Instead, reach out to your local bank. Your friendly,neighborhood portfolio lender never left the business. While youexperimented with complex loan documents, high legal fees, escrowsand defeasance clauses, your portfolio lender has always been therewaiting for you to see the light.

When you speak with your banker, be prepared to hear loan termsfar different then what you might have been used to. Gone are thedays when high-loan-to-values, projected cash flows, low debtservice coverage ratios and non-recourse lending were in vogue.Those terms have mostly sunk with the Titanic. The new lingoincludes in-place cash flow, amortization and guarantees.

The Mortgage Bankers Regional Conference held in Atlantic Cityrecently was attended by more than 200 commercial mortgage bankersand brokers, portfolio and CMBS lenders, attorneys, appraisers andinvestors and owners. The theme from the conference was clear:While Wall Street is out of business and life companies are on thesidelines, the portfolio lenders have filled the void and areclosing deals.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.