One effect of the mortgage and credit crisis we are facing today is the impact it has had on developers. First, the difficulty in selling newly-built homes in a down market, battling falling prices and stricter mortgage lending requirements. Second, the banks have stopped making A&D loans (acquisition and development), bring some developers to a virtual standstill. Many of these developers have an excellent track record, but that doesn't seem to matter right now.
My question to readers is, do any of you know of lenders that are willing to make an A&D loan in northeastern Ohio today? I'd love to hear from you. Responses wil be posted.
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