The Real Deal Miami

Delinquency rate on commercial mortgages on the rise

October 12, 2009 03:31PM

The delinquency rate on commercial mortgages jumped 33 basis points to 3.34 percent last month, according to Credit Suisse Group AG. Payments on $22.4 billion of mortgages were at least 60 days late in September, the report from the financial services firm said, a sharp increase from the same time period a year ago, when $3.2 billion in mortgages were delinquent. Credit Suisse analysts attributed the uptick in delinquencies to poor underwriting on recent loans, as borrowers expected rents on space — particularly retail — to keep rising.