Market conditions for May remain largely unchanged from last month as the impact of COVID-19 across the economy, property & commercial real estate (CRE) debt markets continue to persist.
The Manager’s view is that residential is considered the most defensive asset class right now and continues to see high demand for residual stock loans. The Manager has observed that borrowers are being cautious with a preference for lower leverage than observed pre COVID-19. There are also some borrowers who have deferred new lending until market conditions improve. Nonetheless there continues to be compelling opportunities as banks tighten their credit supply and alternative lender competition pairs back.
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