My Bank says NO MORE LOANS right now!

[Mary D.]

Hi All,

Im on pause.... In the process of my loan application for an investment property. Everything was going good Monday, Tuesday morning totally different story. I called to ask a question and I got "Due to the economic situation we are no longer processing loans" My broker said they have loans out with a lot of large businesses around the area and Boston. Hotels, Restaurants, a huge new development in my town (Salem NH) and "they are getting crushed"  "Theyre regrouping as we speak"

This was my awakening, Im on pause. I have another property that my son and I were working on and I can not get the surveyor to get the info he needs because the town offices are closed. So that project is on hold.

Just sold an investment property 1/24/20 sold in one day. As of today things have slowed down quite bit. Im holding on to a good reserve. I got caught in the 2008 2009 downturn. Managed to save all my property but it wasnt fun and that is vivid in my head.

Im rethinking and just listening to BiggerPockets Podcast # 374. Great great information! Im excited as there is and will be opportunity.

What am I going to be looking for and doing? Zooming out looking at the whole picture, preparing, taking action, more marketing, more networking, distressed property, tax liens, foreclosures. All that I usually look at but taking it slow. Not purchasing flips or long term projects.

Stay healthy!

[Guifre Mora]

Originally posted by @Mary D.:

Hi All,

Im on pause.... In the process of my loan application for an investment property. Everything was going good Monday, Tuesday morning totally different story. I called to ask a question and I got "Due to the economic situation we are no longer processing loans" My broker said they have loans out with a lot of large businesses around the area and Boston. Hotels, Restaurants, a huge new development in my town (Salem NH) and "they are getting crushed"  "Theyre regrouping as we speak"

This was my awakening, Im on pause. I have another property that my son and I were working on and I can not get the surveyor to get the info he needs because the town offices are closed. So that project is on hold.

Just sold an investment property 1/24/20 sold in one day. As of today things have slowed down quite bit. Im holding on to a good reserve. I got caught in the 2008 2009 downturn. Managed to save all my property but it wasnt fun and that is vivid in my head.

Im rethinking and just listening to BiggerPockets Podcast # 374. Great great information! Im excited as there is and will be opportunity.

What am I going to be looking for and doing? Zooming out looking at the whole picture, preparing, taking action, more marketing, more networking, distressed property, tax liens, foreclosures. All that I usually look at but taking it slow. Not purchasing flips or long term projects.

Stay healthy!

Other lenders are funding. Banks have a peculiar situation as they need to keep liquid but investment lenders just need to keep funding.