The CRE Lending Black Hole:
Steady gains followed by extreme pains.
A report for the Property Industry Alliance Debt Group
Rupert J Clarke
Chairman, Property Industry Alliance Long-term Value Working Group
An analysis of Commercial Property Lending Industry profits and losses in the 1992 to
2008 lending cycle, identifying financial characteristics and behaviours related to that
and previous cycles, and establishing organisational strategies to reduce financial risks
in future cycles.
