9 minute read
Commercial Real Estate Alliance
Commercial Lending During a Pandemic
By: John Hanlon, SBA Lending Specialist
Clearly, our vision of the future today is much different than what we were dreaming of even back in January of this year. The global COVID-19 pandemic is rapidly causing us to change our habits and our thinking in everyday life.
“The future ain’t what it used to be,” Yogi Berra.
The work from home environment for traditional white-collar jobs could change the need for office space in the future as companies might feel the benefits outweigh the negatives. While there may be a need for an office space maybe that space will be smaller, and shared with other workers on a come in as-needed basis. Traditional brick and mortar retail stores, already under pressure from online sales, will have to adjust as well to draw customers back into their locations or increase their online selling ability.
At the moment, most lending is either on hold until things improve or the funding completed for the Paycheck Protection Program loans. As of May 30th, the SBA, through the lending institutions, has issued 4.4 million loans in excess of $510 billion. In 14 days, the SBA processed 14 years worth of loans. Meanwhile, some conventional sources of funding are taking a wait-and-see approach while the SBA 7a and 504 loan programs are still active.
In an effort to help small businesses obtain loans through the SBA, the Federal Government is stepping in to make the first six months of payments on new loans approved now until the end of September. That is a great start for anyone on the fence about buying a property for their business, refinancing debt, or buying a business. The SBA loans also offer a low down payment option, typically between 10-15 percent, depending on property type and loan purpose. This combination of a lower down payment and historically low-interest rates can help turn your prospects into buyers.
“Change is the law of life and those who look only to the past or present are certain to miss the future,” John F. Kennedy
During past economic disruptions, people still started businesses, purchased property, expanded their existing business. While it may take a while to get back to previous growth levels, there are still opportunities to be had. We just have to get creative on how we can make it a win-win for our clients. We have to change how we have done business in the past and embrace new opportunities in the future.
If you have any questions, on how SBA lending can help you or your clients, reach out to your local SBA Lending Specialist. •
REALTORS® to Watch Under 40
The RASM Young Professionals Network is excited to announce the “REALTORS® To Watch” awards for the Sarasota and Manatee area. A select group of agents will be recognized as the rising stars in our local real estate community.
This award recognizes a group of Realtors® who represent excellence in leadership, community involvement, and everything else that makes a wellrounded young professional succeed in real estate. Any active Realtor® member of the REALTOR® Association of Sarasota and Manatee under the age of 40 as of August 1, 2020, can apply for this award.
AWARD WINNERS WILL RECEIVE Recognition in RASM’s ELEVATE magazine and on
RASM social media channels. Inclusion on the county-wide distribution of press releases.
HOW TO APPLY
Applications are due before midnight on July 31, 2020. No late entries will be accepted. For a list of
FAQs and an application to apply, visit www.myrasm. com/specialty-groups/ypn/ypnaward. If you know someone who meets the criteria for this award, you can nominate them here as well. Your nominee will be responsible for completing the application prior to the deadline. •
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RASM Recognizes ‘Humanitarians’ in Quarter 2
Humanitarians of the Quarter: Brian Loebker, Michael Saunders & Company, and Brandy Coffey, Keller Williams Island Life Real Estate
RASM has established a Humanitarian Award to be bestowed quarterly, designed to recognize the Realtors® who are doing great things in our community. We want to show our members and the two-county area that Realtors® make up a large part of our community’s success.
In the heart of the COVID-19 pandemic, with businesses closed and emergency rooms packed, two local Realtors® had an idea. It was a vision really, a heartfelt inspiration to step up and make a difference, to step out of their comfort zone, to put their own businesses on hold, and do everything in their power to support their struggling community.
Brian Loebker, a Realtor® with Michael Saunders & Company, and Brandy Coffey, a Realtor® with Keller Williams Island Life Real Estate, created the program “Feed a Healthcare Hero,” a community-wide outreach program designed to bring meals to healthcare workers and first responders, while providing much needed financial support to local restaurants. The program started in mid-March, during the start of the pandemic, and remained operational for nearly 40 days, ending at the end of May.
