commercial programs: Hard money to the rescue? - 08/12/08 04:34 PM
Commercial loan programs in today's market have created a void making hard money programs attractive. Seems like it shouldn't be so, but hard money is making a huge come back in this environment. I'm getting several calls a week with a new hedge fund here and one there who want business. New hard money or a more aesthetic name of "private lending" is reaching out with higher LTV's and looking for those properties that are no longer attractive to the main stream market. However, the more established hard money guys are raising their standards because business is so good. Clients … (2 comments)
commercial programs: Lehman Brothers shuts it down but on the bright side: - 07/08/08 10:44 AM
Wow, the news just keeps on coming. We pretty much saw the warning signs for some big news to hit with the second quarter coming to a close. However, 2 of the biggest names in the business closing shop doesn't bode well for the industry. Definitely shrinking the the funding sources who are now easily cherry picking loans. Lehman Brothers Small Business Finance was a valuable option for many business owners needing to leverage cash or utilize a non bank lending program. Unfortunately, they have been mortally wounded by the sub prime mess and announced closing of the division. It's a … (5 comments)
commercial programs: CRE News - Indymac another casualty - 07/01/08 03:05 PM
Bad news in my world again today. IndyMac created a commercial division to become more diversified. However, it was too little, too late for them. It wasn't entirely unexpected but the way it was handle certainly was. The production team was let go at the end of the day on Monday and the division closed without any ado. Phone lines and emails went unanswered this morning. It's too bad because they did create a niche for just a little larger underwriting box. Any loans with locks are supposed to be honored but I'd sit on the deal if you have a … (0 comments)
commercial programs: CRE News- Okay this blog world is harder than programming my VCR. - 06/26/08 01:18 PM
Had a comment deleted in another. Realized that posting into a group that has many comments should be relevant. Reading the forum helps. DUH........ My own blog hasn't relevant to my forum so from here on I decree that I will do better. I have been getting calls from many mortgage brokers and agents still trying to close loans based on criteria that has been long gone. It's nothing personal but the secondary market has just stopped purchasing many loans and cherry picking the rest. We can go over a million reasons why this is happening but let's start with just … (0 comments)
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Commercial loan programs in today's market have created a void making hard money programs attractive. Seems like it shouldn't be so, but hard money is making a huge come back in this environment. I'm getting several calls a week with a new hedge fund here and one there who want business. ;)
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