80 percent in April, according to Trepp LLC. In May 2011, CMBS delinquency was 9.60 percent.

Trepp attributed the deteriorating performance to five-year loans securitized in 2007 that are beginning to reach their maturity dates.

"The good news for the CMBS market is that the five-year loans originated in 2007 were heavily front-loaded," the report stated. "This means that by the end of this June, the number of these loans reaching their maturity date will start to dwindle."

Manus Clancy, senior managing director at Trepp, predicted that the delinquency rate will level off in the second half of this year.

Excluding loans that are past their due dates but current on interest payment, there were $59.1 billion in delinquent CMBS loans as of May 31, down from $59.3 billion a month earlier. Loans in special servicing amounted to $79.2 billion.

The biggest month-over-month deterioration was with lodging loan delinquency, which surged 172 BPS from the prior month to 12.27 percent. Still, hotel delinquency was lower than 15.37 percent during the same month last year.

Also clocking in with a big gain were loans secured by industrial properties, with the rate climbing 46 BPS from April to 12.82 percent.

Retail property loans saw delinquency increase 9 BPS to 8.07 percent, while delinquency on office properties inched up 3 BPS to 10.26 percent.

The only category to record a decline was multifamily loans, which slipped 1 basis point to 15.17 percent.

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