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

CMBS Performance Improves Again

30-day CMBS delinquency rate fall 30 BPS in October

Nov. 5, 2012

By Mortgage Daily staff

For the third month in a row, the rate of past-due payments on securitized commercial real estate loans has moved lower. Last month's improvement was the biggest in more than a year.

Thirty-day delinquency on loans included in commercial mortgage-backed securities was 9.69 percent in October.

The rate fell from 9.99 in September. It was the third consecutive month that CMBS performance improved and the biggest decline in 14 months.

The $2.6 billion in newly delinquent loans would have pushed delinquency up 46 basis points if it weren't for the roughly $1.5 billion in delinquent loans that were resolved, offsetting new delinquency by 28 BPS, and the 45-basis-point benefit from cured loans.

With a 92-basis-point decline in 30-day delinquency, securitized lodging loans had the biggest improvement from September. The rate finished last month at 11.24 percent.

Also helping to pull down the overall rate were industrial loans, which fell 68 BPS to 11.53 percent. Office loans saw delinquency drop 28 BPS to 10.20 percent, and retail property loan delinquency was off 6 BPS to 8.03 percent.

The only month-over-month increase was with multifamily loans, which rose17 BPS from September to 14.26 percent -- the highest rate of any category.

Trepp LLC, which delivered the data, said last month's overall CMBS delinquency of at least 30 days was better than 9.77 percent during October 2011.

The categories with the greatest year-over-year declines were lodging loans, which moved 288 BPS lower, and multifamily loans, which improved 247 BPS.

The worst performance compared to a year ago was with commercial mortgages secured by office properties, which saw delinquency leap 125 BPS.

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