By Marcus Lim, Miami Today — May 24, 2018
A South Florida real estate investment firm has formed a $300 million lending venture to offer a simple, quick loan solution for buyers of luxury apartments in Miami-Dade, especially for foreign investors, already closing numerous units for one tower with future plans to work with three more condo developers.
The venture has drawn some praise as well as indifference from experts in the community.
Josh Migdal, a litigation attorney with Mark Migdal & Hayden, said there is good value and the venture can get a solid return. Above all, he said, it helps the market.
“It allows for stabalization in the market because it provides capital for foreign nationals to close. If for some reason they couldn’t close, you have a glut of units on the market, which could destabilize the cost of the condominium,” Mr Migdal said. “Everybody likes to maintain a certain amount of liquidity and leverage when it comes to either a home or an investment property… The leverage is not a lot considering 50% of the value has already been paid for.”