For Real Estate Professionals Seeking a Market Edge
Thanksgiving Thoughts
As Thanksgiving approaches and we prepare to overindulge on turkey and pumpkin pie, the collective commercial real estate community has an emphatic message for all lenders:
Please allow a degree of common sense to accompany your underwriting standards. We understand that today's uncertain times call for prudent underwriting and evaluation of loans. Our concern is that the pendulum has swung so far back to the conservative side of lending that no one, including lenders, is being served in this market.
Many quality refinance and acquisition transactions are declined as they do not ‘fit 100% inside of the box.’ With 2010 upon us and hundreds of millions of dollars in loans maturing, let us work together and ‘right the ship.’
A Happy Thanksgiving to all and to all a great holiday weekend!
Hot Money
Insurance Company Seeking Loans Nationwide
Penstar is currently working with a lender actively funding loans ranging from $2 million to $15 million for properties located nationwide. Seeking loans for office and anchored retail with a maximum loan to value of 65%; their terms and respective rates are: 3 years at 6.0%; 5 years at 6.5%; 7 years at 6.75%; and 10 years at 7.0%; and carry a maximum amortization of 30 years. For more information, please contact Steven Hamermesh at (818) 883-9609 or Hamer@PenstarAdvisors.com.
Helpful Humor
The best antidote for those challenging transactions is to take a moment to have a hearty laugh. Helpful humor is our way of infusing laughter into your work-week
No Turkey on “Thanksgiving Eve” “Please let me in,” says the man desperately. “I forgot to buy a turkey, and my wife will kill me if I don't come home with one.” “Okay,” agreed the butcher. “Let me see what I have left.” He goes into the freezer and discovers that there's only one scrawny turkey left. He brings it out to show the man. “That's one is too skinny. What else have you got?” asks the customer. The butcher takes the bird back into the freezer and waits a few minutes. He returns, carrying the same turkey out to the man. “Oh no,” exclaims the fretting husband, “That one doesn't look any better. You better give me both of them!” |
30
Day Libor |
10-Year
Treasury |
Prime |
0.32% |
3.74% |
3.25% |
Penstar Realty Advisors can be reached at (818) 883-9600.
Our offices located at:
21700 Oxnard Street, Suite 1870, Woodland Hills, CA 91367