From left: Village Green at 311 East 11th Street and 505 West 47th StreetFrom the July issue:
When the credit crisis hurt buyers’ ability to get loans in new condos,
many in the industry hoped lenders would help by providing consumer
mortgages in the projects where they’d also done the construction
loans. But for a time, their hopes went unanswered as lenders –
concerned about a shaky market — largely stayed out of it. That,
however, is finally changing, industry experts say. “It feels like
these [construction] lenders have gotten to the comfort level where
they feel like the market is stabilized, and they’re not lending on
units that are going to decline in value,” said Richard Martin, a
senior vice president at DE Capital Mortgage, a partnership between
Wells Fargo and Prudential Douglas Elliman. “They’re saying, ‘We have
these projects that are built; let’s help ourselves out.’” [more]
