LIBOR will be eliminated and
$862,000,000,000.00 in Commercial
Real Estate Loans are now in Jeopardy
Today it was announced that the London Inter Bank Offering Rate (the LIBOR Index) will be eliminated by the year 2021.
Why is this important? Because it may result in all loans whose pricing is determined by LIBOR will be placed in Limbo or possibly accelerated by the Lender since the Lender can no longer set a rate for their existing loans.
What does this mean to our Referring Sources? It will give you an opportunity to prematurely refinance Billions of Dollars in Commercial Real Estate that will be called because there is no legal vehicle to price the indebtedness.
Call Quaker State if you need to
Refinance your borrower and
we will pay 50.0% of the closing fee
to you and we do all of the work!
Leonard J. Keating, Jr.
Chief Lending Officer