09-12-2020, 10:29 PM
(09-12-2020, 09:56 AM)panamaniac Wrote: Which leaves things a bit mysterious. If the 70% were accurate, is that not the figure than usually secures financing, or have the lenders become more conservative? Or has the developer concluded that covid has made condos an undesireable purchase? I have no idea of the circumstances, but I found the report not very helpful in understanding the project failure.
It can secure a construction mortgage -- but that might only cover 60% or 70% of the construction cost.