Just curious..are there still banks lending for residential developments. A few years ago we were trying to fund a project up in Western NC and it was impossible to get funding, even with 10% of the units pre sold. Is it still that tough?

There is so much non-performing of that asset class on their books that most will get fired for even presenting such a project.

Most want safe non-risky loans to shore up balance sheets and shift to more the safety side of lending.

You can fine in certain circumstances land investors or builders,developers to fund the right project but the equity returns demanded will be steep.

It's hard to substantiate building new anywhere when you can acquire properties a few years old well below replacement cost.

This happens with old run down shopping centers and you can reface and re-tenant in this environment much cheaper than a new build.