Instead, reach out to your local bank. Your friendly, neighborhood portfolio lender never left the business. While you experimented with complex loan documents, high legal fees, escrows and defeasance clauses, your portfolio lender has always been there waiting for you to see the light.
When you speak with your banker, be prepared to hear loan terms far different then what you might have been used to. Gone are the days when high-loan-to-values, projected cash flows, low debt service coverage ratios and non-recourse lending were in vogue. Those terms have mostly sunk with the Titanic. The new lingo includes in-place cash flow, amortization and guarantees.
The Mortgage Bankers Regional Conference held in Atlantic City recently was attended by more than 200 commercial mortgage bankers and brokers, portfolio and CMBS lenders, attorneys, appraisers and investors and owners. The theme from the conference was clear: While Wall Street is out of business and life companies are on the sidelines, the portfolio lenders have filled the void and are closing deals.
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