Quote:
Originally Posted by Adam186
I don't know if this will put the financing issue to rest or not, but when I was in there sales center last month I made a special point to ask about the financing. They said they've invested a lot of their own money into this project and that financing is secured, but not official.
Working in the condo development industry, it's as good as done and they are probably already receiving funds from this unofficial source. I've seen it a million times.
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Thanks, Adam. So, since you're familiar with this kind of financing arrangement, what would be the utility in waiting for a later date to announce the lender and the secure the package? Does the main lender have certain obligations to its sub-lenders that must be met prior to closing? Or maybe is TENG just floating it as long as they can, to avoid paying high mezzanine rates?