Well, not exactly.  Tropic winds actually has some of the best financing available without any of those annoying 1% points upfront, but we will get to that later. The secondary market (the people who actually buy the mortgages from the banks you loan from) has added Tropic Winds to their list of condos in Panama City Beach they will not finance. Our current list includes:

Laketown Wharf
Shores of Panama
Origin at Seahaven
Tidewater
Emerald Beach Resort
and now Tropic Winds

Tropic Winds was added because only a handful of owners have currently closed on the building. This condominium just completed construction in February and preconstruction contract conversions have been challenging for years now.
The developer of Tropic Winds has had several condominium projects in Panama City Beach, including Ocean Villa, Ocean Ritz, Tropic Winds, Emerald Isle, and Ocean Reef. The two bedroom floor plans are almost identical in every building. Even with credit tightening again this past January, we have seen a natural absorption rate in the mid to upper 200's for most of these two bedroom floor plans.
This building has no debt. No construction or land loans. This building is completely capable of taking its time and selling at a normal market pace. The only challenge came recently when the banks decided not to offer any more loans there. I really wasn't surprised to see a private investor show up. This private investor is offering loans at slightly lower interest rates than the banks without charging an origination or discount point.
We are likely to see the banks come back to the table after a certain percentage of the units close in this building. As long as the private investor is around I don't think anyone will pay much attention. After all, who wants to pay points on a loan with a higher interest rate?