re: Wells Fargo suspends new HELOC loans

Doesn't surprise me. They also discontinued renewing loans on non-owner occupied commercial buildings. I own commercial real estate as a side gig and the loan on one of my buildings matured. I have 60% equity in the building, it has a national tenant, it operates at about a 10% cap rate based on my purchase price and I have a credit score of over 800. With Wells Fargo declining to renew, I reached out to about every bank I could think of and found only two banks willing to consider the loan. The decline from banks has nothing to do with my credentials or property, they all stated they are no longer offering commercial building loans at this time. Banks are trying to build cash deposits at this point and reducing their loan portfolios. Banks definitely are bracing themselves for it to get worse.