Bisnow | Loan Modifications Shoot Up, Showing ‘Extend And Pretend’ Is Alive And Well

    Bisnow | CMBS | Extend and Pretend | Loans | National

    — Boston Multifamily Real Estate Investment and Development. The premier platform for a wide range of resources, tools, and advisory services for multifamily and mixed-use apartment building investors, and developers of land, in the Greater Boston area of Massachusetts.

    Apr 3, 2024

    Roughly $162B worth of securitized commercial mortgages were due to mature last year, and many lenders and investors spoke about how the patience with building owners would wear off.

    While patience may be wearing thin, it hasn’t eroded. Loan modifications on CMBS and CRE collateralized loan obligations more than doubled last year, according to CRED iQ.

    Around $20B of these loans, from 542 borrowers, secured loan modifications in 2023, a jump of 150% from 2022, the CMBS loan tracking firm found. The firm expects to see even more modifications this year, with roughly $210B of CMBS loans maturing in 2024.

    Source: Loan Modifications Shoot Up, Showing ‘Extend And Pretend’ Is Alive And Well

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