The deterioration of domestic real estate market following the global financial crisis led to the insolvency of project financing, thus affecting construction industry as a whole. The deterioration emerged as an urgent thing, as it also expanded to financial sectors.This study is to define risk factors in relation to house-development project financing by phase and to establish the regression model using factors that might determine the fate of a business by objectively and systematically deriving identifiable risk factors that are seen from the perspectives of constructor, promoter, and financial institutions. With the outcomes, we compared and analyzed by participant and phase. As the result of analyzing outcomes, 18 risk factors are found as significant and by participant, it is found that constructors have 12 factors, promoters have 8 factors, and financial institutes have 11 factors.The major factors for constructors include a financial status risk and the rise in business and construction costs, those for promoters include a risk of securing construction site and location selection, and those for financial institutes include a risk of raising funds and a risk caused by constructors. The common factors to the three participants are a market environment risk, a location environment risk, and a financial status risk. They are fundamental to successful promotion of a business. The increase in the attention to risk management, as market went through the global financial crisis, is construed as the changed result of popularity.