The New Rules Of Condo Construction Financing In Florida

Law360, New York (May 20, 2015, 10:40 AM EDT) -- There are multiple considerations South Florida developers have to manage when acquiring, developing and financing condominium projects. In years past, prior to bubbles bursting and markets collapsing, developers often found that satisfying the needs and wants of their institutional lender and their individual investors was challenging but workable. Lenders accepted moderate minimum presale deposit amounts and investors became limited partners with modest expectations as to the decision rights that the various loan and governing documents would provide them. Developer renderings of proposed projects depicting soaring buildings with gleaming windows and resort-like amenities enticed investors, excited lenders and invited buyers. The opportunities to shape the South Florida skyline were endless. But all that has changed significantly....

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