also factor in developer equity when borrowing for construction loans. prior to the financial system blowing up, developers could get zero or low equity construction loans. risky, yes. but it opened the door. now banks are in handcuffs with how much risk they can take. construction loans for anyone outside of big established developers are only in the domain of smaller, regional lenders. risk capital rules at banks make it hard to get construction loans at all, let alone ones that allow for little to no equity
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