Musk’s refusal to pay rent adds to Goldman bad property loans

06/11 02:37

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Goldman Sachs has seen a surge in commercial real estate loan delinquencies, partly due to Elon Musk's refusal to pay rent for Twitter's office space. The value of loans behind on repayments rose 612% in Q1 2021 to $840m, according to reports filed by Goldman’s licensed banking entity with the US Federal Deposit Insurance Commission. This was much higher than the rise in delinquent CRE loans reported by the entire US banking industry, which were up 30% over the same period to just over $12bn. Commercial real estate lending accounts for less than 20% of Goldman's overall loan book and will not have a material impact on its earnings.

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