The firm reports a profitable third quarter despite market volatility
Gantry, a commercial mortgage banking firm, has reported producing $4 billion in commercial mortgage loans through the close of the third quarter.
According to its release, the company funded $4 billion of commercial mortgages in the first three quarters of 2022, a 10% year-over-year growth in total production value. Additionally, Gantry’s originated loans totaled $1.2 billion in Q3, and the firm continued to see 100% performance post-COVID for its $18 billion national portfolio of serviced commercial loans.
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“Despite strong economic headwinds this year and a more volatile rate climate, Gantry has continued to navigate our borrower clients to financing solutions conducive to their investment goals,” said Gantry principal George Mitsanas. “In times of market shifts like we are seeing today, Gantry relies on the experience and motivation of our production teams to place borrowers with optimized debt solutions tailored to their specific needs. This commitment has resulted in 100% performance for our servicing portfolio post-COVID, attributable to copious underwriting and our strong relationships with a deep roster of correspondent and affiliated lenders.”
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“Life company lenders and their willingness to lock rate at the time of application continues to attract qualifying borrowers in a volatile rate climate,” Gantry principal Blake Hering added. “While some borrowers may anticipate a future reduction in rates over the next 3-5 years, we are still seeing a preference for longer-term fixed rates, especially when a flexible prepayment structure can be offered. Even though the market paused over the summer to reset for macroeconomic realities, deals are still getting done as we move into the homestretch of 2022. We anticipate an active fourth quarter with many lenders already beginning discussions on pending maturities and 2023.”
