Rumor – Conservatory Lot Owner Gets Loan Extension

SunTrust defers balloon payment for one year.

January 29, 2008 – Palm Coast, FL – I’ve written many pieces about the state of the resale market for Conservatory lots. The fact that several owners face balloon payments or ARM resets this Spring has led to speculation over the effect such an event would have on the market. When Bobby Ginn met with property owners last year, he committed to encourage lenders to be more flexible with their terms. Apparently, he was successful. I heard today that, in at least one case, SunTrust agreed to extend a balloon payment for another year. If this is more than a rumor, it’s good news.

Rumor: (noun) A current story or statement without confirmation or certainty as to facts