Cambridge Reports Loan Origination Requests Spiked Higher in September

 CHICAGO, IL--After trailing for much of the year, Cambridge Realty Capital Companies reports loan origination requests processed by the company spiked sharply higher in September, with 33 requests totaling $493.1 million.

This total compares with 25 origination requests totaling $321.5 million for the same month a year earlier, Cambridge Chairman Jeffrey A. Davis (top right photo)  said.

Through the first nine months of the year, Cambridge has processed 207 loans totaling $2.5 billion, compared with 231 loans totaling $3.3 billion a year earlier.

Davis points out that lenders close a relatively small percentage of loan requests received, but believes it’s useful to track this information as an indication of market direction.

In 2010, the total number of loans and dollar volume have been off dramatically as funding for more expensive new construction projects has been difficult to find in today’s tight credit market.

“It’s so hard to find capital for new projects that few of these deals are progressing to the point where they can be seriously considered and included in the tally.  So the number of origination requests and the dollar volume totals have been off as a result,” he said.

“The flip side of this is that requests for loans to refinance existing loans has been holding up nicely,” he added.

Contact:

Evan Washington

Phone: (312) 521-7604

Fax: (312) 357-1611

E-Mail:  ew@cambridgecap.com