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

CMBS Loan Performance is Spectacular

Industrial loans lead latest delinquency improvement

Oct. 1, 2018

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

The monthly performance of securitized commercial real estate loans continues to improve, with delinquency establishing yet another post-crisis low. Industrial properties led the latest drop.

Morningstar Credit Ratings LLC reported Friday that 30-day delinquency on loans pooled in commercial mortgage-backed securities was 1.94 percent in August.

Compared to one month previous -- when the 30-day CMBS rate fell to the lowest level since 2008 -- delinquency has tumbled by 11 basis points.

A 108-basis-point plunge was recorded versus the same month last year.

Morningstar's statistics are based on data from $835 billion in CMBS.

On Monday, Trepp LLC reported that the 30-day rate on securitized CRE loans plummeted another 23 BPS in September to 3.41 percent. The rate has plunged from 5.40 percent as of Sept. 30, 2017.

"September's reading breaks the previous post-crisis low of 3.64 percent set last month," Trepp's report stated. "The all-time high of 10.34 percent was registered in July 2012."

Leading last month's improvement were securitized industrial property loans, with the 30-rate sinking 108 BPS from August to 2.98 percent. The resolution of a large, distressed portfolio loan was behind the improvement.

Delinquency on retail property CMBS loans was slashed 46 BPS to 5.01 percent as of Sept. 30. Still, the retail rate was the worst of any category.

Trepp said that the 30-day rate on securitized office building loans dropped 18 BPS to 3.94 percent.

A 12-basis-point drop was recorded for multifamily delinquency, which was 1.95 percent.

Only securitized loans on lodging deteriorated, with a 5-basis-point increase to 2.27 percent.

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