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Starwood reached out to 33 banks for a loan on a small property and received just two offers, Sternlicht said. Lenders are also reluctant to take possession of struggling assets. In one case where Starwood tried to surrender an office building, the lender instead offered to restructure the loan. “we don’t explode overnight. We explode in a series of explosions over the next year and a half as loans mature and people can’t pay them off… “You could see 400 or 500 banks that could fail,” he said. “And they will have to sell. It also will be a great opportunity.” SOME OF BARRY STERNLICHT’S COMMENTS ON THE STATE OF THE REAL ESTATE MARKET 👇🏼👇🏼

Starwood reached out to 33 banks for a loan on a small property and received just two offers, Sternlicht said. Lenders are also reluctant to take possession of struggling assets. In one case where Starwood tried to surrender an office building, the lender instead offered to restructure the loan. “we don’t explode overnight. We explode in a series of explosions over the next year and a half as loans mature and people can’t pay them off… “You could see 400 or 500 banks that could fail,” he said. “And they will have to sell. It also will be a great opportunity.” SOME OF BARRY STERNLICHT’S COMMENTS ON THE STATE OF THE REAL ESTATE MARKET 👇🏼👇🏼

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