Commercial lending

More clarity around values and an urgent need to address looming debt maturities are expected to spark more deals, a report from Jones Lang LaSalle said.

The agency plans to restrict access to a system that provides borrower tax returns to mortgage lenders beginning June 30. Left out of the loop, small-business lenders say getting credit to borrowers will become more difficult as a result.

The deadline for a $28 million deal between Bancorp 34 and CBOA Financial was pushed later into 2024 after Bancorp 34, the buyer, announced it would restate third-quarter results to reflect a significant loss tied to a worsening commercial real estate credit.

Remote work trends and high interest rates have substantially reduced the values of U.S. office buildings. A new academic paper estimates the extent of the deterioration, suggesting that there is perhaps more stress ahead for banks than is widely anticipated.

Analysts agree that the Long Island-based bank will probably absorb some losses due to its exposure to struggling segments of the commercial real estate market. But they differ on the extent of the likely damage.

The head of the short-selling firm Muddy Waters said he's short Blackstone Mortgage Trust, saying the publicly traded real estate investment trust is exposed to a perfect storm of economic conditions hitting commercial real estate and may face a liquidity crisis. 

Rep. Maxine Waters pressed executives from City National Bank, PNC Financial Services and Wells Fargo on opening branches in her California district and upholding promises made from recent merger agreements or consent orders.

The BSBY interest rate benchmark was originally envisioned as a successor to the once-ubiquitous Libor rate. But it failed to gain much traction, and Bloomberg now plans to shut it down next year.

WeWork, once valued at $47 billion, needs to slash costs and shore up its finances as it tries to continue operating.

The coworking giant's spiral hit landlords along the way as it renegotiated and sought to exit many leases.