Shop Talk: A Conversation with Bill Maxted
The latest edition, for year-end 2008, of the annual commercial property lending survey carried out by De Montfort University, based in Leicester, United Kingdom, lays bare the parlous state of the property lending market in the United Kingdom in the aftermath of the credit crunch. Those real estate players that are seeking to refinance “good time” loans that are coming up to maturity are now finding out the hard way just how difficult it is to find new supplies of debt — and those that do find new supplies are finding out how expensive it is.
Falling property values have led to the United Kingdom losing its status as the largest commercial real estate market in Europe. Nevertheless, the scale of the market’s decline and repricing, the extent and as yet unresolved nature of the debt problem, the impact of the economic recession and the real estate in