The Next 'Next Shoe'

Will the government's latest plan unglue commercial real estate lending in time?

October 20, 2008

Anthony Gramza, a Penfield, NY-based mortgage broker specializing in commercial real estate such as shopping malls and restaurants, was recently asked to find a loan for a restaurateur whose business overlooked Lake Ontario. However, ground has not been broken on the Great Lake's shoreline because no one is willing to lend. Gramza is not alone. Now that the credit crisis has seeped out beyond Wall Street, many banks are reluctant to lend for construction of commercial properties or finance purchases of commercial real estate.

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