By Anthony Klan, The Australian (October 10th)
This recent article highlights the issues that developers and builders are facing as they attempt to borrow money during the current financial crisis.
Monarch Investment’s Chief Executive, Peter Icklow advised that, "The whole process of getting finance is now taking twice or three times as long as it was before the credit crisis".
He added that, borrowing problems were exacerbated for developers because the confluence of falling property prices and high taxes meant many projects were now unviable, forcing many developers out of the market, and intensifying the housing shortage.
Chief Executive of the Master Builders Association, Wilhelm Harnisch, said many builder members were also being turned away by lenders.
"Even some of our biggest building members, despite having been major clients of the major banks for many years, are now being told there is just not enough money to go around," Harnisch explained.
To read the full article click here
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