Now that the crooks are trying to liquidate them? "The Daily Capitalist Blog" said It is different at the regional and local banking level. Most of them held on to their bad loans as long as they could to avoid recognizing losses, which would require them to either raise more capital or fail. The banking regulators have largely facilitated this approach by suspending mark-to-market rules, requiring them to take TARP money, plus other accounting rules.

See the rest of this post if interested

http://feedproxy.google.com/~r/TheDailyCapitalist/~3/OxKJFw3TBnk/

But these lenders cannot hold back the flood. Both commercial and residential real estate continues to decline in value. There was so much overproduction (malinvestment) that four years after the crash the problem still festers. The result was that these banks tightened up lending standards, were wary of committing to new loans, and kept bad projects on life support hoping that things would turn around. Thus the credit crunch. They are the lenders that one-half of American businesses rely on for credit.

But now is there a growing trend to liquidate these investments

Small non-profit (church) owes 8K @ 6.99% on property and building valued at 0K conservatively, with a payment of 73 mo with A1 credit (never been late on a payment EVER in 11 years). Would it be worth it for us to refinance? And if so, should we stay with our current lender or try the other banks in town?

I already got quotes for a mortgage from a commercial bank broker that has 1% origination fee. His fees seem reasonable. He said closing costs will typically be 3.5% of loan amount. But I noticed on worksheet of loan fees he gave us that the loan is being sold to a wholesale lender that he works directly with. The origination fees he quoted us was a 1% fee for his services, and a 1% fee for the wholesale lender to process our loan. Is this ok? Our realtor thinks we should shop around elsewhere and see what other quotes we can get? Realtor is not liking our bank choice because the loan officer that we are dealing with at this commercial bank did not supply a cell phone number or have any way of contacting him other than during office hours which they close at noon on Wednesdays. I tried to do some research of the bank online but am not finding much information and can’t seem to find reviews. All I noticed was that the bank was bought out by another bank in Georgia back in 2006. We are located in Alabama but are not from here so we are not too familiar with what are the popular banks in Alabama for mortgages. I have tried finding reviews or by asking friends in the area about this bank we are dealing with but no one seems to know anything about it. Just not sure if I should just go through a larger bank such as Regions or Wells Fargo? My work friends have mortgages through Regions so maybe we should get quote through them? We are trying to get a Fannie Mae homepath loan by the way.
Husband I are getting first mortgage so that is why we are unsure of our lender choice.

I can’t believe how misinformed and easily manipulated people are. Some people still think the Dems were solely responsible for the mortgage blowout because they FORCED banks to give bad loans.

What a crock of crap–the banks freely and willingly peddled trillions in bad loans because they were making truckloads of $$$$$$$$$$$$$$.

The sub-primes for minorities were a minuscule portion. Think about it, the are MINORITIES and many of those mortgage had LOW balances because much minority real estate is valued way less than the rest of the nation.

Also, Fannie and Freddie only do RESIDENTIAL mortgages. What about all the commercial mortgages that went belly up.

Big banks such as Bank of America, Citi Bank, and Wells Fargo often charges high closing cost. Are there other small banks or mortgage lenders that offer low rate & low closing cost?

I saw TV commercials that some personal loan companies (such as "Cash Call") also start doing mortgage loan. Are they reliable?

Thank you

I don’t have anything to put down. I was told that I would need to put down at least 20% which would be 0k for the property I am interested in. If the seller is is willing to finance the 20% would the banks allow me to finance the property this way? Or could I do a business plan to get a bank to finance the entire purchase?

i bought a 10 unit apartment complex for ,000. it was recently appraised as-is for 5,000. i am looking for ,000 to fix up.

in going to lenders they are saying they WILL re-finance once fixed up. same seems true thru banks.

is there a source of funding available to provide repair costs on a project?
this property has been vacant for 10+ years. the running rate on a one bedroom apt. is 0/month

Any suggestions gratefully received.

I own an apartment in Sao Paulo, Brazil that I am looking to refinance, with a higher loan value (increase the value of loan). The current value is USD 1,000,000 and I have a mortgage with a Brazilian bank. The mortgage is equivalent of USD 500,000 giving a loan to value of 50%. Refinancing is very difficult in Brazil – the main banks DO NOT offer this product. I am therefore looking to find an international lender/private lender who is willing to provide this type of financing.

I am an expat partner with one of the big-4 professional services firms, based in Brazil, with a very good income and credit history. Property financing in Brazil is very different to what I have experienced..

Considering that I may need to consider alternative options (for example, international lender) I will also take appropriate legal advice.

Any suggestions?

I am not sure if it is saying the owner owns the majority except for so and so piece of property which is a joint venture with a bank???

