| Fresh Trepp data shows that the total dollar volume of loans in special servicing this month has gone down while the loan count has stayed basically constant. This trend is reflected in both bank loans and the CMBS market, says Jones Lang LaSalle's Chuck Hoag. This means that loans are falling into the special servicing system at the same rate they're being worked out. Both banks and CMBS lenders are working through a large number of loans still on the books and until they do so the amount of capital available for lending will be limited. But the decrease in volume may mean some of the large loans have already passed through, making room for new loans over $30M to be made, Chuck says. Smaller yield loans (under $10M) were mostly the realm of community banks and will remain difficult to source until those lenders work through legacy debt. |
TURNING DOWN THE (DOLLAR) VOLUME
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Chuck Hoag, Jones Lang Lasalle
