SOUTHWEST REALTY <SWL> HAS LIQUIDITY PROBLEMS Southwest Realty Ltd said it believes it could make all of its scheduled montly debt service payments for 1987 despite the falloff in its rental operations, but making the payments would probably severely impair its liquidity and restrict its ability to maintain the quality of its properties. The company today reported a 1986 loss of 1,544,000 dlrs compared with a 1985 profit of 3,912,000 dlrs. Southwest said in addition to its monthly scheduyled debt service payments, a 1,743,000 dlr loan on one of its Houston properties is due to mature on April One. Southwest said a commitment to reduce the interest rate and extend the Houston loan for one year has been accepted. It said talks are underway with lenders on other Houston properties to obtain partial debt service moratoriums which, if granted, would cut 1987 cash deficits from 1986 levels. The loan renegotiations could involve bankruptcy or other litigation connected with the specific properties involved and could involve the suspension of interest and principal payments to some of the lenders. Southwest said if the attempts to restructure debt do not succeed, it could lose one or more of the properties. Southwest said the Houston properties made up about 10 pct of its current value equity as of December 31 of 14.20 dlrs per share, down from 16.68 dlrs a year before. The company said depending on the success of the talks and operating results for 1987, one or two more properties could become subject to similar negotiations. The two additional properties comprised about 11 pct of its current value equity at year-end, Southwest said.