PNC Financial Services Group saw increases in delinquencies, gross nonperforming loans (NPLs) and net charge-offs in the fourth quarter. A notable contributor to the increase was its commercial real estate (CRE) portfolio, PNC Executive Vice President and Chief Financial Officer Robert Q. Reilly said during the bank's quarterly earnings conference call on Tuesday (Jan. 16). Of the $79 million increase in net loan charge-offs that PNC reported, $56 million came from CRE clients, Reilly said. Overall, net charge-offs increased 65% in the fourth quarter compared with the third quarter, PNC said in its earnings release Tuesday. “The CRE office portfolio…
Author: Private Lending Agent
Initial headlines and initial views on the big banks' earnings may have focused on the consumer picture, particularly card spending. But reports and revenue supplements also contain data that should be collected to understand the state of commercial lending. And, by extension, the situation for Main Street small and medium-sized businesses (SMBs). For now, the macro pressures seem manageable, but of course, caution is required. Beyond real estate lending, where remote and hybrid working environments have put lease commitments under pressure, the report shows that businesses in general are drawing down deposits and loan losses are gradually rising from low…
If the borrower misses or stops making payments, the loan goes into default, the painful foreclosure process begins, and the property is reverted to the lender, who may then auction it off if they don't want to keep it. One notable example was Brookfield Properties and Westfield America's decision to sell off San Francisco Centre Mall, after lenders Wilmington Trust and Wells Fargo sued Westfield for violating loan terms and a court appointed Trident Pacific Real Estate Group to manage the property. More recently, the Kibelstadt Group, led by the husband-and-wife team that runs Kibelstadt Cellars in Sonoma, is reportedly…
2023 was an overall slow year for the Whistler and Pemberton real estate markets, with prices remaining steady but inventory increasing slightly. The primary driver of the decline in sales was the impact of inflation on household finances and a general decline in buyer borrowing power as a result of high interest rates throughout the year. Whistler Whistler saw a total of 490* sales in 2023, down 13% from 2022 and the lowest annual sales in the market in the past decade. Total Whistler market sales were $867 million, about $60 million below the 10-year average. Prices, however, have held…
Get your free copy of Editor's DigestFT editor Roula Khalaf picks her favourite stories in this weekly newsletter.Central banks have been stoking interest rate cuts to fuel financial markets, but the fastest cycle of interest rate hikes in a generation is creating real-world tensions, and nowhere is this more evident than in the commercial real estate industry.Rising interest rates have caused real estate valuations to plummet, and while interest rates in Europe may not have risen as sharply as in the U.S., they are sure to lead to more turmoil in the real estate sector this year.What has improved is…
January 11, 2024 Ken Kaplan and Lionel Assante promoted to co-chief investment officers at BlackstoneNadeem Meghji Promoted to Global Co-Head of Blackstone Real Estate NEW YORK – January 11, 2024 – Blackstone (NYSE: BX) today announced that Ken Caplan, current Co-Head of Global Real Estate, and Lionel Assant, Head of European Private Equity, have been promoted to the newly created role of Global Co-Chief Investment Officers (CIOs) for Blackstone. They will provide enhanced coordination and oversight of the firm's already rigorous investment process. Nadeem Meghji, Head of Real Estate for the Americas, will succeed Caplan as Global Co-Head of Real…
If you're looking for funding for your Ohio business, small business grants may be an attractive option. However, because competition is intense and the application process can be time-consuming and tedious, you should research grant programs to find one that fits your business needs.Below is a list of small business grants available to Ohio businesses, as well as additional resources that may be helpful in the grant application process.To better understand the unique needs of your business, we'll begin by completing a short survey.Once you find your perfect match, our team will be happy to guide you through the next…
The IRS announced the 2024 tax rates, which went into effect on January 1. Check out the table below to find the main individual and corporate federal tax rates and limits for 2024. Refer to this information as you prepare and make decisions throughout the year. Filing Tax Rate Individual Tax Rate Filing Status Married filing jointly (MFJ) Single Married filing separately Head of household 10% Up to $23,200 Up to $11,600 Up to $11,600 Up to $16,550 12% $23,201-$94,300 $11,601-$47,150 $11,601-$47,150 $16,551-$63,100 22% $94,301-$201,050 $47,151-$100,525 $47,151-$100,525 $63,101-$100,500 24% $201,051-$383,900 $101,526+$191,950 $101,526 – $191,950 $100,501 – $191,950…
Veterans help fuel American small businesses. However, they face significant challenges that can make it more difficult to grow their businesses and get financing. Here we’ll share options for veteran business owners to get the help and funding they need to start and grow their businesses. First, a few important observations, according to SCORE’s report, The Megaphone on Mainstreet: Unsung Entrepreneurs: Veterans represent 9.1% of all American small businesses and generate $1 trillion annually in receipts. Veterans are 35.4% more likely to start their businesses to supplement their primary income. They are 23.3% more concerned than non-veterans about financing. Nearly…
This year is expected to mark a turning point in the steady upward trend in interest rates, with consumers benefiting from lower borrowing costs. The Federal Reserve has kept interest rates on hold in the 5.25% to 5.5% range since July, after raising the policy rate 11 times since March 2022, bringing it to a 22-year high. At its December 2023 meeting, the Fed expects to implement three quarter-point rate cuts in 2024, which could bring the federal funds rate down to a 4.5% to 4.75% range by the end of 2024. Richard Wobbekind. (Photo by Cody Johnston/University of Colorado…