Developers said seeking government funds

Discussion in 'Wall St. News' started by ASusilovic, Dec 22, 2008.

  1. NEW YORK (MarketWatch) -- Developers of large commercial real-estate projects are seeking access to government investment funds as at least $160 billion of debt comes due for refinancing next year and lenders are thin on the ground for the embattled industry, the Wall Street Journal reported Monday.
    The paper said that developers of projects like malls, hotels and office complexes are seeking access to the recently announced Treasury plan to provide $200 billion of credit relief to borrowers on auto and student loans and credit-card debt.
    Some of the developers have also reportedly suggested a separate program aimed solely at projects in commercial real estate.

    The Journal's report quoted a letter that a dozen developers recently sent to Treasury Secretary Hank Paulson, in which they say: "Right now, we believe there is insufficient systemic capacity to refinance expiring, performing commercial real-estate loans. For many borrowers, [credit] simply is not available."
    The report said that delinquencies on commercial mortgages jumped to 0.96% in November, up from a 0.62% rate in September. End of Story}&dist=hplatest

    Hum...where can I apply for TARP funds ? :confused: :confused: :confused: :confused:
  2. Debts have a nasty habit of coming due at the worst possible moment. :cool: