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CMBS Loan Performance Improves 3 Months in a Row

For the third straight month, past-due payments on securitized commercial real estate loans has moved lower, and hotel loans led the way.

The 30-day delinquency rate on loans that are part of commercial mortgage-backed securities
finished November at 5.13 percent.

CMBS delinquency declined from the prior month, when the 30-day rate landed at 5.23 percent.

Historical data from Trepp LLC, which reported the statistics on Tuesday, indicate that CMBS delinquency has been down each month since August, when the rate was 5.45 percent.

Late payments on securitized CRE loans also improved from November 2014, a month that saw a 5.80 percent 30-day rate.

Out front of last month’s delinquency decline were securitized lodging loans, with the 30-day rate down 42 basis points from October to 2.75 percent.

After that was industrial property loan delinquency, with the rate retreating 29 BPS to 5.99 percent as of Nov. 30.

Next was the 30-day rate on retail property CMBS loans, which
fell eight BPS from a month earlier to 5.64 percent.

A three-basis-point drop in delinquency on multifamily loans left the 30-day rate at 8.15 percent at the end of last month.

The only category to see deterioration was office building delinquency, with the 30-day rate rising three BPS to 5.73 percent as of Nov. 30.

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