U.S. Capital Markets Glide Path to Clearer Skies
Key lending thresholds pressured amid rising rates
LTVs Reflecting Tightening Standards
….all as DSCR’s Contract Amid Rising Rates
75%
2.2
70%
2.0
1.8
65%
1.6
60%
1.4
55%
1.2
50%
1.0
2004
2005
2006
2007
2008
2009 2010 Commercial 2011
2012
2013
2014
2015 2016 Apartment 2017
2018
2019
2020
2021
2022
2023
2004
2005
2006
2007
2008
2009
2010 Commercial 2011 2012
2013
2014
2015
2016 Apartment 2017
2018
2019
2020
2021
2022
2023
37
Source: MSCI Real Capital Analytics
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