Enumeration | Definition |
---|---|
CRE development | Facilities secured against development transactions where the primary means of repayment is through the completion of that development. Includes: a) house builder with non-recourse SPV exposure for a specific property development; and b) specific developments or structured exposures for corporate property companies (e.g. British Land PLC). Excludes trading exposures to house builders. |
CRE investment | Facilities secured against property where the rental income from the property is the primary means of repayment of the facility. Includes: a) exposures to commercial real estate properties where the development phase has been concluded; and b) hotels and nursing homes on a third party lease. Excludes: a) loans to social housing associations; b) other hotel and nursing homes loans (i.e. owner occupied); c) Op Co/Prop Co exposures with a wider corporate relationship; d) other exposures of corporate property companies (e.g. General Corporate unsecured balance sheet lending); e) CRE exposures held at Fair Market Value; and f) hedging positions where there is no debt. |