Multi Housing News – Condo Construction Financing Making a Slow but Steady Comeback in Miami
Miami– The recent recession hit the real estate industry hard. Miami's multifamily residential construction scene was no exception; however, the condo market is beginning to bounce back. In the last condo boom, many lenders were left with no choice but to foreclose on condo developers who were unable to pay back their construction loans. Buyers sometimes put down as low as 5 percent deposits, with developers leveraging close to 90% of the construction cost, passing the risk to banks and fueling a bubble.
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