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Commercial real estate (CRE) was hit hard because of the pandemic.
The transition from LIBOR to SOFR has been in the works for a while.
The percentage of immigrants as a share of the population has grown in the last 40Ys to 13.7% vs. 4.8% in 1970.
As the pandemic continues and tenants struggle to pay rent, small landlords could suffer, and with them, their lenders.
With tight competition for top-quality borrowers and high levels of deposits, lending has its challenges in 2021.
PPP funding is back!
Credit migration is always a concern for bankers and the uncertainty around the pandemic has only increased it.
The IRS recently provided guidance on certain tax breaks for forgiven PPP loans.
Since many community financial institutions have syndicated loans that are pegged to LIBOR, its discontinuation is especially important.
According to one estimate, tenants now owe more than $70B in back rent and utility bills and are on average nearly four months behind on rent.