As Builders Of Partially Built Projects Take A Hike, Some Lenders Find Themselves Reluctantly Becoming Real Estate Developers

In South Florida, the Daily Business Review reports:

• When lenders threw millions of dollars at residential projects throughout South Florida, they probably didn’t expect that one day they’d take on the role of developers and begin running projects themselves. To their dismay, that day has come. From finishing construction of incomplete projects to forming real estate units to manage foreclosed properties, lenders have become deeply involved in the development process.

For more, see Condo Meltdown: Some lenders forced to take role of developers.