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Global Public Policy

ICSC joins call to clarify CRE Lending Directives

May 15, 2020

This week several national business and real estate organizations, including ICSC, sent a letter to federal financial regulators requesting additional clarity to build upon previous statements encouraging financial institutions to work with commercial real estate borrowers. While commercial real estate borrowers have seen this regulatory guidance factor into traditional bank loans, other types of real estate financing arrangements have not received the same response.

As the letter states, “Specifically, we request clarification that, in addition to traditional loan products, lending and financing arrangements, such as warehouse lines and repurchase agreements secured by multifamily and commercial real estate loans and commercial mortgage-related securities, are within the scope of the guidance in the Statement.”

ICSC is very aware and concerned by the lack of responsiveness by non-bank lenders to certain commercial real estate borrowers who are experiencing rent revenue impairment due to government imposed closures or social distancing requirements to stop the spread of COVID-19. We recognize that our members are challenged by tenants that cannot or will not pay their rent obligations and lenders who still require payment on their mortgage debt obligations. In many cases, these were and will return to performing assets after the pandemic response. Borrowers are looking for an opportunity to create fair workouts with their lenders.