Commercial Lenders fear to finance in Downtown Tampa
Residential real estate market is not performing very well. We all know. Should we take care of neighborhood shopping center, condo project or office park goes bust?
According to experts, the meltdown of commercial real estate after collapse of housing could prolong and we have already seen unemployment slogging.
Till now real estate foreclosures had been seen proceeding smoothly for commercial missteps. It is evident from the case of St. Peterburg?s BayWalk entertainment complex and also the never-built Westshore Beach Club in Tampa.
In the Tampa Bay, the office properties and also the shopping centers have shed about 30% of their value. This is, when combined with the debt of commercial real estate coming due over next 3 years which is .2 trillion.
Let us take note of the following also:
??? ?The community banks in Florida started investing in the commercial real estate after the meltdown of residential housing there. At least fifty percent of the lending in real estate there is commercial, construction and also land development loans. It has surpassed the residential lending.
??? ?The failures of banks will lead more tightening in credit. This will result in depriving the businesses of capital in their operation and expansion there. Hence, it may drive down unemployment in the area.
??? ?After the ongoing residential foreclosures the judges in the Hillsborough, Pinellas and Pasco fear too much of commercial foreclosures. This has also leading in delaying of the selling and appraising process of those real estate that are troubled.
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Chief Judge Thomas McGrady of Pinellas-Pasco County Circuit says, ?It is coming? And it could break the whole system.?
One thing is sure. Everyone of us fear catastrophe. According to Eric Odom, broker of Tampa commercial real estate, at the time of last real estate bust in early 1990s, too many office buildings were empty in the downtown Tampa. The important troubled projects that can be easily recalled were the skyscrapers SunTrust Financial Center and the 100 North Tampa.
Odom said, ?We don?t have the towers standing empty like we did last time? Most of the speculation this time around was in residential real estate.?
However, the attorneys of real estate, Marsh Rainey and Scott Brown, who are surveying the market spotted recently too many turmoil on the ground.
He says that it is not usually the big office projects causing the problems, but it is the glut of office strips. He adds that shopping centers and also the subdivisions which were not either occupied completely or built fully are defaulting on debts.
Real Estate Commercial Group suggest any business owner facing financial difficulties, get proactive and get prepared to provide a solution for your bank.? Mr. Sanchez, 15 year SBA experience, recommends re-underwriting your current financials, create a business plan with realistic, obtainable goals projected for the next 2 to 4 years based on current business trends.? Have 2 (two) solutions for your banker.? Obtaining a commercial loan modification is a option.
Then call your banker and propose the solutions before you reserve cash runs out.
If you are searching the internet for commercial loan workout help, be careful, suggest Mr. Sanchez because his company is reporting 2 calls a day about residential loan modification companies wanting to get into the commercial loan modification business.? ?Residential loan modifications are completely different from commercial loan modifications. My team of commercial underwriters, commercial loan officers only work with commercial loans.? said Mr. Sanchez.
For more information, please contact Mr. Sanchez at 480-214-4040 x 2310 or visit www.recommercialgroup.com . Commercial loan modification
-15 Years experience SBA
-11 Years Commercial Real Estate
-Underwriters On Staff
-Licensed & Bonded
http://recommercialgroup.com
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