Nationwide to cease commercial real estate lending
Nationwide has revealed today that it will no longer lend on commercial real estate, according to its Interim Results.
Following a strategic review of its business, the building society concluded that CRE lending was not 'key to the Society's vision for the future and that [its] resources would be better deployed elsewhere'.
The Society added:
"We will maintain a dedicated service for each existing CRE customer throughout the remainder of their loan term. We will continue to provide funding to registered social landlords and existing Project Finance customers as well as continuing our Business Savings proposition."
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