New construction mortgage - completion requirements?

We require substantial completion. Meaning the building has to be weather tight, windows and doors in, topped off. Not all the units have to be complete nor does the amenities as long as the developer has a surety bond. By the way, which building? sunny_hong@countrywide.com

shong, do you not require a certificate of occupancy?

mortgager1- This is the first step in Banks realizing the huge risk, NYC RE is to their balance sheet. It's worried that they provide a mortgage to say 100 people and the developer declares bankruptcy because demand for the remaining 100 units is non-existent. It's actually a very smart move for the bank. This is just another way banks are tightening their requirements.

It won't be long before some banks refuse to provide loans to new construction at all.