The demand for home loans rebounded with a 7.1% increase for the week ending Oct. 24, according to the Mortgage Bankers Association (MBA). It’s a turnaround from a week ago when mortgage applications decreased by 0.3%. The surge comes as mortgage interest rates dropped to 6.19%, the lowest level in over a year for the … Read more
Sotherly Hotels defaulted on its $49.2 million loan on a Hollywood resort near the ocean. The debt on the 10-story DoubleTree Resort by Hilton Hollywood Beach with 311 keys, at 4000 South Ocean Drive, entered special servicing after missing the Oct. 1 due date to pay off the loan, according to Morningstar Credit and Sotherly’s … Read more
Ian Bruce Eichner’s Continuum Company is being sued by a lender that alleges it’s owed more than half a million dollars in fees tied to the firm’s planned condo buyout in North Miami. Boston-based CW Investment Advisers filed a lawsuit against New York-based and Miami-based Continuum over the financing backing the $61 million buyout of … Read more