Mike Taravella and co host Will Coleman interview Mitchell Stogner, a Vice President at Arbor Realty Trust
Key Information:
Make sure your broker has a network of heavy hitting lenders.
It’s not business as usual but Freddie and Fannie are still originating. The need for lending is still there.
Due to the impact of COVID-19 lenders are pulling back on leverage. While it is all subject to the deal and the sponsor a 5% reduction in leverage is generally what is being seen across the board.
Principle and Interest reserves are changing daily however right now any deal after March 25th is requiring a minimum of 6 months Principle, Interest, and Taxes and Insurance in reserves. Mitch is seeing approx. 90% of these deals only requiring Principle and Interest reserves.
Majority of borrowers right now are negotiation extensions with their contracts. Lenders right now are underwriting more in depth and reducing leverage, however Mitch is still producing and deals are still getting done.
Expert Pro Tip: Focus on the people that are going to bat for you and are willing to work with you to get these deals done.
Contact Information:
mstogner@arbor.com
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