NEW YORK CITY- Borrowers are reassessing their deals in the pipeline amid the coronavirus pandemic, consulting with lenders on existing loans, and new loans to close deals as quickly as possible, Aaron Appel, senior managing director at Walker & Dunlop in New York, tells

“What we’re really focused on is our clients working with their portfolios,” Appel said. “So a lot of clients that had new business, are taking a step back.”

For transactions that are in the beginning stages or underway, Appel said the firm is identifying available financing to position clients three to six months out. For instance, in the case of landholding-construction loans. Also, some clients who were seeking loans are now looking for equity partners, Appel said. “ We’re mapping out for clients what the right approach is based on what the capital needs are at this time, and also putting protective measures in place for the future,” he said.

A current hurdle in the marketplace for investors, who were under contract for certain financial products and anticipated a specific amount of proceeds, are finding the financing is no longer available because of market uncertainty, so now buyers are trying to get extensions with sellers, according to Appel.

In terms of commercial mortgage-backed loans, Appel said for some clients they’re looking to put in place short-term floating-rate financing because that market is on hold and to allow the closing on an asset, and then when the capital markets come back after the current public health crisis subsides, refinancing with a long-term loan.

“The way we’re viewing the market, we think there will be liquidity available 6 months from today, but don’t think the market will roar and roll like it was over the past ten years,” Appel said.“We’ll have a functioning economy again, and we certainly think this is a low point in terms of the economy.”