Banks Delay in Funding on Commercial Loans in Q1 2015

The first quarter of 2015 has been a busy one for banks, so busy in fact, that many of the first quarter loans will be pushed into Q2 for funding. Bridge lenders saw a spike in loan requests in February 2015 as a result of these bank delays, particularly on large balance commercial loans. Mary Cortez of Private Money Utah, a commercial bridge lender, said this about the sudden increase in commercial bridge loan applications this month,

“There is a definite sense of urgency in our most recent loan submissions, many of them after long delays at the bank and multiple extensions.”

Because commercial bridge loans can fund in as quickly as 2 weeks in some cases, many commercial mortgage brokers are doing pivots to bridge lenders in order to get their loans funded before the end of Q1.

Posted by Corey Curwick Dutton