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Syndication is slow and capital value forecasts are bleak, but CMBS transactions remain liquid and real estate is expected to retain relative value.
Coronavirus shutdowns have pushed nearly $25bn of US CMBS loans to the brink of delinquency, and the worst is yet to come.
A blue stock market graph on a high resolution LCD screen.
Trimont’s Michael Delaney argues that while the covid-19 crisis dominates the real estate lending market, the transition from LIBOR remains of crucial importance.
Lenders are facing calls to grant interest payment holidays, force majeure is on people's minds, and operational property is expected to be hardest hit.
Commercial tenants have been granted rent holidays as they deal with the impact of covid-19. Now, pressure is mounting for debt providers to grant similar treatment to their borrowers.
With tenants now defaulting on rent payments, new regulations will play a critical role in lowering the number of casualties in the industry.
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German lenders are lost for words, opportunistic credit specialists are gearing up, and sponsors are dealing with a loss of income.
Otherwise, US private real estate mogul Tom Barrack says, widespread margin calls could trigger the next financial crisis – and it’s hard to disagree.
The Colony Capital boss says the US property loan market is on the brink. Lenders in Europe should take note.
The moves by Allianz and AXA to combine real estate or alternatives entities are further steps to attract more money to non-traditional asset classes.
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