Bank of Internet CEO Gregory Garrabrants speaks with GlobeSt.com's Alyson Grala about multifamily and distress at Real Estate 2010. Watch the full video on GlobeSt.TV.
The president and CEO of the internet-based bank, which also has a full service apartment lending group called ApartmentBank.com says that distressed investments will continue to trickle out and the financing will be there for assets that are priced attractively.
"It's going to be a much longer cycle than people expect," he said, pointing out that banks haven't really been selling assets, so there aren't a lot of transactions to create valuation reductions and it needs to happen in order for the market to reach equilibrium.
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