Broderick Tower Residents can move in!!!

[corktownyuppie]

Banks are chomping at the bit to lend. Seriously. Our lending department is pushing closings from the normal 60 day out to 90 days. And subordination requests necessary to get mortgages refinanced are dealing with so much volume that they're looking at 30-45 day processing time.

But even though banks are dealing with high loan volumes, the bottom line is that they still have to lend against collateral. And valuing that collateral...especially when the collateral is a fully-constructed project that doesn't yet, is complicated.

That's what Gilbert has going for him. He doesn't need loans because he has cash. And if he does need a loan, banks will happily take other part of his portfolio or part of his business as collateral.

But that said, this is the beginning of major things happening downtown. There are already more deals in the works. Remember, it's a 18-36 month lead time to go from an agreed plan to an actual final product.

Next 5 years look pretty f-ing incredible, and it's starting to trickle out into west downtown, new center, corktown, and maybe even virginia park.