Hey Link-
Change Hardly to “almost never”. Hence the commercial sales cycle of any property when a transaction from one party to another takes about eight months to a year to be completed. Cash at closing is almost never presented at the table, and most banks do not have that amount of cash on hand to cover anyway. Let alone people walking in with 10 suitcases of cash- that’s only in the movies…At least not here in the Upper Northern Burbs of Chicago. Usually most banks carry about 2 mil or less in cash (present in the vault, or less) at any given time…the rest is credit owned/loaned and calculated on future potential interest…etc, I worked for WinTrust / HP and Lake Forest B & T for over 10 years, and I was approached a number of times to go to the commercial loans dept and each time I declined. I stayed as a residential LO..quick turnarounds, one and dones…husband & wife…usually 2 - 5 people total to deal at a close- with, funding was fast, commissions paid in 10 days..that I could live with….
Morning man-
T.
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