Investment Loans & the Mortgage Crisis?

[Carpe Diem]

Can you still get investment property loans---despite the financial crisis? I had lunch yesterday with a friend who told me that he can't get a decent investment loan due to the mortgage crisis. He says he's been offered a rate of 7% plus several points, even though he has excellent credit (812 credit score).

Are you able to get decent investment property loans right now---or is everything in a "holding period" due to the subprime mtg. debacle?