Signature Bank “pleasantly surprised” by multifamily rent collections

Signature Bank, one of New York City’s most active multifamily lenders, was “pleasantly surprised” by rent collections during the last quarter. Its $15 billion multifamily portfolio, which accounts for 30 percent of its total holdings, saw rent collections top 80 percent during the second quarter, the bank reported during an earnings call Tuesday. Still, $9.4 billion of the loans in Signature Bank’s $50 billion portfolio remain in deferral. That’s down from $10.9 billion at the

source https://therealdeal.com/2020/07/21/signature-bank-pleasantly-surprised-by-multifamily-rent-collections/