Developers of all types of projects continue to look to nontraditional, more accessible and less expensive ways to finance construction. The construction industry must recognize the unique challenges and risks created when a project’s financing comes from nontraditional sources.
While most projects are still partially financed by construction loans from large lending institutions with proven track records of fulfilling and administering their loan commitments, more and more developers are choosing to deploy other financing methods. Two popular alternative sources include the Immigrant Investment Program, also known as EB-5, and condominium unit owner pre-purchase deposits. These two sources are different in many ways, but both create similar risks for contractors and sureties alike.
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