Got a call today from a colleague in another state who has a commercial mortgage brokerage practice exclusive to multifamily deals.
He clearly knows how to spread, package, and present his deals but called today out of frustration at the lack of interest by lenders of any size or type in his transactions.
Mind you, these are not edgy transactions. Most brokers are now seeing some of the very best transactions of their lives - but can't get any money for them no matter what.
What's surprising is that the multifamily lending seemed stable, but basically what is happening is that no lenders want to approve and close on any transaction.
Don't buy the press from the big lenders on how much they're lending. It just isn't true, and even if they do a deal it certainly isn't for a main-street investor or building owner.
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