Lenders pledge to treat commercial landlords sympathetically
Banks and other providers have committed to supporting commercial landlords ahead of the June/July rent quarter.
They said they will support ‘viable businesses’ and are engaging with landlords ahead of the next quarter.
Circumstances will be considered on a case-by-case basis, while providers have pledged to treat customers ‘sympathetically’.
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.”
Commercial landlords who are concerned about making loan repayments or require financial assistance and have not yet been in contact with their lenders were advised to do so.