Industry NewsMarkets & Economy

Condo developers get into lending game

From The Real Deal
Published on Feb 26, 2010

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by CareyBot

With mortgages hard to come by, some developers are lending the money to buyers themselves in order to sell units.

"It just reflects the fact that it's not easy to get financing for a condo unit," said Guy Cecala, CEO and publisher of the Maryland-based Inside Mortgage Finance Publications, a group of industry newsletters.

"They're the black sheep of the mortgage market."