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Commercial loans current
Published 12:00 am PDT Friday, May 2, 2008
Story appeared in BUSINESS section, Page D1
At least one segment of the real estate industry is doing well in California. Delinquencies on commercial loans in the first quarter totaled a minuscule .02 percent, or two one-hundredths of a percent, the California Mortgage Bankers Association said Thursday.
Put another way: There were only four loans worth a combined $14.6 million that were more than 30 days delinquent, the association said, out of a combined statewide portfolio of $90.9 billion.
The delinquency rate is the lowest in six years.
One of the delinquencies was a $1.5 million loan on an apartment building in Sacramento.
"The tenants are doing well and paying rent, and that's what it boils down to," said Peter Ulrich, a commercial real estate consultant for the association. "The bulk of the portfolio is a seasoned portfolio, loans that were made five or 10 years ago."
He added that he was surprised the delinquencies were so low.
– Dale Kasler
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