Are Private Lenders Cooling On South Florida Real Estate?

In this episode of Condo Capitalism™, private lender Alexis Agopian of A&S Capital in Aventura discusses his increased scrutiny evaluating new projects amid changing economic conditions.Condo Capitalism™ is a weekly podcast hosted by Peter Zalewski of the Miami Condo Investing Club™ that provides data-driven analysis on distressed real estate—foreclosures, shortsales and bank-owned REOs—in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach.The program tracks the Florida Condo Association Financial Cliff, where rising maintenance fees, special assessments and insurance costs are squeezing cash-strapped owners.On the show, experts analyze how the national “two-sided risk”—rising inflation and falling employment—magnifies these local pressures, potentially forcing a capitulation by owners who can no longer afford condo living.Join Peter Zalewski at MiamiCondo.Club for a livestream every weekday at 4 pm (Miami time). On-demand recordings of all shows are available here.Episode OverviewIn the Feb. 12, 2026, episode of the Condo Capitalism™ podcast, host Peter Zalewski interviews private lender Alexis Agopian of A&S Capital of Aventura about the professional skepticism now defining the South Florida private debt market.During the 73-minute podcast, Agopian details why he is presently adopting a strategic "wait and see" approach as private lending shifts from traditional "hard money" loans to more disciplined, institutional-oriented lending now increasingly backed by Wall Street.Agopian’s transition toward professional caution is most evident in his skepticism to fund certain real estate sectors.Agopian is limiting his exposure to buildings less than 10 years old to ensure structural and financial predictability.The only exception to his age rule involves small buildings under three stories that are exempt from the most rigorous new state-mandated inspection laws adopted after the Surfside condo collapse in June 2021.This narrow window allows for capital flow in specific residential segments while avoiding the complexity of highrise condo associations.The lender is currently pivoting away from funding Vintage condo projects that are at least 30 years old.Agopian is pausing the funding of units in buildings constructed in the 1990s or earlier. He views Vintage condos as a significant liability given the financial uncertainty of looming special assessments and mandatory safety inspections.Agopian is also exercising increased discretion regarding bulk condo deals where buyers purchase at least 10 units in a single transaction.He recently declined a package of 20 unsold units due to the lack of a viable exit strategy for the prospective buyer, even at a discounted price.His logic holds that a bulk buyer is unlikely to move new units any faster than a developer who has failed to sell these preconstruction condos during the last four years.The discussion provides an insider’s look at the cooling sentiment that exists given the current market visibility.Agopian notes he is waiting on the sidelines as the 2025-26 South Florida Winter Buying Season of November through April winds down.