I just got off the phone with my local lender just checking in to see how things were going down south and they informed me that they restricted their lending to multi-family!!! Anything, that requires commercial lending would not even be considered due to how hard C-19 hit the area.
How many other areas have experienced this? Or is this just one bank limiting their exposure while others have not restricted their lending?
I am finding this out as I am looking at commercial blanket loans and looking at jumping into the market as these lenders tighten up, and the owners start shedding 5-100 unit properties.
Each lender is different, there has been some restrictions placed on commercial lending due to the pandemic, however many lenders have eased those restrictions. If you continue having issues with your local banks try a non QM commercial lender