Are lenders really lending????

[Rich Weese]

I have a 154 unit apt under contract in Dallas. I had an approval and LOI from Wash Fed through a broker at BMC Capital. Terms were ok. I was only asking for 65% loan and got approval at 6.25 %, for first 5 years and an AUTOMATIC renewal for another 5 years at 6.875. 30 yr amort 1 point. I was pretty happy. Last week, Wash Fed pulled the plug on TX loans except for Class A(almost new), and this loan disappeared, after sending appraisal fee and money to lock the rate.
BMC found a new deal out of First Bank in ILL. 25 year amort, 6.75%, 5 year call, and 1 and half points. Not very good, but maybe ok. The LOI was FIVE pages long and a bunch of blank spaces like "buyer must maintain same financial net worth during loan and have X amount in liquid assets at all times. These spaces were blank. Upon further review, the assets were ok but they wanted liquid funds Stocks, mutual funds or cash in the amount of THREE MILLION DOLLARS at all times during the loan!! Why would ANYONE borrow the 3 mil and then leave 3 million in liquidity?
The property is $4,325,000 and the 65% loan was under 3 million, yet they wanted liquidity of 3 mill!! Does any of that make sense. If it drops below that level during loan, they may call the loan. I felt like contacting them and asking what stocks I should buy. I almost question if they're really lending or scamming. Anyone that had taken a loan like this a year ago, with the market loss, they'd now be in default!!
I ask again, are lenders REALLY making loans??? Rich.