Gray Capital Report: "Extend-and-Pretend" Has Created a New Wave of Loan Maturities
Gray Capital Report: "Extend-and-Pretend" Has Created a New Wave of Loan Maturities
Gray Capital's new report follows its previous research on loan maturities in 2023 and helps to explain how the lending market handled last year's wall of loan maturities and how the blunted effects of 2023's loan maturity wave have been pushed forward, due in no small part to the loan extensions, accommodations, and workouts commonly referred to as "extend and pretend."INDIANAPOLIS, Nov. 19, 2024 /PRNewswire/ -- Gray Capital, a private equity real estate company, has published a new report on an emerging wave of loan maturities in the multifamily market. Drawing from recent work by the Federal Reserve Bank of New York, Gray Capital's report highlights the impact of extend-and-pretend practices among borrowers and lenders, in which lenders extended or modified the terms of loans approaching maturity with the goal of avoiding realized losses.
印第安纳波利斯，2024年11月19日 /PRNewswire/ -- 格雷资本，一家股权投资房地产业公司，已发布关于多户市场新兴贷款到期潮的新报告。根据纽约联邦储备银行的近期工作，格雷资本的报告强调了借款人和贷款人之间采用"延期再现"做法的影响，贷款人延长或修改即将到期的贷款条款，以避免产生实际损失。
Extend and pretend is coming to an end, and a new wave of multifamily loan maturities is already building.
"延期再现"即将结束，新的多户贷款到期潮已经形成。
"Extend and pretend is coming to an end, and as lenders are increasingly incentivized to cease these practices, opportunities to invest in distressed properties will be elevated, but at the individual asset level rather than sector-wide," says Spencer Gray, President and CEO of Gray Capital.
格雷资本董事长兼首席执行官斯宾塞·格雷说：“随着贷款人越来越有动力停止这些做法，投资于困境资产的机会将会增加，但这将在单个资产层面而非整体板块层面。”
Gray Capital's new report follows its previous research on loan maturities in 2023 and helps to explain how the lending market handled last year's wall of loan maturities and how the blunted effects of 2023's loan maturity wave have been pushed forward, due in no small part to the loan extensions, accommodations, and workouts commonly referred to as "extend and pretend."
格雷资本的新报告跟随其对2023年贷款到期的前期研究，帮助解释了贷款市场如何处理去年的贷款到期高峰，以及2023年贷款到期潮的减少效果是如何由于广泛的贷款延期、补救和重组而被推迟的，这些通常被称为"延期再现"。
Based on data from CoStar and the New York Federal Reserve, Gray Capital projects a new wave of loan maturities in late 2025, early 2026.
根据科斯塔和纽约联邦储备的数据，格雷资本预计在2025年底至2026年初会出现新的贷款到期潮。
"Multifamily-specific data from CoStar shows an October 2025 spike in loan maturities that's 25% larger than the October 2023 surge, which suggests that some of these 2023 loans were extended, contributing to that spike in October 2025," says Matt Bastnagel, Communications and Marketing Director at Gray Capital.
格雷资本通信和营销董事马特·巴斯特纳格尔说：“科斯塔提供的多户专用数据表明，2025年10月贷款到期的激增比2023年10月的激增大25%，这表明一些2023年的贷款被延期，从而导致2025年10月的激增。”
For multifamily borrowers, improved asset performance and a more active sales market preclude much of the losses they could have faced in 2023, and borrowers will also benefit from lower interest rates expected in 2025 and 2026. Despite these projections, interest rates and property prices will not improve as rapidly as needed for many borrowers, especially those who purchased assets at the market's peak in 2021-2022.
对于多家庭借款人来说，资产表现改善和更活跃的销售市场避免了他们在2023年可能面临的大部分损失，而借款人还将受益于预计在2025年和2026年降低的利率。尽管有这些预测，利率和物业价格不会如许多借款人所需的那样迅速改善，尤其是那些在2021年至2022年市场高峰时购买资产的人。
For additional data on the conditions shaping the market for borrowers, lenders, and investors, download the complete report, and Gray Capital will continue to follow the issue of loan maturities in its future research on the multifamily market. To learn more about Gray Capital, visit or follow Gray Capital on LinkedIn, Instagram, and YouTube.
有关影响借款人、放贷人和投资者市场条件的更多数据，请下载完整报告，Gray Capital将继续关注多家庭市场贷款到期问题的未来研究。要了解更多关于Gray Capital的信息，请访问或在LinkedIn、Instagram和YouTube上关注Gray Capital。
SOURCE Gray Capital
来源：Gray Capital
