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apartment loans: Longer Escrows are the New Norm for Apartment Transactions
- 08/26/09 05:07 AM
Want to close your next apartment transaction in 30 days? It's not going to happen.
Sellers and seller's brokers are realizing that the time frame for closing apartment transactions is taking much longer. In the last two years I have seen a constant stream of delays by lenders, which have resulted in escrow extensions or cancelled contracts.
What used to take 45 days to close a commercial transaction is now taking 60-90 days. Most Fannie and Freddie lenders will tell you upfront, expect 90 days. Commercial lenders are saying 60 days.
In harder hit apartment markets such as Inland Empire … (0 comments)
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apartment loans: Delinquency Rates on Commercial Mortgages Increase -- Apartments Lead the Pack
- 07/15/09 08:28 PM
In the U.S. market, commercial real estate is being hit hard. According to the Mortgage Bankers Association, there is approximately $3.1 trillion in commercial debt outstanding and delinquency rates among these properties are escalating at alarming rates. The securitized market represents about $724 billion and there is concern that the increasing unemployment rate will hurt more property owners and thus cause more defaulting mortgages. Delinquent loans, considered 60 or more days in arrears, have substantially increased in two years. The delinquency rate now stands at 2.67% for the entire commercial sector. A year ago the rate stood at .46%, a startling … (2 comments)
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