Banks Still Challenged By Property Refinancing Posted By: Investor Today

Debt held against UK commercial property continued to fall last year from GBP 228.1billion to GBP 212.3billion, a drop of 6.8%, the UK's largest property lending survey has today revealed.
The influential UK Commercial Property Lending Market report by De Montfort University, the biggest of its kind to look at UK commercial property lending, found that while the overall level of debt is on a downward trajectory and progress has been made in dealing with the distressed legacy debt, there is a long way to go.
Between GBP 72.5billion and GBP 100billion will struggle to be refinanced on current market terms when the debt matures as it has an LTV of over 70%.
The survey of 72 lending teams from 63 banks and other lending organisations found that, while 2011 started with a degree of optimism for the commercial property lending market, including the first CMBS issue since 2007, this changed dramatically during the second half of the year as the crisis surrounding the euro zone and the sovereign debt of member states brought "extremely tough times" to the economy.investors news convincing news lettings news

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