Signature Bank knocked Deutsche Bank from the top of the heap as New York’s most active commercial real estate lender in the second quarter, according to a new report by data company Credifi.
Prudential, MetLife and AIG are also among the top 10. Falling one notch over a single quarter hardly means much, but Deutsche Bank’s slip happens to coincide with growing investor scrutiny over the banks shaky finances. The German lender also faces an SEC fine over its role in the subprime mortgage crisis that could be as high as $14 billion.
The report also notes that it’s still tough for developers to get construction loans. Rates are low, but lenders are keen to keep loan-to-value ratios down.
“You’ve got to be smarter about where you go to get money because it’s not as easy,” Eli Razin, CEO of Credifi, told Bloomberg. “There’s still money in the market, and there will continue to be money in the market, it’s just coming at somewhat more restrictive terms.” [Bloomberg] — Konrad Putzier