The timing is right, Bill Hughes, SVP and managing director ofMMCC, tells GlobeSt.com. This time last year, lenders were sittingtight; not only were they not making loans, but they also hadhunkered into a defensive stance over borrower defaults andmodifications.
"One of big issues investors have had with lenders is theirnon-response," Hughes says. "We have had clients that haven't madea payment in six months and still have not heard from theirlenders. So the borrower is just sitting in limbo not knowing whatto do."
Much of lenders' response was due to the overwhelming nature ofthe crisis, he says. Now, lenders have sorted out theiroptions--and are starting to address borrowers who have gone into,or about to go into, default.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
