We hope you and your family are staying safe and healthy during these trying times. People are scared and the future seems uncertain, so we’re writing to you to do our best to alleviate some of that uncertainty as it relates to your current and future real estate business with ABL.
We are open for business, and fully operational. We remain committed to you as your financing partner, including all of the business practices that earned your trust in the first place: common-sense underwriting, steady turnaround for construction draws, a flexible and personal working relationship, and total transparency.
Due to the volatility on Wall Street and in the Capital Markets, many hard money lenders in the industry have been forced to stop lending. The firms that provide credit facilities and liquidity to these lenders have turned the faucet off, causing many lenders to suspend activities and leaving many borrowers with deals in jeopardy.
In a time like this, we’re grateful for our unique capital structure – a fund of private capital under our control – that allows us to continue making loans and servicing our borrowers. In order to protect the long term health of our firm, as well as the financial well-being of our borrowers, we are constantly evaluating our loan programs to account for market conditions. To stay strong during the current market instability, we’re “getting back to basics” by focusing on our core loan program that offers financing up to 85% of cost capped at 65% of ARV.
As the situation evolves, and the needs of our borrowers change, so will we. We are here for you. You may hear the occasional baby, dog, or spouse in the background thanks to our team’s social distancing remote work efforts, but rest assured knowing that we are working for you and available when you need us. We will continue to work to earn your business every day, and help our borrowers navigate this unpredictable market.
Dan, Kevin, & Paul
ABL Managing Partners