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Funding Dries up in Credit Market, Real Estate Developers at Risk
July 18, 2019
As the increasing stress in the credit market diminishes funding, real estate developers across the country are at the risk of facing a mega financial failure. Amit Goenka who is the managing director of Nisus Finance Services Co., a financial firm that offers credit to developers, said that borrowing rates for most developers have increased a lot to be the highest in the last 10 years and that some of these areas high as 20%. He said that borrowing costs have increased by around 4% from the past year alone but the funds available with the developers is just a fifth compared to the past year’s average.
Photo credit: Got Credit on Visual Hunt / CC BY
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