{"id":4014,"date":"2024-09-20T01:29:15","date_gmt":"2024-09-20T01:29:15","guid":{"rendered":"https:\/\/cred-iq.com\/blog\/?p=4014"},"modified":"2024-12-25T02:05:27","modified_gmt":"2024-12-25T02:05:27","slug":"most-common-workout-strategies-by-each-of-the-top-special-servicers","status":"publish","type":"post","link":"https:\/\/cred-iq.com\/blog\/2024\/09\/20\/most-common-workout-strategies-by-each-of-the-top-special-servicers\/","title":{"rendered":"Most Common Workout Strategies by each of the Top Special Servicers"},"content":{"rendered":"\n

This week, the CRED iQ research team addressed one of the most common topics requested by our readers: understanding workout strategies from the Special Servicers\u2019  perspectives.<\/p>\n\n\n\n

Building upon last week\u2019s report, the objective of this study was to understand how the largest special servicers have addressed troubled loans so far this year.  Our team examined ~1,800 loans comprising loan values of ~ $45 billion.   Our analysis focused upon the top 6 special services:  Rialto Capital, KeyBank, LNR Partners, CW Capital, Midland and Situs. <\/p>\n\n\n\n

The results are quite diverse.  Just over 21% of KeyBank\u2019s loans were worked out via foreclosures, the highest percentage of all the top six special servicers.  Foreclosure was the most deployed strategy (apart from TBD) at 14.9% of loans in all 6 special servicers. <\/p>\n\n\n\n

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REO strategies saw a high of 19.5% at LNR Partners. REO was the second highest strategy deployed at 10% (apart from TBD and Other). <\/p>\n\n\n\n

Modifications saw a wide range from 6.4% at Rialto Capital to 20.3% of loans at CW Capital. \u00a0Across all special servicers modifications was the third most common strategy deployed with 9% of all loans falling into that category. \u00a0<\/p>\n\n\n\n

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Access Specially Serviced Loans<\/a><\/div>\n<\/div>\n\n\n\n

Loan extensions were achieved at 3 of the 6 special servicers and allocations were modest with Midland\u2019s  5% at the top of the range.  Full payoffs were achieved at 5 of the 6 firms, with Situs showing 5.6% of their loans reaching that mark\u2014the category high.<\/p>\n\n\n\n

Situs\u2019s results are noteworthy with 79.3% of their loans in the TBD category\u2014substantially higher than the other organizations.\u00a0 Clearly, we have a very limited view of the Situs portfolio\u2019s ultimate outcomes as of this print.\u00a0 For that matter, all the special servicers in our study showed high percentages of TBD strategies (the lowest, CW Capital, at 33.9%).\u00a0<\/p>\n\n\n\n

The data utilized in our analysis is as of August 31, 2024.\u00a0\u00a0<\/p>\n\n\n\n

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Special Servicer Examples:<\/h2>\n\n\n\n
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About CRED iQ<\/h2>\n\n\n\n

CRED iQ is a market data provider that offers a robust suite of data and software solutions tailored for commercial real estate and finance professionals.<\/p>\n\n\n\n


With over $2.3 trillion of CRE loans, CRED iQ delivers instant access to a comprehensive range of financial data and analytics for millions of properties in every market. CRED iQ\u2019s data and analytical capabilities are instrumental in helping investors, lenders and brokers make informed and strategic decisions critical to their business.<\/p>\n","protected":false},"excerpt":{"rendered":"

This week, the CRED iQ research team addressed one of the most common topics requested by our readers: understanding workout strategies from the Special Servicers\u2019  perspectives. Building upon last week\u2019s report, the objective of this study was to understand how the largest special servicers have addressed troubled loans so far this year.  Our team examined […]<\/p>\n","protected":false},"author":3,"featured_media":3144,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-4014","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts\/4014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/comments?post=4014"}],"version-history":[{"count":1,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts\/4014\/revisions"}],"predecessor-version":[{"id":4232,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts\/4014\/revisions\/4232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/media\/3144"}],"wp:attachment":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/media?parent=4014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/categories?post=4014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/tags?post=4014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}