I thought I'd go on a small rant about my industry and a little of what I'm doing about it. I run a commercial brokerage supplying financing for businesses and investors. I know I haven't been around for as long as many of you, but I think you can agree that you learn fast in this business. After closing hundreds of loans ranging from simple refi's and purchases to hard money, bridge loans and SBA financings I can safely say I have a nice grasp on the status of where things are going.
What scares me is the new found hesitation from banks in dealing with well qualified borrowers and the deceptive nature regarding their approval process. Obviously we have a financial crisis currently going on, but there are still perfectly good deals sitting there. With realtors being my favorite form of referral it kills me to see their listings sit even with many interested buyers. To better move things along I have taken my business more to local and regional banks. I find that the smaller banks are better equipped to handle the every-day transactions that have become such a problem these days.
Now you may or may not agree with me and I know that plenty of banks are "approving" many loans out there. What you probably don't realize is they are simply trying to keep their pipe line's full even though they really don't plan on funding most of them. It takes an insider source to know whether that bank who your client has been "approved" with really can get their financing in the end.
I am happy to say I have many "go to" banks I currently deal with who will tell me up front whether they are truly interested or not. This took many round of golf to acheive so if I were you, I would get on the phone with whatever bank is involved and go over the deal from start to finish to make sure they really are interested.
Feel free to contact me with banks I refer.
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