Financing of Real Estate is Still Difficult, Banks Not Lending in most North American cities

Financing of real estate is still tough, say MSI's North American Members, and there are clear differences between Canada and the U.S.

Lawyers and accountants from leading local firms across North America's major metropolitan cities have given a generally negative view of real estate market lending conditions in the region. Though there are glimpses of hope, the lending in most cases remains difficult.

As shown in the video below, selected members of MSI Global Alliance gave their views on local real estate market conditions at the association's recent North American Local Meeting in Salt Lake City.

New York

"Borrowing is very difficult - the banks say plenty of money is available, but they are making it very difficult," commented Herb Stalzer of Giambalvo Stalzer & Company in Long Island.

Chicago

"Lending has eased up a little bit," commented Mike Tuchman of Chicago law firm Levenfeld Pearlstein.

Orlando

"The financing of commercial real estate is still difficult and the market is struggling," says Tim O'Toole of Orlando based CPA firm Vestal & Wiler.

Nashville

"Banks are still not lending, especially to first time home buyers, even those who have equity," says Susan Keffer, a CPA at McKerley & Noonan.

Toronto

Brian Wynn, a partner at Toronto law firm Gardiner Roberts, commented: "We are not experiencing the same problems as in the U.S. There are fewer banks and they're willing to stay with their customers. On the commerical side, a number of projects are doing well."

Watch the video

For more information

Please contact Giles Brake, MSI's Head of Marketing or follow us on Twitter @msi_global

Add new Comment (Required: Please login below to comment)

Comments