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He told MortgageDaily.com that the FCC was investigating the situation and he believes that the radio station will likely be fined for its actions.Neckel, who has been a broker for Miramar-based Cruzan Financial since July 1991 said all of his originations, with the exception of two, have been derived from the South Beach area and consist mainly of financing for the new trend of “condo-hotels.” “They are difficult to finance so we use specialized lenders,” Neckel said. “They (the purchaser) can use it or they can rent it out on a daily basis and it is managed by a hotel environment.” Neckel said the average condo-hotel is about 1000 square-feet and the cost is about $900 per square-foot. The company reported 2003 volume of $100 million. Despite Neckel’s efforts, Miramar residents reelected Barnes, the radio host, the Miami Herald reported. |
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Paula Parisot is a freelance writer for MortgageDaily.com. In addition to 4 years’ journalism experience at other news publications, Paula has worked in the mortgage industry. Email Paula at: realitycheck@klondyke.net |
