From Longman Dictionary of Contemporary Englishlet’s face it/let’s be honestlet’s face it/let’s be honestused to say that someone must accept an unpleasantfact or situationLet’s face it, no one’s going to lend us any money. →let
Examples from the Corpus
let’s face it/let’s be honest• Let's face it, Scott. We're not as young as we used to be.