A home builder in California can't get funding for a project with pre-sold lots
Workers in California say that despite the talk of bank bailouts helping the economy, they see nothing that will have construction equipment moving anytime soon.
Construction workers and supporters in Santa Maria, California protested earlier this week saying that a proposed home project with pre-sold lots is sitting empty because the builder cannot find funding from banks.
The builder, Flatley Homes, said it requires a $2 million loan to begin the first phase of the neighborhood project, but the company's CFO says no bank will give them funding.
"We wanted to draw attention to banks that have basically stopped the flow of credit to all small business," Pat Flatley told the Santa Monica Times.
Workers, small business owners and the builder fear that unless funding comes through for the project soon, the site will stay permanently barren.
Although news has been bad of late, a recent construction report from McGraw-Hill found that the South Central portion of the U.S. actually saw construction figures rise last month.
