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CRE loan volume remains strong, CMBS plummets

Overall commercial lending rose sharply in the second quarter but loan volume for commercial-mortgage backed securities (CMBS) have plummeted and lender activity in several asset classes has cooled compared to a year ago, the Mortgage Bankers Association (MBA) reported.

Lending for CMBS was down 33 percent for the quarter, and has declined 40 percent year over year, MBA reported. Also, several asset classes saw year-over-year, dollar volume, declines. Volumes were down 1 percent for multifamily, 9 percent for retail, 11 percent for hotels and 64 percent for health care properties compared to the same-quarter in 2015, the trade group said.

CMBS pickOverall, though, the picture is more positive.

Commercial and multifamily loan originations were up 17 percent in the second quarter compared to the first quarter, and up 1 percent year over year, MBA reported. The gains have been driven by strong lending in the office and industrial sectors, which are up 11 percent and 9 percent year over year, respectively. 

"Borrowing and lending backed by commercial and multifamily properties remained strong during the second quarter," said MBA Vice President of Commercial Real Estate Research Jamie Woodwell. "Low interest rates combined with strong commercial property market fundamentals to further support lending and to keep overall borrowing levels on pace with last year's strong level."  

Among investor types, the commercial bank portfolios have had the greatest year-over-year increase at 33 percent. The dollar volume held by live insurance companies increased 15 percent. Loan volume for the government-sponsored enterprises was down 3 percent compared to the second-quarter 2015 level. 


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