Given the current state of the financial markets in general, and the real estate markets both locally and regionally, do lending institutions want to make new commercial real estate loans or even renew or refinance existing loans? What should borrowers expect to encounter if they want to borrow or refinance in today's market? What's in and what's out as far as market sectors, loan structure, underwriting standards and lender expectations?
In the 10 year period from 1998 through 2007 the CMBS market issued new commercial real estate debt ranging between 50 billion dollars and 250 billion dollars per year with a 10 year total of roughly one trillion dollars. In 2008 that number dropped to about 15 billion dollars which was comprised of commitments made in 2007 which could not be closed by year end.
In 2009, CMBS issuance has been virtually non existent. There is no structure in place for any type is CMBS lending to reemerge in the next year or two. What is the impact of the loss of this financing option, what will happen to those loans as they mature and what impact will it have on
commercial real estate in general?
We encourage you to come prepared with questions for the Q & A session immediately following the presentation and a "Lightning Round" with quick-hit topics such as; What about FANNIE & FREDDIE, private lenders, mez
Join us on Tuesday, September 29, 2009 from 7:30 - 9:00 AM at Events on Broadway, 729 Broadway Street, South Portland, ME as our panelists address these questions and many more!
lenders, recourse, prepayment penalties, etc.
Meet the Panelists:
Noel Graydon is Regional Vice President and Commercial Lender with Norway Savings Bank. Mr. Graydon works out of the Norway's Saco office and is responsible for overseeing the business development and expansion of Norway Savings Bank into York County.
Mr. Graydon has been in the banking field for over 37 years and has experience in both retail and commercial banking; his most recent position was as President and CEO of Rivergreen Bank.
James M. Whelan has over 25 years in various aspects of commercial real estate. As a Senior Vice President at Q10/ New England Realty Resources, Jamie's responsibilities include analysis and underwriting of commercial real estate assets, loan structuring and servicing of a loan portfolio.
Prior to joining Q10 in 2006, Jamie spent twelve years in property management with Princeton Properties. Activities included acquisitions, finance and operations of multi family portfolios in Maine, New Hampshire, and Massachusetts. President of the MEREDA Board of Directors from 2003-2006, Jamie continues to serve as an active board member. Jamie also served on the Board of Directors for the Portland and Greater Portland Regional Chambers of Commerce.
David Bronson has over 21 years of commercial real estate lending experience with different lending institutions in the Portland area. For the past 12 years, he has been with TD Banknorth, N.A. Prior to entering commercial banking David worked with the Farmers Home Administration, the credit agency of the USDA.
He has also been involved in the community by serving on the Board of Trustees of the Susan Curtis Foundation, and as a past member of the Board of Directors of Shalom House and Greater Portland Big Brothers/Big Sisters.
David also serves on MEREDA's Board of Directors.