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Credit Restrictions and the Market for Commercial Real Estate Loans

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Author Info
Brent W. Ambrose
John Benjamin
Peter Chinloy

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Abstract

This paper develops a model of the market for commercial real estate loans based on the variables used by investors and lenders in property decision-making: the income capitalization (cap) rate, the debt-coverage ratio and the loan-to-value ratio. Empirical results for aggregate United States real estate originations and commitments for 1970-93 indicate that loan demand is sensitive to the cap rate and to building permit issuance. The dominant criterion used by lenders is the debt-coverage ratio as opposed to the loan-to-value ratio, a finding which may have implications for underwriting standards and credit policy. Copyright American Real Estate and Urban Economics Association.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1540-6229.00677
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Publisher Info
Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

Volume (Year): 24 (1996)
Issue (Month): 1 ()
Pages: 1-22
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Handle: RePEc:bla:reesec:v:24:y:1996:i:1:p:1-22

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1080-8620

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  1. Luis C. Mejia, 1999. "Availability of Credit and Loan Default: A Look at the Commercial Mortgage Supply Cycle," Journal of Real Estate Research, American Real Estate Society, vol. 18(1), pages 175-196. [Downloadable!]
  2. Ron Donohue & Patric H. Hendershott, 2004. "Fund Flows and Commercial Real Estate Investment: Evidence from the Commercial Mortgage Market," Journal of Real Estate Research, American Real Estate Society, vol. 26(4), pages 417-442. [Downloadable!]
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This page was last updated on 2009-10-26.

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