Yesterday, John Reeder wrote a post on Marketwise titled “There’s No Debt Available, Even for Good Deals.” In the post he pokes fun at the masses crying about the lack of available debt and makes the point that the only reason they can’t get debt is because the deals suck. This may be true for land deals for housing development but from where I sit, debt is very difficult to obtain – “even for good deals.”
I just recently closed a deal in West Hollywood, CA. The location and quality of the real estate is second to none. I could go on and on about the intrinsics of the site but you’ll just have to take my word that the fundamentals all lined up. We worked with a very accomplished mortgage broker at a very well known firm with outstanding lending relationships. Our broker went out to almost 30 lenders to obtain quotes at 60% LTV for this deal and after nearly 45 days had a grand total of ONE (1) quote to show for his efforts! Just so you understand, our loan amount is less than the current tenant paid in key money to the previous landlord to sign the current lease. Like I said, the fundamentals were there.
The transaction was not a traditional one and had some complicated pieces but generally was not difficult to understand. I can’t say whether or not the nearly 30 lenders presented with the opportunity merely did not understand the deal or whether they just did not want to lend on the asset but I suspect the latter was the real reason we were left with only one option.
Lenders are in no hurry to do deals right now. That is my current experience. I hope things change soon because we are seeing more deals bubble up but not every buyer can purchase on an all cash basis, nor should they.
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