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London Property Alliance calls for bank flexibility during the Covid-19 crisis
The Covid-19 pandemic has had a major effect on the revenue stream of tenants, which has impacted their ability to meet their rental payments. Some landlords have responded to the situation by agreeing amendments to rent payment obligations to ease cash flow pressures on their tenants. In many cases, however, landlords themselves are now at risk of failing to meet their interest payments under their loan arrangements. The London Property Alliance (“LPA”), which represents 400 members with interests in Central London property, has, therefore, called on the Chancellor to encourage lenders to show flexibility towards landlord borrowers during disruption caused by the Covid-19 crisis.