Ten Percent of Non-Bank Commercial & Multifamily Debt Will Mature in 2012, Down From 2011

by 07 Feb 2012

Atlanta, GA (February 6, 2011) – Ten percent, or $150.6 billion, of commercial and multifamily mortgages held by non-bank lenders and investors will mature in 2012, a 3 percent decline from the $154.7 billion that matured in 2011, and an 18 percent decline from 2010 according to today’s release of the Mortgage Bankers Association’s (MBA) 2011 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes. 

The loan maturities vary significantly by investor group.  Just 4 percent ($12.4 billion) of the outstanding balance of multifamily and health care mortgages held or guaranteed by Fannie Mae, Freddie Mac, FHA and Ginnie Mae will mature in 2012.  Life insurance companies will see 6 percent ($19.6 billion) of their outstanding mortgage balances mature in 2012.  Among loans held in CMBS, 11 percent ($72.0 billion) will come due and twenty-nine percent ($46.6 billion) of commercial mortgages held by credit companies and other investors will mature in 2012.

”The volume of commercial and multifamily mortgages coming due has declined over the last two years, from $184 billion in 2010, to $155 billion in 2011, to $151 billion this year,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.  “And because commercial and multifamily mortgages are relatively long-term in nature, most years see ten percent or less of the total outstanding balance coming due.  MBA first conducted this survey in 2008 in response to concerns that there was a wave of commercial mortgage maturities that would swamp the market.  That survey, and each one since, has shown that the volume of commercial and multifamily mortgages maturing each year represents only a small portion of the commercial mortgage universe.”

MBA’s 2011 survey collected information directly from servicers on the years of maturity of $1.46 trillion in outstanding non-bank commercial/multifamily mortgages. Only small shares of the commercial and multifamily mortgage debt held by life insurance companies, Fannie Mae, Freddie Mac or FHA will be coming due in 2012 or 2013.  Greater shares of mortgages held in commercial mortgage-backed securities (CMBS) and by credit companies, warehouse facilities and other investors will mature in 2012 and 2013.

The dollar figures reported are the unpaid principle balances as of December 31, 2011.  Because most loans pay down principle, the balances at the time of maturity will generally be lower than those reported here.  This survey covers $1.46 trillion of commercial and multifamily mortgages held or insured by life companies, Fannie Mae, Freddie Mac, FHA, CMBS trusts and other non-bank lenders and investors. 

Banks and thrifts hold an additional $793 billion in mortgages backed by income producing properties which are not covered by this survey.


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