I just received a phone call that is becoming all too common these past few weeks. A commercial real estate agent thought she’d take a chance to call us, just to see if we might still be lending.
Apparently, she has a deal that needs closing for two physician clients of hers . . . but their lender has just now, stopped making loans. That’s right . . .you read that correctly – they’re ready to close, but their lender has said, “no mas.”
This is sad . . . not to mention unprofessional. When a commercial lender issues a commitment letter, they NEED to honor it. That’s why it’s called a “commitment letter” after all. If they’re making good loans in the first place, on good, respectable credits, then no regulator is going to tell them to abort their commitments. This “freeze” that some banks are experiencing is giving the banking industry a black eye, and it’s contributing to more fear in the marketplace, not less. This invariably will lead to even more problems, now and in the future. And you’ll be wise to remember your banker’s “freeze excuse” now . . . just imagine how “cold” your experience will be with him in the future?
So if your banker is hiding from you, neglecting you, or has just plain stopped making good commercial loans, then you need to call us IMMEDIATELY! We’ll come in and “save the day,” just like we have been doing for our Clients for the past several months.
We’re DEFINITELY still open for business and making loans regularly. In fact, just this week, we’re
having 5 closings and on four of these, we’re still doing 90% loan-to-cost financing.
See, you need a reliable source for commercial real estate loans. You don’t need excuses and fear. As I’ve been saying for months, NOW is the time to summon-up the courage to buy the discounted assets, like commercial property, that is all around us. The smartest folks make the most money when there’s “blood in the streets,” as Rockefeller once said. This is a great time to buy commercial property, and we’re standing firm, ready to help you and those you know. Call us and you’ll see.