07-15-2009, 11:02 AM
Yes, many people got caught in construction "only" loans. After the extended build time, by then the take-out loans they were once qualified for were gone with the lenders who offered them.
I agree lava 1 & 2 areas won't suffer as much as you'd think just because the lenders are fewer...at least there are some. Now it's the construction loan that's harder to get (a good one that is).
It's amazing how many cash sales we have experienced especially in lava 1. This has been for years now, yet during any trend. These sales help to keep things alive in these areas.
I agree lava 1 & 2 areas won't suffer as much as you'd think just because the lenders are fewer...at least there are some. Now it's the construction loan that's harder to get (a good one that is).
It's amazing how many cash sales we have experienced especially in lava 1. This has been for years now, yet during any trend. These sales help to keep things alive in these areas.