"We Scrambled, And Spoke With Well Over 100 Banks. Not One Will Provide Financing"

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by Tyler Durden
Monday, Apr 24, 2023 - 03:12 PM

By Eric Peters, CIO of One River Asset Management

“Credit started tightening six to nine months ago,” said the developer, a close friend, entrepreneur, with large residential projects across the nation. “It started with the money center banks,” he continued. “This pushed us to regional banks for our latest projects, but then SVB happened.” The market froze.

“The lender for our latest 30-story project in a tier-one city backed out, so we scrambled, and spoke with well over 100 banks. Not one will provide financing.” His firm is a leader in their market niche. A strong track record.