If commercial property becomes a service industry, asset-level finance will become less relevant.
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Italy faces a battle to retain lenders’ renewed faith in its property market amid the unpredictability created by the election of the country’s first populist government.
Loan servicers were most prominent when dealing with the fallout from the financial crisis, but they can play a valuable long-term role helping lenders avoid fresh problems.
Amid warnings of ‘enormous complacency’, deepening gloom on the UK’s high streets should encourage lenders to adjust their strategies.
The return of CMBS creates additional liquidity for the European market, but its scope should remain selective.
Property owners are reluctant to sell assets, meaning refinancing will be a major driver of lending activity.
European regulators deserve credit for pressuring banks to deal with toxic loans, but the weight of capital chasing distressed property debt is also driving activity.
Participants in real estate debt deals should resist the temptation to relax financing standards.
Debt providers are concerned with changes in underlying property markets, but they should not overlook macroeconomic threats, writes Nicole Lux, author of the Cass UK lending survey.