Good article on real estate for Charlotte and overall impact.

[pstall]

This is right up mr.b's alley.

Not a rosy picture but connect the dots to get an idea what to expect nationally.

In 2008, soon after taking its $185 million loan, the Westin was earning nearly three times what it needed to make its loan payments. Last year, those monthly payments rose to about $1.2 million. At the same time, earnings fell. The Westin generated about 90 cents for every dollar due, according to Observer analysis of Bloomberg data and original deal documents.

That means the building wasn't supporting itself, so the owners had to pay the shortfall out of pocket.

"The Charlotte market has seen a drastic decline in business travel due to this being a major banking driven economy," the servicer for the Westin loan wrote in notes last updated in May. "The competition to fill rooms has therefore been impacted by this decline."

However, the servicer added: "Borrower does not foresee an issue with making future debt service payments at this time. Borrower has been funding shortfalls on a monthly basis."

http://www.charlotteobserver.com/2010/08/07/1608932/stresses-exposed-in-commercial.html

[charlotte49er]

And I can't get a lousy $40,000 loan! :cuss: