overdue development and construction loans
nationwide are up 40% this quarter, an increase of $2.
Taaffe was a Vice President and Construction Loan
Group Manager with the Bank of Los Altos where she tripled both the bank's construction portfolio and total construction loans
outstanding over a four-year period.
The recently formalized unit is responsible for servicing construction loans
for third party clients, such as agencies and investment banks, and will service any construction loans
in securitizations where KBREC is named servicer.
Major lenders will compete for construction loans
for these projects, but until recently these same lenders have not been willing to provide permanent financing, which traditionally was provided by Fannie Mae and Freddie Mac.
The program was created because builders had difficulty obtaining home construction loans
during the fluctuating financial climate of the early 1990s.
The group is responsible for servicing Wachovia's construction equity projects and will handle credit-based issues for securitized construction loans
Permanent financing: A mortgage Loan, usually covering development costs, interim Loans, construction Loans
, financing expenses, marketing, administrative, legal, and other costs.
The scheme to defraud involved two construction loans
from First Service to Penacook Realty Trust to develop a condominium project in Concord, New Hampshire known as the Oak Bridge Condominiums.
The Bank's southwest Florida residential construction loans
are located primarily in the Cape Coral area of Lee County.
Fremont has focused instead on providing higher yielding bridge and construction loans
, more complex deals that oftentimes carry a higher risk profile, but also allow the firm to separate itself from the pack and close loans where others can't using its creativity and extensive real estate know how.
May 19 /PRNewswire/ -- California builders took out $854 million in construction loans
in April, up 8.
Companies that have been servicing construction loans
for at least five years and have demonstrated expertise in managing a diverse portfolio of construction loans
are viewed favorably,' said Carlson.