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Who can finance condos?
| Howard Burton at Bank of America today sent word out that no lender
after Friday will be able to finance the oceanfront condo market. I
think what he should have indicated is that Bank of America will
not be able to finance oceanfront condos after Friday. I called
Donna Millen at Wells Fargo and she said that there programs will
not change. They are available, and will be available. Evidently
there is at least a temporary problem with selling the oceanfront
condo loans on the secondary market, but Wells Fargo has a source
that no one else seems to have and they still can sell the loans
without a hitch. Everyone thinks that a solution will come for all
the lenders, but the question is how long it will take. Of course,
all this brought about by the overindulgence of investors trying to
flip properties and then getting stuck! |
Posted: 5:20 PM, Sep. 25, 2007 |
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