The credit spigot is starting to trickle, but it’s a long way to a steady flow.
Lending is looking up. New commercial loans jumped 12 percent in the first quarter of the year compared with the same period a year earlier, continuing the upward trend from late 2009, according to the Mortgage Bankers Association. “I’m actually getting phone calls from mortgage brokers,” says Todd Clarke, CCIM, president of NM Apartment Advisors Inc. in Albuquerque, N.M., though he adds that so far it’s been more talk than deal-making.
That too may change. A survey of 60 lenders conducted by Jones Lang LaSalle early this year found that 43 percent expect their loan production to more than double this year from their 2009 volume. But “better” still doesn’t mean “good.” If you want to get financing done today, you need the right property, the right market, the best tenants, and an experienced borrower or sponsor. Click here for entire article