Few projects in South Florida have been able to obtain Fannie Mae approval because of strict requirements including sponsorship by a lender and a rigorous application process, DYL stated. The review includes a top-down analysis of both the project and developer to ensure that the project's financial backing is strong enough to make it successful.
"Buyers at developments that have not been Fannie Mae approved will face challenges since major financial institutions will be reluctant to lend money to these buyers, leaving them few options aside from hard money loans where interest rates are unfavorable," says John Yanopoulos, DYL Group president and CEO. "That said, we are extremely pleased as this approval will open up many more financing possibilities for our buyers."
Located in Miami's Brickell financial district at 60 SW 13th St., Infinity features 459 contemporary condo units with floor plans ranging between 488 and 2,700 square feet with prices from $485,000 to $1.5 million. The project also incorporates office suites and ground-floor retail space.
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