Developers complain that lenders are reluctant to invest in downtown urban residential development in Los Angeles, CA. Lenders are concerned about the risk of investing in such projects.
"Major banks and other lenders are nervous to the point of being reluctant to invest in Downtown urban residential projects. At least, that's the view of developers who complain that lenders are dragging their feet to finance projects. The result is that many business and real estate leaders fear for the long-term viability of the Downtown building boom at a time when the city core can least afford it... On the one hand, experts are saying that Downtown is the one place in overbuilt L.A. where growth is not just inevitable but also relatively unaffected by the current economic downturn... bankers have to think twice, thrice, and more before approving residential projects Downtown because the notion of urban living is still so new..."
Thanks to Claudia Lima
FULL STORY: The Slow No
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