Construction Loans for Luxury Condo Projects Rise

by Isaac Benmergui, Esq on September 26, 2013

Cash GiftBanks are once again willing to loan money for large scale luxury condo projects in South Florida.  The recent 214 million construction loan for the uber luxurious Porsche Design Tower Miami on Sunny Isles Beach is just one example of banks’ willingness to take a chance and fund high-end projects.

After being hit hard by the real estate crash, some commercial banks completely halted lending any money for construction projects. Recently as new construction has been in demand to fill buyer’s needs due to low existing inventory, banks have begun to loosen the purse strings, although still without the zeal of the lending climate pre-housing bust. Lenders are looking for developers who maintained their success in the market downturn and also for properties well located to attractions and services.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

 

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