We deployed our world-spanning journalistic resources-- well, one crack reporter anyway--this week to San Diego for the Mortgage Bankers Association annual meeting, buttonholing as many finance pros as we could. MBAs Jamie Woodwell says investors are now chasing yield into secondary and tertiary markets. And underwriting is still cautious in the hinterlands. As those tertiary markets job growth recovers, so too will underwriting loosen, Jamie says.
We ran into a Philly CRE vet in San Diego with a real taste in art. Haverford Capital president David Spoont showed us his latest purchase: A metallic paper print reproduction of a famous Brigitte Bardot movie by the San Diego artist Christian Michaels he picked up during the MBA conference. David tells us he was wandering around the city when he ran into a gallery and fell in love with this piece.
On the business front, David says hes seeing more property owners seeking short-term financing to buy some extra time to stabilize properties. I think that there will be demand for floating-rate, balance sheet financing for terms of two to three years to allow owners to complete business plans and sell properties, he says.
"I never do anything by chance." -- Brigitte Bardot. Send suggestions and ideas purposefully to dees.stribling@bisnow.com.
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