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Thursday, February 4, 2010

Private Equity Firms Lending to Developers

From Realtor Magazine Online, Daily Real Estate News February 4, 2010

Private equity firms are stepping up to lend home builders the money they can’t get from banks. Rates are usually somewhere between 15 percent and 20 percent.

Don Faye, a part owner of Presidio Residential Capital, says the best customers are small builders seeking loans of a few million dollars.

While such loans are expensive, they often come with few requests for documentation of construction costs, says John Burns, CEO of John Burns Real Estate Consulting.

Source: The Wall Street Journal, James R. Hagerty (02/03/2010)
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