Debt collectors in the US have been on a hiring spree as they prepare for a wave of property loan defaulters.

The move is being seen as an alarming omen for commercial mortgage-backed securities.

CW Capital, responsible for just under $34bn of commercial mortgages, said it had boosted staff working on distressed loans by almost 30%.

The rise in unpaid mortgages has led to $54bn of loans being handed to special servers in recent months.