Word: commerciales
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"It's a train wreck in slow motion," says Richard Parkus, head of commercial real estate debt research at Deutsche Bank. "Because it's in slow motion, people get this sense that it's really not happening. It is happening." To get a sense of just how the train wreck...
First he showed me a small industrial park built not long ago by a local businessman. It's got tenants, and the owner has been making his mortgage payments. But when his loan comes due - commercial mortgages generally run three to 10 years, not the 30 that homeowners get - he...
Industrial properties are just one segment of the commercial market - the others being offices, retail sites, apartment buildings and hotels. But the problems Bonney showed me apply across the board. First, commercial mortgages are about to hit a refinancing wall. Deutsche Bank's Parkus estimates that more than 65% of...
The residential real estate bust has been a slow-motion wreck too. (It started in 2006!) But the commercial meltdown will take even longer for two main reasons. One is that while commercial real estate lenders certainly got sloppy during the boom, they didn't go utterly crazy the way...
The other big difference is that while most residential mortgages are chopped into securities and sold, the bulk of commercial mortgages - and virtually all land and construction loans - stay on banks' books. Banks have leeway to delay recognizing losses on these loans - that is, they don't have to "mark...