Bankers know that a partially complete property, has a very high probability of
defaulting on the construction loan.
In early April, the company received waivers through Dec. 31 with respect to
defaults on construction loans at Pittsburgh Mills, Cincinnati Mills, St. Louis Mills and Discover Mills.
Not exact matches
Section 223 (e) helps to meet the need for adequate housing for moderate and low income families by insuring lenders against the risk of
default on mortgage
loans to finance the rehabilitation, purchase, or
construction of housing in declining, older, but still viable urban areas where requirements for other mortgage insurance can't be met.
The project's lead lender sued to foreclose
on the mall, saying Freed's real estate firm had
defaulted on a $ 205 million
construction loan.
Bank of America, the project's lead lender, moved in October 2009 to put the retail and transit portion of Block 37 into receivership, saying Freed
defaulted on a $ 205 million
construction loan.