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Are Lenders Lending?
That seems to be the question a lot of Commercial and Business Brokers, as well as the Residential Realtors with listings  priced over $200,000, are asking themselves.  Whether it is a commercial property buyer with a 720 FICO, restaurant experience, and a 25% downpayment who cannot get a restaurant property financed because the lenders "would rather not finance a restaurant", a commercial property buyer who is not willing to put a $350,000 downpayment on a million dollar building, or gas station owner who can't sell his business even though he has tax returns substantiating ten years of consistent, and increasing, revenues and profitability.  In southern New England, it seems that the "bread and butter" deals are far fewer, and further in between, than I can remember.
It seems that the deals that are getting done are those with Seller Financing.  The Lending Guidlines are more stringent than ever, and more and more buyers are finding their Credit Score is declining due to reduced credit lices, and a higher than optimal DTI.  Even many of the first time home buyers attempting to utilize the tax credit can't qualify due to either poor credit profiles or an inadequate downpayment.  Personally, I have been ... more

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