For the forbearance period related to CARES Act, Newmark (NASDAQ:NMRK) formed a $125M sublimit line of credit and fund 100% of the potential principal and interest servicing advances on its Fannie Mae portfolio at 1-month LIBOR plus 2.00%. It will be collateralized by Fannie Mae's commitment of advance repayment.

Currently, Newmark has four Fannie Mae loans in forbearance, with $0.3M of advances outstanding as of May 31, 2020.

"Rent collections have been resilient across the industry thus far in Q2, and we continue to expect the forbearance rate for Newmark to be below industry projections based on the credit quality of our portfolio," CFO Mike Rispoli commented.

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