European CMBS Monthly Bulletin (March 2010): Property Disposals Are Becoming More Prominent As Loan Delinquencies Rise Apr 10

Abstract
In March 2010, the special servicer began marketing eight of the properties that secure the European commercial mortgage-backed securities (CMBS) transaction White Tower 2006-3 PLC. This provides the first example Standard & Poor's Ratings Services has seen in Europe of a special servicer using property disposals to work out a loan that became delinquent after failing to repay at maturity. By comparison, previous property disposal examples involved loans that became delinquent due to payment defaults during the loan term rather than at maturity. In this month's article we analyze three previous examples from this year where special servicers have used disposals to work out delinquent loans. This analysis will look at how factors such as debt service and property type...

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Research Type: Commentary
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