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Industrial Property Loans Lead 1Q Increase in Commercial Volume: MBA
Commercial and multifamily mortgage loan originations in the first quarter were up 49% year over year, according to the Mortgage Bankers Association. Originations decreased 26% from the fourth quarter of 2014.
The overall growth of commercial and multifamily lending volume in the first quarter, compared to the same time last year, was largely driven by the rise in originations for industrial and multifamily properties.
That growth included an increase in the dollar volume of loans for industrial properties of 269%; in multifamily properties, 71%; in office properties, 53%; hotel properties, 51%; and in retail property loans, 5%. Health care property loans were effectively unchanged year-over-year.
The dollar volume of loans originated for the government-sponsored enterprises increased by 306% from the first quarter in 2014.
Loans used in commercial mortgage-backed securities increased 113% and life insurance companies saw a 51% increase in loans. There was a 1% decrease in dollar volume for commercial bank portfolio loans.
First quarter 2015 originations for health care properties fell 62% compared to the fourth quarter 2014.
There was a 57% decrease in originations for retail properties from the fourth quarter 2014; 33% for hotel properties; 31% for multifamily properties; 25% decrease for office properties; and a 127% increase for industrial properties.
The dollar volume of loans for commercial bank portfolios decreased 23% from the fourth quarter of 2014 to the first quarter of 2015; loans for life insurance companies were down 18%; originations for CMBS were down 14% and loans for the GSEs were down by 13%.