Buyers Tap Unconventional Lender Products
Commercial real-estate developers and investors are once again looking to
acquire properties, but they're not going to conventional lenders to finance
their acquisitions.
As traditional lenders like banks continue to tighten their underwriting
criteria during the economic slump, however, buyers and developers
increasingly are looking to private lenders that finance real estate loans
with higher rates and fees than their conventional counterparts.
Private, or unconventional, lenders once were considered a resource only for
buyers with poor credit histories; but they make good business sense today
for three reasons: they offer greater leverage, they are especially useful
in deals that require an immediate response since they can close a loan in
just one to three weeks compared to 60 to 90 days at traditional lenders,
and they provide flexible loan structures. Private loans are funded from a
wide number of sources, including the lending firm's founders or from
capital raised from high net-worth individuals.
Source:
Houston Business
Journal
(06/23/03); Daik, Darel I.
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