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Aided by Hotel and Industrial Loans, CMBS Lates Fall

August CMBS delinquency down 10 BPS from July

Sept. 9, 2013

By Mortgage Daily staff


Monthly delinquency on securitized commercial real estate loans was lower, with loans secured by lodging and industrial properties turning in the most improved performance.

A 10-basis-point decline from a month earlier in delinquency on loans included in commercial mortgage-backed securities left the 30-day rate at 8.38 percent as of Aug. 31.

It was the third consecutive month that CMBS delinquency has improved and the lowest 30-day rate in three years.

CMBS delinquency has plunged from the same month in 2013, when the 30-day rate was 10.13 percent.

The statistics were based on $45.5 billion in delinquent CMBS loans rated by Trepp LLC.

The ratings agency noted that $2.5 billion in new delinquencies more than offset the $1.5 billion in cured loans and $1 billion in loan resolutions. In addition, nearly $0.5 billion in previously delinquent loans were paid off without a loss.

Lodging loans provided the most support for last month's decline, with the delinquency rate tumbling 44 BPS from July to 9.03 percent.

Also having a favorable impact on August delinquency were loans secured by industrial properties, with the 30-day rate dropping 29 BPS to 11.51 percent.

Loans on retail properties had a 6.76 percent 30-day rate, 26 BPS below the July rate.

Multifamily delinquency fell 13 BPS to 11.14 percent last month.

The only property category to deteriorate was office, with 30-day loan delinquency rising 9 BPS from July to 9.60 percent.

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