"Four banks were willing to give me a construction loan," he said.

The balance of the construction loan would comes from conventional financing.

A construction loan of about $1 million was a year in the making.

The pace reduces the cost of interest on the construction loan.

That verdict you mentioned paid off the construction loan, though.

In the mid-1980's, such a development would have needed to show only 50 percent commitment to get a construction loan.

It is also paying $2.5 million a year on a 20-year construction loan.

They are putting up very little of their own money, relying instead on construction loans.

"After 9/11 we lost our construction loan and had to wait for about a year to get a new one," he said.

There is no such thing as a construction loan here.