The CrediFi analysis is bolstered by findings from the Financial Stability Oversight Council, which found in its 2017 annual report that while CMBS issuance fell by over a quarter year-over-year in 2016 – a reversal of the post-crisis trend of rising issuance – agency lending rose 23.7% in 2016, when it accounted for over 60% of securitized commercial loans issued. ( Read the full report on refinancing CMBS here. Most of the rest moved on to lenders’ balance sheets, with just a sliver going back into CMBS. When receiving new financing, 61% of the loans, or $18.7 billion, became agency loans, with slightly more going to Fannie Mae than to Freddie Mac. that were originated from 2003 through the first six months of 2017 and found that almost all the multifamily CMBS loans originated pre-crisis have left the CMBS world since 2009. (Full disclosure: Some of the institutions mentioned in this article are CrediFi clients.)ĬrediFi examined a sample of $150 billion in loans secured by 5,000 commercial properties across the U.S.
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