Provident Funding Associates LLC announced its exit from Florida's condo lending sector, citing challenges stemming from soaring insurance rates and stringent new regulations on condo associations.
The company emphasized that all pending loans must be locked by the end of the month, highlighting their continued commitment to aggressive pricing and quick processing for other products offered.
Industry professionals acknowledged the difficulties in Florida’s condo market, with many investors avoiding deals in regions with high flood risks and regulatory burdens impacting potential sales.
The market is experiencing a surge in inventory, particularly with older units, driven by legislation from the Condo Safety Act that mandates overdue structural updates to aging buildings.
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