With every successful real estate development project, there are many more that do not go according to plan.
Most real estate development projects are financed by lending institutions through a construction loan. As a condition of lending the money, many lending institutions not only require that the property owner, which in many cases is a single-purpose entity, provide a promissory note and mortgage in connection with the construction financing, but, many times, the principals of this single-purpose entity and their spouses are obligated to personally guarantee the indebtedness.
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