Making Places Better...One Building at a Time
A Word from Walker… | September 27, 2010
Distressed Properties: is this the dog that didn’t bark?
I’m wondering. We’ve come to realize that most commercial property lenders would rather “extend and pretend”, than foreclose on upside down properties. Bankers are not real estate operators. They don’t want to figure out what rental rates ought to be or what a janitorial company should charge. We understand.
That’s why it’s key to be a good operator right now. At SCM we know a lot about rental rates, and we excel at all those pesky operating details. We might not be very good as bankers, though.
Watch that dog closely – we think it’s still going to bite.
Gary Walker
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