Quote:
Originally Posted by Waye Mason
Did you ever watch "Flip This House" back in 2007 or so? Ever wonder why a 25 year old working at Starbucks was able to get a $1 million mortgage with no money down? Then the economy collapsed and that went way.
Things are tighter at all level of risk, not just subprime. My understanding is that these guys are not big time developers, and I suspect that it is just a lot harder for them to get financing now than when they conceived of their plan.
So even for a small development, tighter rules around having leases signed, cash in the bank could slow them down.
That said, Halifax is all over red tape. I don't think the approval process is our problem as much as the post-approval process of getting 18 different HRM departments to sign off on your project.
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Yeah I went back and re-read the article from the property owners that started this thread. The had at the time stated that the project would start last fall or at the latest this spring, and at the time the identified that their biggest challenge was securing financing.