Lenders Modified $4 Billion in US Property CLOs Last Quarter
- More borrowers seek extensions as financing stream dries up
- Strategy buys some time while landlords wait for a recovery
This article is for subscribers only.
Commercial real estate loan modifications soared in the second quarter as more borrowers sought time to repay debt in a challenging property market.
More than $4 billion of collateralized loan obligations on commercial real estate received a modification in the three-month period, compared with about $1 billion in the first quarter, DBRS Morningstar reported.