Boston, MA (PressExposure) November 06, 2008 -- MasterPlan Capital LLC announced today that it will no longer be accepting commercial mortgage loan packages from new brokers. Due to the volume of applications they have been receiving over the last 18 months the firm has decided that it will only consider loans submitted directly by the borrower / sponsor or by one of it's previously approved regional loan agents.
Due to the current crisis in the credit markets, many banks and other traditional lending institutions are unable or unwilling to originate commercial mortgage loans. As a result borrowers have been forced to seek privately funded mortgages to finance their commercial real estate investments. MasterPlan Capital as-well-as other private lenders have seen a sharp increase in new loan applications. This increase in the volume of loan requests led to the firm's decision to limit applications from unaffiliated brokers and intermediaries.
Borrowers and project sponsors may continue to apply for financing by calling or by visiting the company's website. Previously approved brokers can apply on behalf of their clients using established protocol. The prohibition on new brokers will continue indefinitely.