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PHILADELPHIA-After two quarters of relative optimism, lenders across the country are beginning to brace for a possible economic downturn, according to the newly released "Lending Climate in America" survey by locally based Phoenix Management Services. Of the lenders polled, 59% polled predicted a softening of their loan portfolio over the next six to 12 months and an additional 27% said they anticipate portfolio deterioration within 12 to 24 months.

"There's not going to be a catastrophic dry-up of liquidity, but there will be adjustments in commercial real estate lending," Michael Jacoby, managing director and shareholder of Phoenix Management, tells GlobeSt.com. He conceded the latest survey did not ask specific questions about the commercial real estate loan sector.

"Lending institutions will take a harder look at potential risk. It's been a buyer's market in being a borrower," Jacoby says, basing his conclusions on ongoing dialogue with lenders. "I wouldn't say there will be a turn in the tide, but lenders will be more cautious about both the loan portfolios they hold and the loans they make.