JLD: Hotels in special servicing 275 loans out of 2,131 totaling $11.0 billion out of $49.3 billion. Also important, special servicing has increased 240% since same time last year…
Average Loan Size in Special Servicing Increasing
Fitch Ratings reports the average loan size for loans moving into special servicing has increased 2.4 times from a year ago to $17.2 million. Five of the loans newly transferred in January had balances in excess of $100 million. The larger loan balances have been a factor in the rise in Fitch Ratings’ loan delinquency index (LDI).
Within the agency’s rated universe of $452.9 billion, there are 621 loans greater than $100 million ($136 billion). Of these loans, 558 or 93% by dollar balance were securitized in 2005 or later vintages when underwriting practices began to deteriorate. Currently, 88 of the 558 are at the special servicer and 87 are considered Fitch loans of concern . Should these loans of concern default, an additional $18 billion would move to special servicing.
Fitch Ratings tracks the loans that move into special servicing on a daily basis for the 473 transactions in its portfolio. In January, 248 loans totaling $4.27 billion moved into special servicing. This brings a total of 2,880 loans, representing 10.4% of Fitch’s rated universe by dollar balance in special servicing. Of the loans transferred in January, 55% were due to imminent default and 35% were due to monetary default. Click here for full report from HNN.com….
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CMBS highlights and trends
JLD: Hotels in special servicing 275 loans out of 2,131 totaling $11.0 billion out of $49.3 billion. Also important, special servicing has increased 240% since same time last year…
Average Loan Size in Special Servicing Increasing
Fitch Ratings reports the average loan size for loans moving into special servicing has increased 2.4 times from a year ago to $17.2 million. Five of the loans newly transferred in January had balances in excess of $100 million. The larger loan balances have been a factor in the rise in Fitch Ratings’ loan delinquency index (LDI).
Within the agency’s rated universe of $452.9 billion, there are 621 loans greater than $100 million ($136 billion). Of these loans, 558 or 93% by dollar balance were securitized in 2005 or later vintages when underwriting practices began to deteriorate. Currently, 88 of the 558 are at the special servicer and 87 are considered Fitch loans of concern . Should these loans of concern default, an additional $18 billion would move to special servicing.
Fitch Ratings tracks the loans that move into special servicing on a daily basis for the 473 transactions in its portfolio. In January, 248 loans totaling $4.27 billion moved into special servicing. This brings a total of 2,880 loans, representing 10.4% of Fitch’s rated universe by dollar balance in special servicing. Of the loans transferred in January, 55% were due to imminent default and 35% were due to monetary default. Click here for full report from HNN.com….