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Value of commercial property loans in default rises to £7bn
The value of commercial property loans in breach of their agreed terms has more than trebled in six months and now stands at just under £7bn, according to a report by DeMontfort University.
The number of property investors slipping into breach of their contracts and defaulting on their loans is a genuine concern to the banking industry, and to the UK economy.
The number of organisations who have loans in breach of financial covenant has almost doubled to 78% of all companies, compared with fewer than 50% at the end of last year.
Research by DeMontfort also revealed that the commercial property sector has almost £209bn worth of debt and that around £600m worth of loans were defaulted during the first six months of the year.
Post Date: December 17th, 2008
The number of property investors slipping into breach of their contracts and defaulting on their loans is a genuine concern to the banking industry, and to the UK economy.
The number of organisations who have loans in breach of financial covenant has almost doubled to 78% of all companies, compared with fewer than 50% at the end of last year.
Research by DeMontfort also revealed that the commercial property sector has almost £209bn worth of debt and that around £600m worth of loans were defaulted during the first six months of the year.
Post Date: December 17th, 2008
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