Banks tightening reins on lending for condos

Some of the nation’s largest banks are reducing or cutting off completely their financing for condominium projects. In recent months, banks have reportedly been requiring developers to put more of their money into projects, to sell units quicker, and to prove that they have the experience to complete the condos they start building. Banks are especially cautious about some markets in particular, including New York. Said one bank executive: “We are very much out of Miami, and we are hesitant in New York City.” more [WSJ]