UK Finance confirms support for commercial landlord customers

UK Finance has confirmed its support for commercial landlord customers as part of the wider banking industry’s ongoing commitment to help business customers through the coronavirus pandemic.

With the June/July rent quarter soon approaching, the banking body stated that lenders are recognising that commercial landlords and their tenants may have concerns about their ability to make their payments.

Commercial landlords who are concerned about making loan repayments or require financial assistance and who have not yet been in contact with their lenders should “do so through the usual channels”, UK Finance said, adding that banks and finance providers will treat customers sympathetically and will consider their circumstances on a case-by-case basis.

The trade body suggested its announcement is part of the industry support for businesses impacted by COVID-19, which includes making available new and extending existing finance, restructuring facilities, as well as providing capital payment holidays and covenant waivers.

Figures published this week revealed that £27.5bn of lending has been provided to over 650,000 businesses so far through the three government-backed loan schemes.

UK Finance chief executive, Stephen Jones, 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.”

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