CHICAGO, IL--Cambridge Realty Capital Companies says the impact of the credit crisis is beginning to be more noticeable in the number of loan origination requests the company reviews and tallies on a monthly basis.
In June, Cambridge processed 22 loan origination requests for loans totaling $250.8 million. For the same month last year, the tally was 39 requests totaling $386.8 million, Cambridge Chairman Jeffrey A. Davis (top right photo) rep
orts.
Through the first half of the year the number of loan requests reviewed by the company dropped to 174 from 190 a year earlier, but the dollar volume for the current year has been somewhat higher, $2.7 billion compared with $2.4 billion in 2007.
orts.Through the first half of the year the number of loan requests reviewed by the company dropped to 174 from 190 a year earlier, but the dollar volume for the current year has been somewhat higher, $2.7 billion compared with $2.4 billion in 2007.
Although lenders close a relatively small percentage of the loan origination requests received, it’s useful to track this information as an indication of market directions, Davis believes.
“While the number of origination requests have remained relatively high this year, the sharp decline in June may be telling us that borrowers are beginning to believe what they've been hearing about the availability of funding in a tight market. As part of the same pattern, we’re also beginning to get more selective regarding the transactions we actually log in and w
ork on,” he said.
ork on,” he said.
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