Tessar further strengthened the view that the sector had held steady, telling MPA his company, which is a non-bank multifamily bridge lender, alongside providing other loan options, had seen “the best performance over the last six months”, suggesting Civic had successfully negotiated the COVID storm since the start of the year.

California-based Civic Financial Services recently achieved a milestone when it surpassed $5 billion in lifetime business purpose production – a first for a business purpose lender.

Closer scrutiny of the MBA figures however showed there had been a 0.5% increase in delinquent retail loan balances, while 3.5% of the balances of office property loans were non-current – up from 2.4% in May.

Additionally, 2.1% of multifamily balances were non-current, showing a 1.8% increase compared to May. Non-current assets are long-term investments that cannot easily be converted into cash.

Speaking specifically about this aspect of the survey, Tessar said the data did not reflect his company’s own performance. “We’ve had only one multifamily loan that has not performed, and that was through business dissolution and litigation between the owners,” he said.