by Daniel M. Perich, CCIM
If you’ve paid any attention to the news media lately you’d think we’re in a financial downward spiral unlike anything ever seen. Part of the cause, they report, is that banks are not loaning any money right now, which is clogging up everything from real estate to manufacturing production. Although in the case of the large national banks this may be true; closer to home it is far from reality.
Sure, some of the nation’s largest financial institutions are hurting from their bad decision making earlier in the decade. But they represent only about 5% of the total number of banks in the US. The other 95% are actually in good shape. In fact, many of our local Pocono banks are doing better than ever, actually increasing their dividends and setting new highs for amount of money loaned in the last year. Our local banks are very healthy and ready to lend.
But beware, as they will hold you to the standards that kept them from ever getting into trouble in the first place. You won’t find 110% financing or ultra creative structuring of loan products. What you will find is with 20% down, good credit and some experience, a commercial loan is easy to complete.
There’s no better time to find out than now. It’s a buyer’s market and interest rates continue to be very attractive, some even dipping under 6%. If you’re on the fence about investing, you owe it to yourself to talk with one of our local commercial lenders and find out the truth. Here are a few I recommend.
Bill Henigan – Wayne Bank – 424-3333
Denise Cebular – Penn Security – 420-0432
Lisa Hutchins – ESSA – 422-0190