Our rates are low, our application is quick and easy! We can get you clear to close in as little as 10 days!
NMLS ID # NMLS # 228246
William Rapp, based in Houston, TX, US, is currently a Capital Advisor at Medallion Funds, bringing experience from previous roles at eXp Commercial, NEXA Mortgage, Viking Enterprise LLC and Sun Realty - Houston. William Rapp holds a 1997 - 2001 BBA in Finance @ Texas A&M University. With a robust skill set that includes REO, Sellers, SFR, FHA financing, Reverse Mortgages and more, William Rapp contributes valuable insights to the industry.
Great experience purchasing our first home! Bill was easy to reach and always able to answer any questions or concerns.
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Waiting for the End of Extend-and-Pretend!
In the realm of commercial real estate, it seems like the mantra has become "wait and see." The landscape is characterized by a series of delays, uncertainties, and a looming sense of apprehension. From the Federal Reserve's hesitation over rate cuts to the reluctance of property owners to refinance in a high-interest environment, the industry is caught in a state of extended anticipation.
The concept of "extend-and-pretend" has taken hold as loans reaching maturity are granted short-term extensions, buying time in the hope of more favorable conditions. However, this delay tactic is only exacerbating the underlying issues. Recent reports reveal alarming figures: $214 billion in loans that should have matured in 2023 remain unresolved, with an estimated $870 billion set to come due in 2024.
Research from sources like MSCI Real Assets and Autonomous highlights the severity of the situation, with a significant portion of bank CRE loans maturing this year being holdovers from the previous year. Banks are bracing for impact, reserving far more than usual in anticipation of potential losses.
But this cycle of extensions is not sustainable. History serves as a cautionary tale, reminding us that deferring problems often leads to compounded consequences. Past financial crises, from inflation in the '60s and '70s to the Savings & Loan disaster and the more recent Global Financial Crisis, underscore the perils of procrastination.
Even the recent disruptions caused by the pandemic exposed the fragility of the global supply chain and the vulnerability of markets to inflationary pressures. Yet, the response was delayed, exacerbating the eventual consequences.
Already, signs of distress are evident in commercial real estate markets. Property prices are declining, cap rates are rising, and many investors find themselves overleveraged and unprepared for the current downturn.
Calls for decisive action are growing louder. While facing the reality of declining prices and potential losses may be painful in the short term, the alternative waiting for conditions to miraculously improve risks triggering a catastrophic cascade of failures.
Inaction now could result in a far more challenging recovery down the line. It's time for stakeholders in commercial real estate to acknowledge the severity of the situation and take the necessary steps to mitigate the looming crisis before it's too late.
Should you need an experienced Commercial Mortgage Broker, please feel free to contact me at 281-222-0433.
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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
Buying your first home can be both exciting and nerve-wracking at the same time. With so many things to consider and....
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Copyright ©2021 | Mortgage Viking Team
Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | Medallion Funds
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 11920 Southern Highlands Parkway, Suite 302, Las Vegas, NV 89141
Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/
Copyright ©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 11920 Southern Highlands Parkway, Suite 302, Las Vegas, NV 89141 https://medallionfunds.com/bill-rapp/