by Bill McBride on 2/26/2013 09:40:00 PM
Tuesday, February 26, 2013
This is interesting, from the WSJ: Miami Condo Loan Marks Milestone
[A] group of lenders led by Birmingham, Ala.-based Regents Financial Corp. has agreed to lend $160 million to the developers of the Mansions at Acqualina, an ultraluxury, 47-story tower under construction in Sunny Isles Beach, near Miami.This is a pretty low risk loan - with the large number of presales and 50% downpayments - but it means lenders are a little more willing to make loans.
The loan is the first debt deal of more than $100 million for a new condo development since the housing boom ... The lender required the builder to have completed $320 million in presales, and stipulated 50% downpayments from buyers as a condition of the loan
Wednesday economic releases:
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• Also at 8:30 AM, Durable Goods Orders for January from the Census Bureau. The consensus is for a 4.0% decrease in durable goods orders.
• At 10:00 AM, Pending Home Sales Index for January. The consensus is for a 3.0% increase in the index.
• Also at 10:00 AM, Repeat to House: Fed Chairman Ben Bernanke will deliver the "Semiannual Monetary Policy Report to the Congress", Before the Committee on Financial Services, U.S. House of Representatives
Posted by Bill McBride on 2/26/2013 09:40:00 PM