Hard times for commercial real estate

In the NY Times Article, Terry Pristin, comments that, "The mechanism set up to manage problems with the underlying mortgages is being put to the test for the first time. Some longtime real estate investors who profited from the ready access to mortgages made possible by securitization now complain that the system is impersonal and rigid. Instead of negotiating directly with a lender sitting across a table, Norman Sturner, a partner at Murray Hill Properties, a New York real estate company, said he had been forced to deal by telephone with “a third party sitting out in the Midwest” who seemed indifferent to his problems."

Walking into any bank and getting approved for a loan is no longer reality To get financing in today's market, you will need to work with experienced consultants that have existing relationships. Here's to a speedily recovery.