Commercial real estate takes a nosedive

[Imhotep]

Here a interesting article which I'll share for discussion...........

With the credit crunch, some are finding a hard time getting loans. Banks have stricter rules when it comes to lending money, especially for folks buying real estate. News 3's Marie Mortere takes a look at the obstacles and what you now need to overcome them.

The fall on Wall Street means more scrutiny from lenders - hurdles buyers didn't pay attention to before the mortgage meltdown. At the Las Vegas Chamber of Commerce's commercial real estate seminar, folks learned that, like housing, commercial real estate has hit a slump, too.
Just as banks are lending less money, there is an oversupply of property to purchase.

But according to Grub and Ellis, North Las Vegas has the worst vacancy rate despite rent being among the cheapest.
Richard Luciani is part of a team of experts put together by the Las Vegas Chamber of Commerce. Their focus is to figure out how to get through this credit crunch when cash is needed for commercial real estate.
Luciani says, "The whole financial institution is nervous about lending money, be it commercial, from the spillover of the residential situation."
But experts say buying shouldn't be discouraged, especially if you have proof that you can return the amount of money you receive such as a history of borrowing money, repaying borrowed money on time, and not having any bankruptices.

"Real estate has performed in the long-term, despite what blips you have in the economy," says Luciani.

A bit of hope, despite what hurdles folks may face.
Financial experts say banks won't loosen their lending practices until the housing market vastly improves. It's difficult to give a legitimate time frame, but experts say things could change with a year's time.

kvbc.com/Global/story

Any of your guys have problems get loans?

 

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[RealOG]

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[Imhotep]

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[NotesRog]

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[glendee]

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