Well I know banks aren’t in the real estate business which is why this part doesn’t make sense to me. Is it because someone else had bought a certain plot from the owner with a loan and it got reposessed or what? Please help me clarify as I am interested in the piece of land that it is saying (I think) that the bank owns. This is the ad:

+/- 27.29 Acres of Land Owner Financing / Joint Venture Opportunity Bank owned property +/- 1780 Linear Feet of Frontage on I-10 +/- 750 Linear Feet of Frontage on N Caldwell St

Thank you for your feedback!

Any suggestions gratefully received.

I own an apartment in Sao Paulo, Brazil that I am looking to refinance, with a higher loan value (increase the value of loan). The current value is USD 1,000,000 and I have a mortgage with a Brazilian bank. The mortgage is equivalent of USD 500,000 giving a loan to value of 50%. Refinancing is very difficult in Brazil – the main banks DO NOT offer this product. I am therefore looking to find an international lender/private lender who is willing to provide this type of financing.

I am an expat partner with one of the big-4 professional services firms, based in Brazil, with a very good income and credit history. Property financing in Brazil is very different to what I have experienced..

Considering that I may need to consider alternative options (for example, international lender) I will also take appropriate legal advice.

Any suggestions?

If so, what do you think the Christian churches of the United States should be doing in this time of widepsread poverty, when nearly 10% of Americans are unsuccessfully seeking work, and about 20% of all home mortgages in the US are in danger of foreclosure by the banks?

Does your church or your religious denomination have a good plan for tackling poverty on this scale?

If so, what is it?

Despite overwhelming information about Obama’s past associations with unrepentant 60’s terrorist Ayers, his 20 year membership with a Black Liberation Christian Church and his connection with Acorn who pressured banks to make bad loans, we have yet to learn how this will be detrimental to the foundations of the country.

My father is the Sr Pastor for a church situated close to Downtown Dallas. We just demolished a building behind our church we used for a meeting room and Sunday school classes. Unfortunately after taking a few bids, we don’t have enough to construct a replacement. Also we have not had luck in getting a loan from a few banks we have spoken with.

We were recently presented with an option which was to Rent out the spot where we want to build our new wing to an existing charter school. They would then seek funding for the building and we would rent them the space. After the lease is up, then we would have an option to continue the lease or not. This seems like a win – win situation with the charter school we are thinking of working with. We get a new building and in turn, they use it for the term lease as the school.

I just wanted to get feedback if anyone has any experience in this. Any things to watch out for in the contract, basically any and all tips you can offer.

Thanks!

My wife and I have no loans on cars and no apartment (owned) yet. We want to buy a new car and finance it. How would that affect our home loans (in, say, 6 months)? Do the banks prefer you to have as little debt as possible, or would the car loan be good for our credit because we will be paying the financing on a regular basis for the next half year? We both have great credit ratings.

Appreciate any advice.

Who owns the property the church stands on? How does your church get paid for? Do the churches get loans from banks? Who builds the churches?

Please all Jehovah’s Witnesses don’t answer this. I have posted a question just for your religion previous to this you can find with this link:

http://answers.yahoo.com/question/index;_ylt=Ape4EqGzymMv0pqkWNvPsGfsy6IX;_ylv=3?qid=20080531060824AAQlyuy

This is for all the other religions.
I have also been calling different churches in this area and talking with the treasury depts. They are very helpful and informative and glad to answer my questions.
Some of the churches have volunteers to help with building or remodeling old buildings. They do contracting with professional builders also. The churches take out loans if needed from banks. All of them have building funds within the church to donate to. None so far have a main office that they get loans from so there haven’t been interest paid to a main office of their religion. Some have pledges like there was mention in some answers here. Not all. Nobody is fully committed to paying a pledge like a personal bill. If they can’t pay, they aren’t going to be sued for the money.

I’m looking forward to more answers here. And thank you for your answers as they are most helpful and informative.

How can we raise the money without having to borrow from the banks and loan offices? I need some Legal Fundraiser Ideas!

If you had any stock in CIT, (Commercial Investmant Trust), you LOST it all. CIT filed bankruptcy in Nov. 2009. Stock within that company became null and void … GONE! Stocks continued trading under the name, but new stocks were brought in as replacements. I find this all interesting because CIT really helped mainstreet America by keeping the revolving door of credit to all the mid-sized businesses in America … including popular national chains where we all shop all the time! WHY, I wonder, would Obama choose NOT to bail them out, when he bailed the likes of the fraudulent banks out? Could it be one more eye opener to the FACT that he is purposely trying to take down America? Wake up, folks, we have a storm brewing, and a big fight to Win with a country to save!!! God Bless!

In spite of having a top notch credit score for two decades, a strong self-employed job for two years next month, a two-income family, and a renter of half our building with the other half being rented in a month or two….I’ve been unable to find any local bank (or even a local "national" bank) willing to refinance so my sis and I can get away from an 8.5 per cent interest mortgage.

