Banks abandoning CRE market in droves as a result of BP oil spill

Perception is reality. Just look at the negative perception "Nervous Nellie" banks are creating about the increasingly poor prospects for financing commercial properties along the BP-oil-inundated Gulf Coast. Even big name lenders are feeding the perception that owners and developers of coastal commercial property have a better chance of finding a date on a deserted island than a bank willing to finance or refinance a commercial project on that 600-mile stretch of coastal property.

That's one perception; a negative one. Here's another; a brighter one. "If banks can't or won't support the financing needs of distressed commercial properties on the Gulf Coast," Andy Bogdanoff said, "then private capital may well be the best way for many owners and developers to avoid bankruptcy. And Remington, with hundreds of well-heeled sources of private capital in its global network, is reputed to be the best source of commercial capital in the country, particularly for those unable to find traditional financing."

With commercial real estate values in the Gulf Coast area expected to fall another 10% on top of the 40% or so drop experienced already nationwide since 2007, "Many of the entrepreneurial lenders and investors we work with are biting at the bit to enter the Gulf Coast's artificially low market," Andy explained. "They see the Gulf Coast market as a huge investment opportunity, particularly as more and more banks become increasingly willing to discount or even walk away from existing loans."

Andy described the availability of billions of dollars of alternative capital in Remington's global network of capital sources as "an equally unique opportunity for the commercial real estate community to step outside its normal comfort zone and explore new avenues of commercial financing in these challenging times."

So if you are looking to finance or refinance an existing property, or recapitalize a troubled one, give me a call and let's discuss the world of capital options available to you at Remington. For more information on Remington, log on to www.remingtonfg.com