Commercial real estate lenders have to consider not only how they’ll weather the COVID-19 downturn, but whether worker and consumer habits have changed for good.
With seven in 10 rooms sitting empty amid the coronavirus outbreak, hotel and banking groups are urging policymakers to open up the Term Asset-Backed Securities Loan Facility.
The rush to unload mortgage-backed securities signals that a credit meltdown that began with corporate bonds is spreading to other corners of the market.
Banks are avoiding the once booming hospitality business, or charging a premium for additional credit, as new data shows how big a hit hoteliers have taken from the pandemic.
Sierra Bancorp in Porterville has formed dedicated lending teams in Sacramento and Greater Los Angeles in its bid to accelerate loan growth following a sluggish 2019.
Greg Seibly guided Sterling through the financial crisis before engineering its sale to Umpqua Holdings in 2014. He is currently CEO of the Federal Home Loan Bank of San Francisco.
The Arkansas bank is bracing for a rough 2020 amid record prepayments and a big substandard loan in its commercial real estate book, but CEO George Gleason insists shareholders will see "a nice payoff" in the long run.
