The category 4 hurricane brought record breaking rainfall, devastating the Houston area by bringing major flooding, which is causing many businesses to suffer from not only the water damage, but loss of revenue of having to be closed for days or even weeks. But luckily, most businesses have reported damage that included submerged infrastructure. Reported by American Banker, this is good news because it is easier to repair than window damage from high winds.
Cadence Bancorp is a $9.8 billion dollar-asset company that specializes in commercial lending in Texas. They have reported that 13 of their large commercial clients have seen significant damage from Hurricane Harvey. This is good news since this is considered a low number to the company. Based on assessment from Cadence Bancorp, they are thinking that the damage from Hurricane Harvey is manageable and most will be able to recover, maybe even quicker than other areas that have been hit by hurricanes in the past.
The assessment by Cadence Bancorp is based on the company’s current clients. They contacted all businesses that they have commercial lending in Texas relationships with that are worth over $1 million dollars. Cadence Bancorp has a total of 420 clients in that group, totaling $2.8 billion dollars. So, with only 13 of their clients reporting damage, the company is optimistic that the commercial damage isn’t too significant.
All but one of Cadence Bancorp’s locations have reopened and are offering their support and services to those in the area deeply impacted by Hurricane Harvey. The company is offering special financing options for those in disaster areas, about 18 counties across the state. They are also restructuring loan payments and offering expedited financing for small businesses, in hopes this will help the Houston area bounce back faster.
Hurricane Harvey was a category 4 storm that lasted 5 days and was one of the worst storms the state and the country has witnessed. It is possible for those with commercial lending in Texas will be able to recover and quickly from the aftermath of Hurricane Harvey with the help of Cadence Bancorp and other local banks along with other financial institutes.
Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.