HERE’S MY QUESTION: are there ANY banks out there who are less stupid than the ones I’ve gone to and who ARE refinancing and WANT my money??? Can you name them to me? How can I find them without going through ALL the paperwork and time, only to be turned down over and over for one ridiculous reason after another?

PLEASE NOTE: I’m not asking why banks don’t refinance right now. I’ve heard those excuses. I’m just asking if ANY are refinancing commercial loans. lol .
I have no idea what the first answer below is talking about. I didn’t ask if I qualify for a commercial loan. I already HAVE a commercial loan. And getting a "straw buyer" seems like a poor idea. I’m just wanting to know if ANY banks are refinancing commercial loans for low-risk folks like myself, and HOW do I find them??

According to the nations largest commercial real estate firm, Marcus and Millichap, lenders are not liquidating distressed properties. Instead they are holding them and collecting the income until the market changes by paying management companies to run and improve the cash flow of the foreclosed businesses, shopping centers, apartments, etc.

All of a sudden banks are seriously in the commercial real estate business! They are not making new loans. Commercial loans and SBA loans are down somewhere like 95 percent this year!

Since banks made bad decisions to begin with why are they allowed to hold these assets instead of liquidate them like they should? A troubled bank should not be able to afford to hold these assets, let alone hire a management company. Are they able to afford it because of the bailout?

I am real estate salesperson for the commercial real estate industry and I’m upset because without loans, I have no business. Commercial sales in my office is down like 90 percent this year, and I work in an office with like 250 agents!

MIAMI – Like many home owners, hotels are starting to drown in debt.

They have been enticing travelers all year with sweet deals: credits for in-house spas and restaurants, up to 50 percent off five-star rooms, even free nights.

But all that discounting hasn’t stopped occupancy from dropping an average of 10 percent. The result? Hotel loans have begun falling into delinquency faster than any other kind of commercial real estate debt.

The rising defaults paint a grim picture for an industry with increasingly more rooms than guests, and more hotels still opening every day. It’s a problem that could get worse before it gets better, with demand expected to remain weak and ambitious new projects planned before the meltdown worsening the room glut.

The oversupply means room rates should stay low for at least another year, good news for consumers but not so great for hotel owners and the banks that lent them the cash to build or buy.

The rise in delinquencies is sharp. Five times more hotel loans are behind on payments this year than in 2008, according to mortgage data firm Trepp LLC, which tracks those traded by investors. In October, 8.7 percent were distressed, compared with 1.5 percent last year.

That’s almost double the 4.8 percent rate for commercial property and the 4.5 percent rate for stores.

I have good credit now and trying to use it to purchase a 4 unit apartment complex as an investment property. I have seen some banks still offering 100% financing. Is this something that some banks are still doing to keep afloat in these trying times? Also what is the minimum I will have to have down to purchase this complex since its considered a primary residence with an FHA loan?

First let me say that I DO NOT want to know how or pay you to obtain business credit without a personal guarantee!

I own a small business and I am incorporated, with an EIN and seperate business bank account. I am interested in possibly obtaining a business credit card, or a business line of credit. I was looking at some different banks/card and I notice the majority would like a personal guarantee. I have no problem with that, I just would like to know how it will affect my personal credit. Does the business credit card/line of credit show up on my personal credit report? Is there a hard inquiry when applying and/or giving my personal guarantee? If I apply for a business credit card/line of credit with a bank/credit card company that I currently have a personal credit card through does the business card affect that personal card? Any information would be great. Seems like all the info out there is about getting business credit without a personal guarantee, and paying for that info. Thanks!

I’m starting a business with a partner, we’re incorporating and planning on having 50/50 ownership. We’ll want to apply for a loan or credit line and banks will naturally be checking our credit histories. Here’s the issue: my credit history is good, perfectly clean, and improving. My business partner has some big credit card balances from starting the business, has missed some payments… his credit is bad. I’m thinking maybe I should be the 100% owner initially, so my partner’s credit doesn’t become an issue. Later on after we’ve established business credit we can change to 50/50 ownership. Does that sound like a good strategy?
Thanks for the comments re my partner’s credit issues. As background, he is great in retail, customer service, and started the business- currently owns it. Definitely needs help with the financial aspects, and I think the partnership will work well.

i am finding out it seems very hard to get a line of credit for a job today. does any one have any type of idea on how to get a line of credit for a job that has funds all ready allocated for the work. the funds are to cover labor and materials until a 45 day draw is released for the work. i use to just give the bank the contract and they would give me 100,000 no problem. do i need to look at banks in other country’s or what. is the American dream dead. please help

Hello and thanks for helping! I have had a hardship situation since May due to my small son carrying an infectious disease. I have had unexpected medical expenses and other related (diet, care, etc). I have never been late or missed mortgage payments. After being shut down for any options, like trying to get money out of my retirement account or try to refinance, I applied for a temporary loan modification with Wachovia. I called today after 3 months and they told me to update the financial documents. Now, in these 3 months, something else happened. My husband business partner decide to retire and asked him for ,000 to sell his part or he would go and sell it to someone else. We tried to get any commercial loans thru banks but they were denied (and we still have excellent credit). We ended up taking the money form our home equity line. My question is: What is the best way, if any, to document that new situation when updating my hardship letter and financial statements for Wachovia? Thanks a lot.

