Multifamily Loan-to-Values (LTVs) are Lowest in CRE Today

August 30, 2022

Cushman & Wakefield's Director of Multifamily Insights, Sam Tenenbaum, shares some data showing the effect of rate movement on loan-to-value (LTV):

"The volatility in the market has investors adopting a risk-off approach. It’s no secret that in today’s choppy market, buyers have been forced to bring more equity to the table. But today’s market is unique in modern history: at no point since the early 2000s have LTVs been as low as they’ve been this year. Not only that, but for the first time since 2009, LTVs for multifamily have dropped below those of the other asset classes.

Despite LTVs dropping precipitously, debt volumes in the first half of 2022 held up well. While this data lags a bit from RCA, and we can’t see more up-to-date figures at this time, through the majority of 2022, buyers have taken on more debt than in 2021."

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