Banks to give loans only to major developers
29 October 2008
Banks will keep financing real estate projects of major developers, especially if they had previous lending contracts signed, AFI Europe said. According to the real estate developer, new investors and those with low financial power, instead, will have difficulties in getting financing for their projects.
''Banks have to survive, although their resources are lower, they will have to choose serious developers. It is true that negotiations will take a bit longer and conditions will be more severe, but I cannot see why banks that already signed contracts for ongoing projects should give up financing," AFI Europe's CEO, Reuven Havar, said.
According to Havar, Romanian market will have the minimum impact by the crisis compared to Eastern European ones and will be the first to recover.
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