As we noted last week, in light of the pressures on the real estate sector caused by the Covid-19 outbreak, lenders will need to consider what flexibility they may be able to offer their borrowers on a case by case basis. It is encouraging to see evidence of lenders working in partnership with their borrowers to find appropriate solutions to the challenges that are being faced. Solutions such as those mentioned in the attached article are being considered by many lenders in the REF market at the moment. It will be important for lenders and borrowers to work closely with their advisers to ensure that the amended contractual provisions provide appropriate assistance to borrowers in the short term whilst preserving the ability for lenders to continue to manage the loan arrangements as the situation develops.
They have acted as a true partner to our business and this decisive action has enabled us to be another step closer to being well-positioned to emerge from this crisis.