Money May Be Loosening

I can’t tell you the source, but I was on the phone today with a lawyer – it was a friendly, not a professional call – and he told me he had two interesting calls in the past several days.

He owns several properties, and he called a lender on one of them to obtain a $150,000 line of credit for a remodel. The lender offered him $300,000.

In another case he had a call from a well-known bank that has few toxic loans – they had been sitting on a request for a small loan against a multi-million piece of commercial property he owns. They offered him more than twice what he was seeking.

I can’t tell if this is a trend or even widespread, but it is interesting that apparently some of that federal money is arriving, or more likely knowing the alacrity with which government moves,) lenders are sufficiently sanguine about the money arriving that they are loosening the purse strings with existing money.

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