The number of commercial mortgage-backed securities (CMBS) conduit loans liquidated in April was 148, a 56% uptick from the 95 in March, according to new data from Trepp LLC, which adds that last month's $1.4 billion in liquidations were about 9% higher than the 12-month moving average of $1.31 billion per month.
In April, liquidations came from 148 loans, equal to the 12-month moving average monthly volume. The average loan size for liquidated loans was $9.7 million in April. Over the last 12 months, the average size of liquidated loans has been $8.9 million.
The losses from April's liquidations were about $612 million, representing an average loss severity of 42.68%. This was up 10.91% from March's 31.77% reading. April's loss severity is up 17.13% from February's 12-month low of 25.55%.