ADISA co-signed a letter, which was sent today, May 15, from the U.S. Chamber of Commerce Center of Capital Markets Competitiveness to federal banking regulators that will request clarification on the April 7, 2020 guidance that encourages financial institutions to work constructively with borrowers impacted by COVID-19. Signatories request clarification that, in addition to traditional loan products, lending arrangements within the scope of the guidance in the Statement include lines of credit, structured financial products, and other extensions of credit to creditworthy borrowers. In this context, borrowers include real estate investment trusts (REITs), finance companies, and private credit funds, with outstanding extensions of credit from financial institutions used to further provide credit and financing to the market.

The letter was sent to The Honorable Jerome Powell, Chair of the Board of Governors of the Federal Reserve Systems; The Honorable Joseph M. Otting, Comptroller of the Office of the Currency; and The Honorable Jelena McWilliams, Chair of the Federal Deposit Insurance Corporation.

The signatories included:
U.S. Chamber of Commerce
CRE Finance Council
Mortgage Bankers Association
Nareit
Institute for Portfolio Alternatives
ADISA (Alternative & Direct Investment Securities Association)
International Council of Shopping Centers
The Real Estate Roundtable
National Association of REALTORS®
Institute of Real Estate Management
CCIM Institute
Society of Industrial and Office REALTORS®

You can read the letter in its entirety here.