Are Banks Too Broke to Lend?
Highlights:
- Learn about how money works
- Investing smartly - be the casino, not the gambler
- The credit crunch started mid of last year, not just now - a combination of lenders not honoring the rates they promised and lenders backing out of lending completely
- There are still banks that do loans, and there are options, but it's constantly changing
- If banks are not meeting you, pivot. Especially if you are not as liquid but want to start your first building (construction loan), private money is an option
- Be aggressive, if you're new in the business it's going to be very difficult
- There's a view that banks are out they're not lending, but there are banks who rise to the occasion
- In terms of whose lending, they are the ones who didn't lend at the bottom rates. They could still afford to lend right now because their interest was a little high and their volume rate was lower because they were not the cheapest game in town
- The lenders taking a step back right now were the aggressive lenders. They lent at a very low rate and did a ton of deals.
