Canadian Imperial (CM) Signs Deals to Offload US Office Loans
CIBC(CM) zacks.com·2024-05-22 20:31
Office loan exposure is problematic for banks currently. Lenders are trying to offload those, even at a discount. One such bank doing so is Canadian Imperial Bank of Commerce (CM) .Per a Bloomberg report, CM has signed agreements with multiple buyers to divest U.S.-based office loans worth $316 million at a discount. These loans are backed by eight offices located in cities including San Francisco, Seattle, Phoenix and Austin.As the process is private, the company spokesperson declined to comment on the dev ...