“Well, don’t build – sell the land. You’ll almost make as much money,” he said. “Instead of making $5 million after the build, sell it for $3.5 million and pocket the money.”
That rising-rates environment means that things are returning to normal after the unprecedented borrowing conditions of the past two years, he said, with the opportunity to build a project for next to nothing and reclaim all the invested equity no longer an option.
Still, despite increasingly choppy economic waters, Durand remained typically optimistic, emphasizing that the mortgage industry has been through difficult times at many points in the past.
“It’s important to remember it’s a difficult and volatile time right now because a lot of changes are happening all at the same time, which causes a lot of uncertainty. We’ve been through this many times…