The Peninsula Condo is Fannie Mae Approved

6 04 2009

The city’s tallest residential tower has met strict new lending guidelines set by Fannie Mae. The Peninsula, the 38-story tower on the Southbank, is now in compliance with new lending guidelines Fannie Mae put in place in January. That will make it easier for buyers to get loans to buy units in The Peninsula. As of Jan. 15, Fannie Mae ceased offering loans for new construction and condo conversions unless the project was 70 percent closed, has no more than 30 percent investor participation and no more than 15 percent delinquencies on dues or assessments. “This is a huge coup for the Peninsula,” said Derrick Levy, a senior loan officer with Bank of America, the preferred lender for The Peninsula. “In addition to writing loans, it also means that an unlimited amount of refinancing can be done within the project. Other projects are at a huge disadvantage because there’s virtually no other financing available.”

The developer of the project, American Land Ventures, started construction on The Peninsula in 2005.

Source: Jacksonville Business Journal



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