Fri 26 Sep 2008
Business-as-usual at WAMU
Posted by Marlow Harris under Real Estate
[4] Comments
This just received from a loan officer at Washington Mutual:
Dear Clients and Colleagues,
The acquisition of WaMu by JPMorgan/Chase strengthens our commercial real estate lending program and provides stability in an environment of change. Please be assured that we will fund our loans as expected, and we look forward to taking new applications from you.
As JPMorgan/Chase, we offer real estate loans for stabilized office, retail, industrial, and apartment buildings as WaMu has always done. In addition, you can expect a significant expansion of our product lines. Watch for these new services in 2009-2010:
Residential Development (single-family lots, homes and condominiums)
Hotel Financing
Senior Housing
Construction, Bridge, and mini-perm loans for development and lease-up
Real Estate Banking for large transactions of $10-$100millionWhile change is difficult, this move places us in the top position to deliver new products and our usual great service.
Please consider me for your next deal. We look forward to working with you.
Yours Truly,
Exxx J. Mxxxx
Senior Loan Consultant
Washington Mutual Bank
WaMu Head Office – WMC 3801
1301 2nd Avenue
Seattle, WA 98101
September 26th, 2008 at 7:50 pm
This was unfortunate, but it should serve as a wake up call to all American investors. If you want to protect your money, you need to diversify and invest at least some of it overseas. These are hard times for American investing firms. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website.
Best,
Frank Miller
http://www.theoffshorebankaccount.com
September 29th, 2008 at 6:25 am
I’ll bet this letter was generated from ChaseMu and not the LO.
September 30th, 2008 at 8:03 pm
Great blog. Washington Mutual is days away from being bought out. Just look at the way they run their short sales, they never call back and they are denial when you finally give them a great offer to buy the property. I bet Wells Fargo steps up since Chase and Bank America did so earlier. The process is a joke.
J.T. Foxx
Active Real Estate Investor & National Syndcated Radio Personality
October 17th, 2008 at 7:19 am
I have a client with a $1M commercial loan from WAMU and was hoping to refinance–scary situation now to not have many options anymore. WAMU was one of the easiest and cheapest places to get apartment building loans. Now it is really a cash-buyer’s market.