kendall multifamily Bridges at Kendall Place sits on 15.81 acres at 8485 Hammocks Boulevard in the Kendall neighborhood of western Miami.

MIAMI—As the real estate cycle evolves, lending is becoming tighter. Securing construction loans and mortgages are taking longer as conventional lenders are increasingly cautious about the South Florida real estate market.

The Urban Institute Housing Finance Policy Center published a research note recently that sheds more light on the situation. The report cited date from the Home Mortgage Disclosure Act, revealing lower-credit applicants accounted for only 33% of all applicants in 2015. That compares to 62% in 2006, at the height of the bubble, and 50% in 2000, when market conditions were generally considered balanced.

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