Lenders confirm support for commercial landlords
The banking and finance industry is today confirming its continued support for commercial landlord customers as part of its ongoing commitment to help business customers through these difficult times.
With the June/July rent quarter soon approaching, lenders recognise that commercial landlords and their tenants may have concerns about their ability to make their payments.
Banks and finance providers are committed to supporting viable businesses and are engaging with their landlord customers ahead of the next quarter day. The flexible support available includes providing capital payment holidays and amending current facilities.
Stephen Jones, chief executive of UK Finance, said:
“Commercial finance providers are working hard to support business customers through these difficult times and lenders recognise that the current situation poses particular challenges for commercial landlords and their tenants.
“A wide range of flexible support is available, including amendments to facilities and capital payment holidays to help landlords and their tenants manage through the disruption.
“As part of the support being provided ahead of the June quarter day all the main commercial lenders are proactively contacting their major commercial landlord borrowers to identify concerns they have and provide support where appropriate.”
Those commercial landlords who are concerned about making loan repayments or require financial assistance during this time and who have not yet been in contact with their lenders should do so through the usual channels.
Banks and finance providers will treat customers sympathetically and will consider their circumstances on a case-by-case basis.
Today’s announcement is part of the industry support for businesses impacted by Covid-19, which includes making available new and extending existing finance, restructuring facilities, providing capital payment holidays and covenant waivers.
Figures published this week show that £27.5bn of lending has been provided to over 650,000 businesses through the three government-backed loan schemes so far with an additional £20.5bn extended via the CCFF commercial paper programme at the Bank of England facilitated by commercial paper programme arrangers across the banking sector.