In the first month of the New Year, Cambridge Realty Capital Companies reports processing 19 loan origination requests totaling $317.2 million, or slightly fewer than the same month last year when the company processed 22 loan requests totaling $373 million.
Cambridge Chairman Jeffrey A. Davis says the slightly lower numbers for January most accurately reflects changes in the way the company has been entering new loan requests into its internal processing system.
“Today’s tight credit markets have forced us to be more selective in the type of loans we can consider,” he said.
Davis points out that lenders close a relatively small percentage of origination requests received. However, Cambridge regularly tracks this information as an indication of market direction.
“The way we currently read the market is that conditions remain less than ideal but borrower interest remains relatively strong,” he said.
Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender/borrower relationship and identify “ideal” capital solutions for worthy projects. The company has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.