Originally Posted By: Dogfish
Our bank, and many others are out of the spec lending business now, and for probably the next 3-5 years. One exception would be a person who has significant liquid assets (like enough to pay off the entire cost of the note), goes into the transaction with a significant amount of cash, and has been a proven performer in the past.

Real estate equity in a project won't cut it any more.


A very wise move IMO DF.

Although what % of your bank's home lending biz was made up of spec's in the past 7-8 years?
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On a long enough timeline the survival rate for everyone drops to zero.