From Origination to Renegotiation: A Comparison of Portfolio and Securitized Commercial Real Estate Loans
We use a unique loan-level dataset to compare portfolio and securitized commercial real estate loans. The paper documents how the types of loans banks choose to hold in their portfolios differ substantially from the types of loans the same banks securitize. Banks tend to hold loans that are “non-sta...
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| Veröffentlicht in: | The journal of real estate finance and economics 2017-07, Vol.55 (1), p.1-31 |
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| container_title | The journal of real estate finance and economics |
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| creator | Black, Lamont Krainer, John Nichols, Joseph |
| description | We use a unique loan-level dataset to compare portfolio and securitized commercial real estate loans. The paper documents how the types of loans banks choose to hold in their portfolios differ substantially from the types of loans the same banks securitize. Banks tend to hold loans that are “non-standard” in some observable dimension. These loans are riskier and more likely to become delinquent or distressed. Conditional on default, we find that banks are significantly more likely to extend portfolio loans than is the case for securitized loans. Our results suggest that banks have a comparative advantage in funding risky assets with contracts that may require flexibility in the event of distress. |
| doi_str_mv | 10.1007/s11146-016-9548-1 |
| format | Article |
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| ispartof | The journal of real estate finance and economics, 2017-07, Vol.55 (1), p.1-31 |
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| language | eng |
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| source | Springer Nature - Complete Springer Journals; EBSCOhost Business Source Complete |
| subjects | Commercial banks Commercial real estate Commercial real estate loans Economics Economics and Finance Financial Services Flexibility Loans Mortgage backed securities Negotiation Portfolios Psychological distress Real estate Regional/Spatial Science |
| title | From Origination to Renegotiation: A Comparison of Portfolio and Securitized Commercial Real Estate Loans |
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