Funding freed up for some condos

greed and 35% down with a loan of less than a million.

These lenders sometimes charge a slightly higher interest rate and often have less extensive offerings, "but they allow you to get these deals done," explained Brooke Jacob, CEO of the mortgage company Everest Equity. "Generally, as long as I have 25 percent sold, I'm okay with most of these lenders."

Typical terms being offered by portfolio lenders are 6 percent for a 30-year fixed-rate mortgage, as long as a building is 33 percent sold, the loan amount does not exceed $1 million and the loan-to-value doesn't exceed 65 percent, Jacob said.

so this is a good sign for a future where most ny properties ciost < 1 mill??

stevef, i think you picked a rotten cherry (again)

Assuming most contracts signed on new construction were inked prior to the full melt down, I would think these lending terms would further discourage closing. It makes it 'possible' but not quite reasonable.