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CMBS payoff rates bounce back

Payoff rates for loans packaged into mortgage-backed securities will likely return to more normal levels following two consecutive years of weak performance, Morningstar Credit Ratings reported.

The payoff rate for CMBS loans finished 2017 at 72.3 percent, down from 75.6 percent in 2016, and below the nearly 85 percent for 2015, Morningstar reported.

“Despite 2017’s weak performance, the payoff rate for the year exceeded our expectations as borrowers with highly leveraged loans successfully repaid them at their maturity dates, which indicates that there is liquidity in the commercial real estate market and that lenders and investors don’t see property values declining significantly anytime soon,” the company said.

Morningstar said that low interest rates and available subordinate debt contributed to higher-than-expected payoff rates. More than a quarter, or 26.2 percent, of the maturing loans  with loan-to-value rations more than 80 percent successfully paid off. 


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