Tough two years ahead as 70% of CMBS loans go unpaid

摘要

More than 70% of European CMBS (commercial mortgage-backed security) loans maturing in 2012 have not been repaid, suggesting that a lack of refinancing options will continue to weigh on the sector in 2013 and 2014, says Fitch Ratings. Only 24 out of 122 loans that matured in the first 11 months of 2012 were fully paid at maturity, A further 12 were fully paid after maturity, and one was repaid in full following a breach in representations and warranties, which obliged the originator to repurchase it.