Lenders require more guarantees for construction financing

02/15/2012 | New York Observer, The

Financing the construction of new projects remains difficult due to stricter lending requirements, writes Daniel Geiger. More developers are pouring their own resources into their projects, and equity has become a key component in the lending equation. "You’ll always have certain guarantees such as completion guarantees that you’ll finish the building," said Charles Bendit, a principal at Taconic Investment Partners. "But now the lenders want more."

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