The Real Deal New York

From the June issue: In the easy lending climate of recent years, it seemed almost anyone, no matter how much money they had in their bank account, could become a real estate developer. But in the post-boom world, lenders are hinging much of their decision-making on something that was previously off-limits: a developer’s personal wealth. Real estate financial experts say sponsors now must display evidence of tremendous riches to qualify for a loan, as lenders examine everything from borrowers’ cars to their vacation homes and their kids’ college tuitions. As a result, real estate development has transformed from a great equalizer, an industry offering opportunities for a wide range of entrepreneurs, to the exclusive province of the rich and famous.