Deluge of CVAs hits lender appetite as owners that had been hoping to sell retail assets look to refinance instead.
In the wake of all the CVAs and administrations this year, lender appetite for financing all but the best-performing retail property has fallen away.
Rather than increasing their pricing to compensate for increased risk, many lenders are preferring to sit on the sidelines.
“Lenders are not ‘risk-reward pricing’ certain retail deals – they’re actually just saying ‘we don’t want to lend’,” said James Spencer-Jones, head of EMEA structured finance at Cushman & Wakefield.
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