The Feed a Healthcare Hero campaign started with a simple GoFundMe page and skyrocketed in ways no one anticipated. The program raised 364 cash donations from fellow Realtors® and other members of the community, totaling over $30,000.
These funds were used to patron restaurants, buying 1,800 meals from 93 different local restaurants that were then donated and delivered by Realtor® volunteers to area hospitals. During the program, 167 volunteers made a total of 118 deliveries to 63 separate healthcare facilities and first responder
agencies including Sarasota Memorial Hospital, Doctors Hospital, Lakewood Ranch Medical Center, Blake Medical, Manatee Memorial, and Venice Regional Hospital.
The two-part program provided much-needed support for local businesses and their employees while also providing a warm meal and a special thank you to our strained healthcare workers.
MEETING A GREAT NEED
“We were watching three separate industries go through a massive shift at the same time,” said Brian. “The local restaurants were completely shut down, shutting down all their revenue. The real estate industry, even though deemed essential, was experiencing a major slow down in activity. And then at the same time, our healthcare workers had their workload quadrupled overnight. So, the idea came from a desire to help all three industries and rally our Realtor® family and the community to make a difference,” said Brian.
“It was so nice to see the smiles on the faces of our healthcare workers,” said Brandy. “Knowing how hard they are working, exhausted and scared, and often times quarantined from their own families, and yet they still had a smile. Everyone was just so appreciative, the restaurants, the healthcare workers, and even the volunteers. It felt so great to be active again and to be able to do something helpful.”
The logistics of such an undertaking were significant, and the team was soon blown away by the overwhelming show of support from the community. “We raised the capital money first, and then about five days later we started the field operations,” said Brian. “Oh, I remember very vividly, about only 24-48 hours after the initial capital raise, I thought, ‘Oh boy, we’re going to need a war room!’ We brought in massive white boards into my dining room and we quickly came up with a detailed system of organization because we knew we had hit the beehive. There was a lot to coordinate and manage to run this project successfully. The program triggered such an amazing response from the community, we were so grateful to everyone who made it happen,” said Brian.
“The need all around was so intense – from those that needed the funds and the meals, to those who needed and truly wanted to help out. It was a humbling experience all around,” added Brandy.
The program also received bags of food donated by Publix and Detwiler’s, and received various donations in addition to dollars raised from the community. Michael Saunders & Company helped produce and distribute flyers. RASM’s Community Outreach Committee partnered with the program, offering support with the financial logistics, as well as assisting to promote the program in general. GRAND FINALE
Once the state started to re-open again, the Feed a Healthcare Hero initiative came to a close with a grand finale in which the group brought meals to National Guard Troops, members of the CDC, and State Health Department workers at a COVID-19 testing site in Sarasota. But with the closing of the program, so
much was gained, including a deep appreciation from the community at large. In times of such hardship and division, seeing people come together in a truly altruistic manor, donating countless volunteer hours and showing love for one another, is something to be celebrated.
Like so many others during this difficult time, Brian and Brandy felt overwhelmed by the impact that COVID-19 has had on our community. But this dynamic duo decided to do something about it, and for that, they are BOTH recognized as our Quarter 2 Humanitarians of the Quarter. “In such a difficult time of uncertainty, our community came together,” said Brandy. “We are all competitors. We work professionally together, but we are all Realtors® competing in the same market. But when this program launched, we had agents from almost every brokerage and every firm you could imagine, come together overnight. There were no more individual brokerages, we were just acting like one, cohesive group. The walls were immediately broken down. We have forged friendships that won’t be broken. We are so thankful for everyone who had a part in making this happen. In the most challenging times I’ve ever known, we pulled our resources and we came together to make a positive difference. I’m so very proud of that.” •
