The 2008 financial crisis brought about changes in the lending market scene especially in New York.
Seven years is a painfully long time to recover from a financial crisis that virtually stunned the whole world. According to The Real Deal, the economy has recovered from the devastating blow but things have changed dramatically since 2008. For starters, the lineup of New York real estate lenders is no longer the same. Lehman Brothers and Wachovia, two of the star players in the game before 2008 happened, are no longer around. Lehman has gone down the drain and Wachovia was acquired by Wells Fargo, the top investor on the $2.5 billion loan awarded last month for the purchase of the Stuyvesant Town-Peter Cooper Village.
And like most upheavals in history, the 2008 crisis also spawned new players in the game like Signature Bank. The company managed to sink its teeth into a big chunk of the market and has proven to be a fierce competitor in New York's real estate renaissance. Signature is well known for its refinancing loans and aggressive moves to acquire property. The bank is also sought after for its speedy loan approval albeit at higher rates.
The New York Community Bank is the top lender in New York based on dollar volume of loans gathered in the five boroughs of the city by data analysis company CrediFi. The bank is credited for keeping its attention on small to medium loans which helps the company avoid gambling on unsure investment products. A key strategy that works so well for NYCB is putting a premium on and maintaining great personal relationships with its client base.
Another lender, JP Morgan Chase, is heavily invested on commercial property compared with other financing companies but the size of loans it approves is the smallest which makes them flexible.