Im looking for applications to banks that offer a business line of credit of ,000 or more.

I am trying to obtain a business line of credit for me and some friends of mine. I have ran into a brick wall, and with everything that’s going on in the market now. I want to know if any one know what banks are still lending? Please no negative answers, I know that bank are still lending just need to find them. And NO BROKER’S!!! they will rape you on fee’s I am looking for a direct bank.

My Partners and I are providing capital investments needed for operating capital, décor and design, however, our corporation needs 0,000 financing to procure the building and existing equipment for the restaurant location selected. The financing is required to begin work on kitchen design, architectural plans, manuals and recipe books, additional equipment purchases, and to cover expenses in the first year of business. We are getting this building for a steal. Does anyone have recommendations on which company (no banks) I can work with? I live in Florida but willing to work with companies anywhere in the USA.

Already conducted due diligence. Business plan including performa available.
I am looking for advice or recommendations from those who may be familiar with commercial financing (either as a borrower or a lender). I know there will be some who just can’t resist being smart asses (but feel they HAVE to answer). I wish those nay sayers would pass on by and let those who have something intelligent/positive to say respond. I’ll appreciate that.

To those who have responded intelligently, thank you so much!

i have noticed, within the past 8 weeks, new tv commercials that project a sort of what i shall call creeping acceptance of the "hard times" by families that sure as heck do not look like they will lose their jobs or houses! you see little children talking about how the family must work together to cut back on spending on their vacations, their meals out, their outtings to movies and so forth, in order that the "essentials" of life are paid for. in one commercial, the essential mentioned is the little girl’s diabetic testing strips. hummm…

it seems to me that these commercials project a complacent acceptance by the public at large of the current recovery scheme (with fiat federal reserve approved and printed dollars) plan and bailouts to the banks so that they feel that they are politically correct for the times.

these tv commercials seem to say to me that families that are NOT (the people in that house sure don’t look like they are having any financial problems) experiencing loss of jobs should tighten their belts with the rest of us poor souls, namely, not spending their money, when their spending money in the economy would be one of the ways to get out of this mess.

i approve of saving money–this should have been done by those people that gave themselves the american way using credit cards and second mortgages, but i do not agree that when you have no threat of a loss of work or your house going into foreclosure that you really need to cut back on spending because if we do not spend money, then the domino effect is in fact worsened and then there is political reason to spend fantastic sums of money that we DO NOT HAVE for the recovery act (those funds will not be disbursed until 2010, btw).

president obama’s current proposition for financial recovery is to spend 9 TRILLION dollars, which will be comprised of future debt that our children and their children will have to be taxed on to make it up, and i heard, but cannot now confirm, that obama has plans to introduce the second economic recovery act, before these non-existent dollars are disbursed! what is he doing?

what do you think about the popularity of making brown paper bag lunches and waiting for the good movies to come onto dvd instead of going out to eat and paying for entertainment, when you really can pay for it without suffering?

do you think that this projection of the "bad times" for all of us (when it is not bad for all of us) may lead to an acceptance of socialism, namely, the redistribution of YOUR money to those that have less? i.e., do you think that these tv commercials will sway the public to the point that they mindlessly go about their lives as their money is stripped away from them, for the betterment of other citizens/the buildup of ever more federal government programs? (earmarks…)

if you have also seen the commercials i am talking about, please give me your full opinion of them and tell me why you think they are good for the general public, or bad for it.

do you think that we are being sold down the river? why?

you that know me know that i like you to back your opinion up and to argue it. i do not mind if you feel differently from me and certainly will not give a thumbs down to you if you differ with me, but i want to know why. i also love when you include demographic material, such as age, area where you live, what job you do, your family size, and so on.
ORGANISM: the democrat-controlled and democrat-funding teachers unions are responsible for the poor education our schools provide.

A month ago we were able to quote commercial mortgages with excellent credit in the mid 5’s low 6’s, even though treasuries have actually dropped since then, money has gotten much scarcer so banks are charging more to borrowers, simple supply and demand. Rates have actually gone to the mid-high 6s to the low 7s on good credit now. That is what the market is yielding. I know that most of our loans are commercial jumbo, but that the lack of money is going to trickle down and affect the residential lending markets and even though rates and treasuries are going to drop in the future, lending rates are going to go up, again…all about supply and demand.