With over $270 Billion of commercial real estate loans coming due in 2009 the question is “Where can I refinance?” Underwriting criteria has changed so dramatically that even if you do find a lender you may not be able to refinance enough to pay off the loan balance and loan costs. There has also been extra scrutiny paid to the quality of the borrower financials and track record, especially for non-recourse loans.
If you have a loan coming due anytime in the next 12 months NOW is the time to start considering your options and developing your strategy. BankAtlantic can help you devise a strategy which begins with a review of the loan amount that can be achieved based on current underwriting standards. One decision that will need to be made is whether you can live with personal recourse. It is very likely that the best deal in terms of loan to value and interest rates will come from commercial banks.
Your other strategy is to extend the loan with the current lender. This can be difficult for loans that have been securitized. BankAtlantic can help you on a consulting basis and work with your lender to get as much as a 2 year extension. You can contact me at nefron@bankatlantic.com or call me at 561-379-5807.
