The COVID-19 pandemic has halted the lending and M&A markets. It’s uncertain what recovery looks like or how long it will take to get there. That’s why Carl Marks Advisors polled more than 115 advisors, lenders, investors and executives about the current and future state of the lending and deal-making markets. Despite the markets’ slowdown, the survey revealed general optimism that the lending market will rebound this year, but respondents were in agreement that normalized deal activity will take much longer to come back.